New Year Is Just Around The Corner, Are You Ready To Start Your Own Business?
What You Need To Know Before Opening Your Own Business?
Anyone can open a business today and start selling goods and services, but many face closure within the first 3 years of business without proper planning.
How To Prepare Yourself:
Step 1: Prepare A Business Plan:
A business plan is a roadmap to how your business will start up, where will it operate, what are the projected targets, how will it achieve its projected goals, what are the financial implications to running the business and what is your projected expansion plan for 1 year (short term), 3 years (Medium Term) & 10 years (Long Term).
Step 2: Prepare A Feasibility Plan:
Ask yourself these questions and do your research accordingly, carry out a survey among friends and business colleagues:
- Who is your potential target market?
- Is the product or service you are selling really needed in the market?
- Who are your competitors, and what market share do they already acquire, and can you compete with them?
- Why will customers choose to buy your product/service from you over your competitors?
- What price are your competitors selling at, and what will your cost price and selling pricing be? (is this profit margin worth it)
- What are your monthly expenses and how much sales do you have to make to break even?
- How much money do you have to invest to get the business started and running?
Step 3: Prepare Your Financial Budget:
Keep in mind as an entrepreneur you need to always budget using the worst case scenario (slightly inflated), so that if any prices increase overtime you have prepared yourself adequately, and if cost are lowered at least you have a parachute to rely on for the coming months/years.
- Startup & Running Expenses: Budget for the actual cost of registering, starting up & running the business for 6 months with no actual sales and the right number of employees for your business to function.
- Prepare Your Marketing Budget For Your 1st Year: A lot of companies leave this out and assume customers will start pouring through the door as soon as the company has opened. This in most cases is simply not true, unless you are a very lucky businessman. This has contributed to many business failing or struggling due to a full staff and no strategy on acquiring new customers through the door.
- Prepare Your Online Assets: In today’s digital world, to gain a brand loyalty, reputation or confidence, customers will end up Googling you, and if they do not find you online, they may just end up going to the most popular competitor appearing on their online device.
- Priority 1: Social Media Pages: Instagram, Facebook, Twitter, Linked In & Google My Business. These billions of people that use these platforms every day to find out new information, get their latest news and offer or shop. This is your chance to tap into a pool of existing customers and acquire them.
- Priority 2: Website: If you can afford it, then you should always get done, as this will allow you to grow your domain and gain a reputation for your company online with all major search engines like Google. You will also be able to communicate through a branded domain, example: [email protected]
At H&S Reliance Group, we are here to help you begin your journey.
H&S Services We Offer To Help You Begin Your Journey?
1. Web Design Services, Domain Registration & Hosting
We create all types of websites from Corporate, Service Industry, eCommerce, Portal & Marketplaces.
2. Content Creation & Graphic Design
We will work together with you & your team and create you the perfect brand manual, logos, brochures, flyers, company email signatures and content for your website.
3. Social Media Marketing & Management: Facebook, Instagram, Linked In, Twitter & Google My Business
We manage companies all over the world and help them attract new customers every week through social media marketing. It doesn’t matter if you are a major manufacturer targeting business 2 business or a boutique targeting end users, we customize packages based on your monthly budget and goals to help you acquire new customers weekly.
4. Search Engine Marketing
We market your website and the products/services you offer using Google to acquire new clients every month.
5. Regular Email Marketing To Your Existing Customers (Retain Existing Customers & Increase Repeat Buying)
We will manage and prepare an email newsletter that will go out to your existing and new subscribers on a regular basis, as well as manage your subscribers, unsubscribers and inactive subscribers.
How Do I Get Started?
Start A Live Chat With Us…