Destined For Success: How To Ensure Your New Business Shines
If you’re a budding entrepreneur, you’ve probably stumbled across some pretty harrowing statistics. It’s well-documented that new business survival rates are low, but don’t let numbers put you off. Although it’s challenging to set up and run a successful company, there has never been a more exciting time to launch a new venture, especially for female entrepreneurs. If you’re keen to give a budding business the best chance, here are some tips to take on board.
Choose the right market
Generating profits in business isn’t just about creating a brilliant product and getting your pricing strategy right. It’s about finding a place in the right market. To be successful, you need to offer something that people or businesses want, and it’s always advisable to look out for emerging markets and sectors that are expected to grow. Take the drinks market as an example. You only have to look around you on the street or the subway to see that grab and go, throw-away products are increasingly popular. Having seen this trend, the next step is to identify the drinks that are going to make you the most money. The coffee industry is worth £9.6bn to the UK economy alone, and coffee consumption looks set to increase in the years to come. Regular coffees remain a popular option, but these days you can buy anything from frozen lattes to flavored macchiatos.
Make your business stand out
Once you’ve identified a market you’re keen to tap into, the next step is to ensure that your business stands out from the crowd. How are you going to ensure that your product jumps off the shelf in the grocery store or that people choose your cafe or bar over another? Focus on your USP, and once you’ve decided what makes you different, upsell this feature or characteristic at every opportunity. Create a strong brand, which tells people all about what you do and what your business is all about, and use your own experiences as a customer to make your brand appealing and relevant.
Pinpoint your target market
Before you launch any marketing campaigns, plan events, or sign off on your packaging design or brand logo, make sure you know exactly who you are targeting. Who is the product designed for? Who do you want to buy from you? It’s crucial that you spend time getting to know your ideal client so that you can ensure that your marketing strategy, your branding, and your price points are relevant to that buyer.
Reach out to your ideal customer
You’ve got a great business plan. You’ve outlined the target market. Now, it’s time to tell those customers all about your brand and how it could benefit them. It’s vital to get your marketing strategy spot on to maximize your reach, drive sales, and really spread the word that your business is up and running. Use techniques and platforms that are relevant to your target consumer, for example, Instagram for buyers aged between 16 and 30, and streamline your approach. It’s best to focus on a cluster of methods that are proven to work than to try every trick in the book.
If you’re in the midst of setting up a new business, follow these steps to ensure your new venture shines.