3 Quick Tips for Starting a New Business
Starting a new business can bring on a mix of overwhelming emotions. You can’t wait to get started but you are scared to death. You can see dollar signs due to all the money you will make, but also due to all you stand to lose.
You need to write a business plan, find a location, a lender, vendors and more. In all the chaos and excitement, it can be easy to overlook some important planning aspects. These things really need to be considered very early, even before seeking small business financing.
There is a hard balance to strike with specialization. Money is made in the trenches of the niches. If you specialize in something that has a moderate market that no one else is serving, you could do very well. However, you don’t want to specialize so much you cheat yourself out of a market large enough to turn a profit.
While you may think it is way too early to consider social media before you even have a lender, you will need a marketing strategy for the business plan you use to apply for financing. That marketing strategy should include social media marketing.
Here is the thing. Social Media changes at the speed of light, and not everyone frequents every platform. These days, Facebook is more for the middle-aged crowd, while millennials focus on Instagram and Twitter, while teens frequent Snapchat and others.
If your market consists mostly of baby boomers and seniors, you may want to skip Social Media all together. The key is to target your social media campaigns where your market it most likely to see them, and stay on top of changing trends and platforms.
3-Know Your “Why?”
You hear this all the time from direct sales professionals, and there really is something to it. If your “why” is to make money, that’s great, but you can do that in a lot of different ways. Why this way? Why your own business? Why this product or service?
Knowing why you are doing something can help you keep going when things aren’t great.