Setting a goal for your business venture? Trying to raise venture capital for your business? It pays to be specific. Why say ‘to raise capital’ when that’s vague. It’s more specific to write ‘to raise $25,000 by July 1.’ This way, you can have a clear target in mind.
Some people want to go into business but have a full-time job going. It sounds difficult but some people can’t resist the urge of entrepreneurship on the side. Besides, the certainty of a full-time income from a job is assuring compared to the risks one can incur in running a business for the first time. One way to have some sort of balance is to get a part-time or temporary job while you take the first steps to start a full-time business. In this way, you can count on the constant paycheck while giving your time to grow your very own business. You can look for evening hours or weekend jobs, which can be advantageous especially if you need to meet clients in your own business at regular office hours. Always try to look for win-win situations.
So you have this great idea for a product, or you have a service in mind that no one has created a niche for before. It’s something that the market craves for, it will surely capture the hearts and minds (and the paycheck) of millions of consumers (perhaps across the globe!). This is a once-in-a-lifetime opportunity. There’s no turning back, you have to seize the day and grab the opportunity. Right? But before you boost your production engine, have you done some market research? Market research is the stage in product development where your team determines if there really is a market for your product or service. But aren’t you right? Everyone will want your offer! But this is a mistake many entrepreneurs make. How can a winning product lose, right? Failing to do market research can mean the failure of your enterprise. Those in a hurry to ship may find in time that initial excitement can be met with lackluster response in the market. But the best companies do their homework first. Consider it as an investment in your company’s future. If you make the necessary tweaks in your product or service now, it will be a less expensive way of running your business. It’s important to find out at the beginning.
When your prospects like your product or service already, there’s a moment of indecisiveness that could defer their decision to buy. In order to clinch the sale, it would be timely at ths point to offer an incentive. An example would be a percentage discount if they bought that same day, or receiving consultation for free. The thing to keep in mind is for your prospect to avail of your product right there and then, instead of delaying the buying process. You don’t want them to miss out on enjoying the benefits of your product or service for another day. Make a decision… to help them make a decision.
When writing a business plan, the mission statement is one of the important components of it. But some plans confuse who it’s for. When it comes to mission statements, the employees should be its primary audience. The mission statement is written for internal discussion and communication. It’s for them, more than for customers. Thus, accuracy should be aimed for.