Living the dream: running your own business!

No matter if you have a degree or not, most people want to run a business of their own, at some point in his life. Whether the focus is launching something innovative that is new to the market, or by selling branded products locally, people are encouraged by starting a business. The thought that you will organize your own time, without any body above you, free and flexible, has no price.

In this case, follow a few steps to get organized:

1. Plan your marketing strategy:

Identify your target customers.

You have to decide which segment of the population to target as your potential buyers.
Identify details: age, income, lifestyle, income and other demographic information.
Define the potential group of buyers as your main priority this will help you build your plan of activities.

Innovation.
By promote an innovation. Maybe it is a new product, a new way of using an existing product or a new service, your company can stand above the competition and reap increased profits through steady promotion.

In short, competitors won’t be able to keep up with new products and services you create if you are constantly innovating. Arm your employees to also be creative by providing them with extra bonuses and incentives to help keep you ahead of the competition.

New market.

As your business develops new products and expands into new markets, you will naturally expand the base of your market segmentation.

Sales promotion.

You will want to sell as much of your products as possible. Try providing a mixture of products and services designed to increase the satisfaction of your customers. This will help you build a loyal customer base over a period of time.

2. Stocking Products.

Planning your stock quantities is important. You will want a consistent quantity of products available in order to increase future sales.

3. Cost/ Benefit Analysis.

Create a profit driven strategy designed to increase profitability while using the same quantity of resources. Or, have the same profit using less resources.

4. Location.
Deciding where to place your business is a critical detail. You want to choose a convenient location for your customer-base once you complete your demographic survey.

5. Finance.

How will you finance your business? Using your own money or borrowing from a bank, investor, business venture or business angel?

In a short term, competitors can’t follow to make supplement to your product/ service. Even, you can motivated your employees, with special bonuses if the invent some new product/ usage of current product/ service.

6. Feedback.

Try to get feedback about your products, services and overall business to help you manage your business going forward.