A good business is based on a good idea. But it alone is not enough: before succeeding, the entrepreneur has a long way to go.
1. You have found your competitive advantage
The idea may seem unique to you, but chances are there have been entrepreneurs before you who have tried to do something similar. Analyzing the achievements and mistakes of your predecessors will help you formulate a simple and clear explanation of what consumer problem the product solves and how it differs from other brands’ offerings.
To find out what your future customers want, you can use a value proposition template. This schema helps the entrepreneur put himself in the customer’s shoes and understand his thoughts and feelings. The businessman has to understand what the product is good for the customer, what problems it helps solve, and how to push the consumer to buy.
The value proposition is not just an inspiring slogan detached from reality. It is crucial to rely on facts and to speak in a language the customer understands. For example, if you are opening a store of ecological goods, tell them that you choose cosmetics and products about composition and shelf life and make sure that the products are in recyclable packaging.
2.You are serious about sales
Business is inconceivable without sales, but it is not enough to sell in any way to succeed in business. Use modern tools: CRM systems, IP telephony, email platforms.
A CRM system will help you assess how many potential clients you have and the specifics of each. It is easier for you to control the work of your managers and build a sales funnel – the path that the client takes to purchase a product or service. This way, you can unobtrusively stimulate the customer’s interest in the product.
Write down sales scripts. With these, employees will not have to rethink typical cold-call conversations with potential customers every time. Sales specialists will know exactly what to do and when to do it and will be able to give precise answers to customers’ questions.
If you’re making an innovative product, don’t delay with the market launch – start selling as soon as the test version is ready. This will allow you to assess user needs and get feedback.
3.You do financial planning
You need a financial plan to calculate a positive balance between income and expenses that makes business sense. It allows you to account for cash flow and ensure that all business processes run smoothly to make a profit. Considering profits and costs is necessary at all stages of business development, even at the start-up.
With a financial plan, you can understand how much money you need to invest in launching your business, how much investment to attract, and where to put the money in the first place. Don’t forget to include taxes to be paid at the end of the calendar year. You can try to use the pay stub template pages to help you calculate the remaining expenses; salaries of employees, including taxes, waste on equipment, etc.
We hope that this article was helpful for you and you will develop it in your start-up companies.
About Carson Derrow
