Want to start your own business? Considered signing up for that Network Marketing opportunity but didn't know where to start. In this post I dig into the business plan alternative that I wish I had when I started my first agency in 2012, and basically help you start a successful business without writing a 20+ page business plan.
What do you want to offer
This is usually one of the easier questions to answer when considering a side hustle. But not always the right one. I recall a lot of entrepreneurs I encountered early on in my journey indicating that they didn't care much for what they did, but rather that they "got out" of whatever it was that they were doing. For some, selling or reselling a product seems easier, and usually comes with all the "tangible", touchy feely stuff that is easier to explain to potential customers. You can show someone the product, explain what it does, what the benefits are and what they can expect to pay based on the size, colour or quantity. Services are more complex. Not tangible and value (no matter what you think) is what someone is willing to pay for it (but more on that later).
Who do you serve
So many entrepreneurs want to hit the big time by getting their product or service in front of as many people as possible. Paint the town red. And although it might make sense in theory, in practice it becomes a very expensive and time consuming strategy that does not result in new customers buying (or staying). Consider the difference between having a marketing list of 100 people that love your content, want to learn more, that engage, versus having 5,000 followers on Facebook with limited engagement. Crickets. I'll rather have the 100 and give them more and more value. Stickiness starts with having a very strong focus on who your customer is and what they need.
How are you reaching those you serve
So many entrepreneurs and solopreneurs consider a Facebook page as a marketing strategy. And with Facebook and Instagram shops it might seem like a good plan, but should not be the one and only. There are a few stages you need to consider when deciding how you want to reach your customers, including:
- Stage 1: Awareness - how are new and prospective customers going to learn more about you? How will they find you?
- Stage 2: Evaluation - how will customers make a decision whether or not to buy from you? What do they look for? In marketing terms we call this the purchasing decision and usually meticulously plan out some tools and resources to help customers make this decision.
- Stage 3: The Sale - how will customers buy? Like really. How are they handing their hard earned cash over? Can they buy online? Do you quote them for services? Do you sell in a shop, at local markets or to anyone you come across (MLM style?)
- Stage 4: After Sales Service - what happens after the sale? What happens if the product doesn't deliver as promised? Is there a guarantee? A refund policy? Do you stay in touch? Offer training, a "How To Guide" or a coupon with money off a future purchase?
Is this the first time you've thought about all of this?
"I'll just wing it as I go" was one of the things I said more often than not. For someone with a business degree this was laughable at the time. But being in a position of being able to make all the decisions is often overwhelming if not paralysing for many first timers. I remember attempting to write a business plan when I first started out. It was a massive document, filled with ideas, research, innovation, statistics... pages and pages full of it. After two days my mind was racing but I could not for the life of me figure out to where to start.
And I can spot that deer in headlights look when I meet a new entrepreneur. That "do everything and anything" approach that's exhausting. Why not join me on the nine areas (that you can fit onto one A4 page) to finally get that business started! Join my Facebook Group for solopreneurs and startups to get more tips.
