2 years ago -
“Why would you want a job when you can work for yourself?” If you loved being independent, cultivating your idea, and helping it grow. And that’s what we’re talking about here, how to start your business and bring it to life. You’ll learn how to develop a business strategy and cash flow and use your own marketing skills to get everything ready for a successful launch. Are you prepared to become a successful Entrepreneur? Here you’ll learn about Entrepreneur Strategy 2023.
Here you’ll get some strategy on how to think like both agency and client at the same time and use social media to develop awareness and prospects to start your business in 2023. These days, it’s easier than ever to start your own marketing firm. It doesn’t matter if you’re out of a job or if this is something you’ve been thinking about for a while. Your recipe for success needs a great idea, a plan of action, determination, fantastic work, and moxie. Oh, and one other detail, clients, of course.
Asked two questions to yourself before starting your own Business
It helps if you visualize this as a Venn diagram. And it occurred that where the answers overlap is where your entrepreneurial journey could begin.
Looking at your strengths and opportunities when you start your business
SWOT analysis rather than just thinking about the why and the who. In fact, personal SWOT is a great first step on the road to becoming an entrepreneur. Reflect on your strengths, weaknesses, opportunities, and threats, and be brutally honest with your answers. Keep each quadrant in your SWOT simple and include no more than two or three points. Take the time to work on and refine your SWOT and prioritize what’s most important to you and your business. That gives you the clarity you’ll need to determine your point of differentiation and niche.
I usually do my SWOT analysis once and sometimes twice a month, it helped a lot to identify weaknesses and strengths to trigger actions and make the right decisions for my business.
Let me tell you about it and its benefits.
What is SWOT analysis❓
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, and so a SWOT analysis is a technique for assessing these four aspects of your business.
SWOT Analysis is a tool that can help you to analyze what your company does best now, and to devise a successful strategy for the future. SWOT can also uncover areas of the business that are holding you back, or that your competitors could exploit if you don’t protect yourself.
Importance of SWOT ✴️
✔️As S stands for strengths and in this area, you will find out your strengths.
✔️ W stands for weakness and this area helps you identify your weaknesses.
✔️ O stands for opportunities and it helps you identify the areas where you can perform well.
✔️ T stands for threats and it helps you in identifying the blind spots and risks.
SWOT Analysis can help you to challenge risky assumptions and to uncover dangerous blind spots in your organization’s performance. If you use it carefully and collaboratively, it can deliver new insights into where your business currently is, and help you to develop exactly the right strategy for any situation.
A: What do you love to do and who will pay for your services?
Now, this is fine if you want to create what’s called a lifestyle business and focus only on the work you do, but I had other dreams. So, you decided to take a job at a bigger PR agency to see how they managed growth and to become part of a team. But after several years, you got the entrepreneurial bug again and so you started planning for your second venture. This time, you knew enough to begin with a squad. It helped to understand what the agency you worked for was doing well and what could be improved. So, you sketched out an idea to build a marketing firm that simplified agency-client relationships. That was our point of differentiation, and it informed everything we did. We developed a three-year strategy and plan, looking ahead so we could monitor whether we were going in the right direction.
Next comes the budget. Figure out how much it will cost to operate the venture, rather than with your potential revenue, of course, that varies for every marketing firm.
You also need to factor in your personal obligations and contributions to your household. How much each month do you need for rent or mortgage, for your loans, groceries, car payments, and so on? These obligations become the basis for your salary. Then, you’ll be able to know the minimum you need to bill to keep your business afloat.
Agencies have well-honed new business pipelines.
Start from the Ground Up to start your own business
Develop Digital Marketer partnerships
Decide Working Arrangement Beforehand
How transparent will you be with your budget?
Are you marking up your partner’s charges or do you have a project admin fee?
Develop your partner networks
You landed your first client
“Better to be pleasantly surprised than disappointed by reality.”
The answer is
That means sometimes you need to say no to certain projects, which can be hard if you don’t have another one waiting in the wings. Just remember to follow the five Ps. We talked about the first three, that is, place, pipeline, and partners in the last video. And we’ve just talked about projections and price.
Business projections require assumptions. Which assumption should you NOT make?
Marketing your Business
Develop your Brand Voice
When you’re marketing your startup, is it a good strategy to post as much content on as many social media platforms as you can?
No. You should prioritize the social media platforms where you’ll share content based on where your customers or clients are most active.
“As an entrepreneur, your time is limited, so it’s important to select social channels that will help achieve your goals. A good place to start is where your clients and prospects are active. That way, you’re going to where they are and not asking them to find you.”
Putting your Marketing Business plan into action:
Use the strategies you’ve learned
Use your marketing superpowers to build awareness and interest
How to start your business doesn’t have to be overwhelming. Take it one step at a time. First, research an eCommerce niche and in-demand products. Next, figure out your business model and fulfillment strategy.