How to start your own Business | Marketing Entrepreneur Strategy

2 years ago -

“Why would you want a job when you can work for yourself?” If you loved being independent, used 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 marketing 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 2024 how to start your business.

Entrepreneur’s five Ps for how to start your business

Place
Pipeline
Partners
Projections
Price

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 2024. 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 how to start your business

What do I love to do?
Who might pay me to do it?

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 – how to 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

✔️ 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.

Ask yourself, how will you stand out in the marketplace?
Which clients will you serve?
How will they find you?
Why would they choose you over a more established brand?
How much will this cost? Where’s the money coming from?
And what if you fail?

What two questions should you consider when trying to figure out the type of business you want to create?

What do you love to do and who will pay for your services?

HOW WILL YOU MONITOR YOUR BUSINESS & GROW?

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 company 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.

You need to find a way to give something back to them and maintain the relationship over time.
Sometime after that meeting and all the ideas, the agency owner gave you, made a list of which you needed to consider.
These included the nuts-and-bolts things like
- registering a web domain
- finding a lawyer and
- discussing whether or not you need to incorporate,
- registering your business name
- designing a logo and website
- talking with an accountant
- setting up a bank account
- bookkeeping system.

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.

Do you need a physical space or can you work virtually?
Which software or platforms like Microsoft 365, Google for Business, Zoom, Slack, Dropbox, or another virtual storage company will you need to pay for?
What about subscriptions to trade publications or marketing and networking costs?

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.

Place, Pipelines, and Partners

Agencies have well-honed new business pipelines.

Start from the Ground Up to start your own business

Keep your own client pipeline active
What clients will you serve?
- Local entrepreneurs
- Startups
- Regional or global corporations
Virtual or Physical Office?
- That depends on your goals, flexibility, and budget

Develop Digital Marketer partnerships

Videographer
Web developer
Graphic Designer
PR pro

Decide Working Arrangement Beforehand

Budget and transparency

How transparent will you be with your budget?

Project admin fee

Are you marking up your partner’s charges or do you have a project admin fee?

Referrals
- Will you get a referral fee?

Conflicts
- How will you handle partner client conflicts?

Develop your partner networks

Gain trusted peers
Take on bigger projects
Increase collaboration
Refer clients to partners

Projection, and Price

You landed your first client

But…

Did you budget properly?
How did you set your rates?
How will the work affect revenue projections?

Revenue Projections

Reduce your projections by 30% then halve them
Plan for zero revenue for the first two months

“Better to be pleasantly surprised than disappointed by reality.”

Pricing Model

What’s your pricing model?
Do you require a deposit?
What about project expenses?
How do you deal with overdue accounts?

The answer is

IT depends.

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?

Your workload will be comparable to the workload you have at your current agency job.

You develop your business idea and are Ready to Launch

Marketing your Business

Research potential clients
Prioritize the platforms they’re on
Set up profiles
Link back to your new site

Develop your Brand Voice

Hero or Sage?
Jester, Creator, Ruler?

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:

Begin with Research and Preparation

Use the strategies you’ve learned

Set up your firm
Partner network
New business
Pricing
Referrals

Use your marketing superpowers to build awareness and interest

There are no safety nets
Stay agile and adapt
Be passionate and realistic
Let your amazing work speak for itself

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.

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Ruby is an IT Engineer | Blogger | Digital marketer who offers Copywriting, ghostwriting, and blogging services to provide digital marketing content that gains social media attention and increases search engine visibility.

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