The rise of technology, pandemic era, as well as the many political and corporate decisions that ripple into financial repercussions have encouraged many people to consider entrepreneurship as their saving grace. However, starting a business is not easy, and with many small businesses and start-ups going obsolete in the first five years, it is not an exciting market to tap into. But who can build a business, and what does it take to own your own thing in this day and age? In this article, we will take a look at the steps to consider when starting a business, designed to help you decide if this is what you want to do.
A Passion (Product or Service)
What do you want your business to sell? Are you looking at a product or service? You probably have thought about the product or service you want to sell and market, but how passionate and dedicated are you? It is important to outline whether your product or service will be something innovative or if you will be joining an existing market. Chances are, many entrepreneurs are getting into existing markets which may make them feel nervous. There is a way to curb your nerves, simply outline what needs your product/service will serve, then write down a list of personal values as well as brand values to see if they align.
Later, we will discuss target audience research as well as your brand values and aligning them with customers.
Location, Location, Location
Are you planning to have a brick-and-mortar or online store? One of the most important decisions you will need to make is where your business will be based, and you have probably considered some options. Start small; online shops are easier to handle (not the easiest as it is business, but still) as they live online, and you will not have to incur any maintenance, building, or renovation costs.
An online store is also not too simple to set up, but if you have the right resources (human and otherwise), you will be sorted. A few things to consider when creating an online store or the digital version of your business:
The 2022 South African Customer Experience Report highlighted that reviews, abandoned carts, and influence play a big role in online purchasing. So, ensure that your business stays on people’s tongues for the right reasons, create a website that makes it easy to clear carts, and always give your customers a lovely experience so they can easily refer you to others.
Lessons On Lessons
As a budding entrepreneur, you are constantly hit with lessons on how business (whether broad or focused) runs. It is important to understand the market you are playing in, the competition, target audience, and so much more. And with the current majority of consumers being the sustainable, health and planet-conscious bunch, you need a human-centric approach to business.
The University of Cape Town in collaboration with GetSmarter offers a range of business management online short courses to help you steer yourself, your business, and people in the right direction.
Business management expertise is highly valued across a wide range of organisations and industries. Studying business management and comprehending the fundamental concepts of running a business can help employees, managers, and leaders in all types of organisations, from start-ups to well-established enterprises, to stand out from the competition.
With an online short course from the University of Cape Town, you may improve your existing qualifications while gaining important business, risk, and financial management skills (UCT).
In Closing
To remain open for business and not go obsolete, equip your business with values, mission statements, as well as specific goals you want your business to achieve. You also need to align your values to those of your consumers and work to match them every time. Attracting new business is the easy part; keeping them as retainer customers takes work, dedication, and, hopefully, this article too. Remember to wear your business’s heart on your sleeves and change the world one transaction at a time.