If you’re passionate, it makes sense that you would want to start a business. Turning your passion into a business is a challenge with lots to consider. Let’s talk about what you should know if you’re planning on launching yours. Here are a few empowering tips for starting a business in 2020:
Know Your Target Market
The first thing you need to do is know your target market. Define the age group of your market, and make sure you create your marketing strategy accordingly. We’ll talk more about marketing later, so for now, make sure you aim to learn as much about your audience as possible:
- How old are they?
- What do they like/don’t like?
- Where do they live?
- How do they currently shop?
- What’s their budget?
Research Your Competition
When you know all there is to know about your target market, you need to research your competition. Knowing about the businesses out there that could rival yours is key. You need to know how you can differentiate your business from theirs, and what you can do to become even more successful. Competition can be healthy, you need to be prepared by knowing yours inside out.
Knowing Your Values
Knowing your values is so important, especially if you’re about to start a business. Why? In the current climate crisis more and more purpose-led businesses are thriving, so defining your values from the outset is key when starting your business in 2020.
Creating A Brand Identity
Creating your brand identity will help you to become a stronger, more recognisable business. You need to consider the people you’re trying to target as well as how you would like to be viewed by the public.
Know Your Suppliers
We already know about the negative impact over-consumerism is having on the environment, so how will you source/create your products? Maybe you’ll offer handmade products, using silk printers to create certain items or hire local artisans. If you want to develop a reputation as a quality business with staying power, then you need to make sure your products wont end up in a landfill after one use.
Marketing Your Business
Marketing your business will help you to grow and get the attention of your desired audience. Hiring a marketing agency to help you is going to be the best course of action, if the budget permits – attempting to do this yourself will mean taking time away from the important stuff that only you can do.
Tracking Your Results
Tracking your results with marketing and the interest in your items will help you to improve. Track everything, from the response to a new item to the clicks on a piece of content you have created. Doing this will allow you to continuously grow and improve.
The Fabulous Times