The 10 Steps You Must Take To Build A Great Business in 2021
The 4 Things You Must Do To Build A Great Business in 2021
Starting a business can be one of the most exciting yet challenge things you'll probably ever do. Although it may appear to be a daunting task, it is actually more simpler than you may think. The truth is the hardest part for most startup entrepreneurs is discipline to keep going in the beginning stages of starting a business online or a physical location and then being consistent throughout the business building process.
So in order to break down the process of starting a business, I'll break it down into 10 easy to apply steps.
1. Change how you think. You need a mindset shift as an entrepreneur. Many start their first business after spending years working for someone else. Not only that, but more than likely, you've spent time on social media watching everyday ordinary people build businesses from the ground up and become successful and may have given into the dream that all you need is pictures and videos and you're going to just blow up.
It doesn't quite happen that way! To start a business online or work from home, or even if you plan to have a brick and mortar location, there will be steps required to get to the point of success. Most of the time people forget where those successful people that they follow on social media started from and the fact that they became successful because they didn't give up. So if you are planning to live the entrepreneur life, you'll need to change your mindset from an employee to an employer or better yet the CEO of your business.
If your business is going to be successful it will all depend on you, the work you are willing to dedicate , the time you are willing to invest and a mental state that is in alignment with, that no matter what you will act as a CEO who is responsible for the success of your business and not an employee who can just put in a 2 week notice and walk away!
2. Come up with a financial model. How much are you going to charge? How much will it cost to run the business? How profitable can you be? You will need a pricing strategy to see where your business fits in with your competition. What price is necessary to make the offers you have more appealing to your target audience and get them to buy from you over your competitors in your industry?
3. Educate yourself. You don’t need a college degree, but you do need to be aware of the risks and realities of business ownership. As mentioned in step number 1, posting pictures and videos alone on social media, nor will having a website, bring new people to your business who want to buy your products. You will need a full business strategy that includes, a business plan, understanding your target market, planning out content , email list or email marketing, social media marketing and digital ads! How will you get people to your website? And once they are on your website, how will you get them to buy your product?
4. Decide on a legal structure for your business. Every legal construct has advantages and disadvantages. Think carefully about what will work best. Will you start an LLC in NC, if you're located there. Regardless of your location will you be a Sole Proprietor, LLC, S-Corp, etc ? Do you understand which one is a better fit for your business or brand at this time? Have you registered your business name, or employer identification number (EIN), registered for a business license or reseller's permit in your state?
5. Create A Business Budget. What have you put to the side as far as business capital to invest in to starting, launching and growing your business? Do you have a budget for marketing & advertising, social media ads or digital marketing? How much do you have on hand to use for inventory for your business if you are selling physical products. Also the cost of labels, tags. boxes for your products. As well as the cost to host and run your business website as your business gain recognition online?
6.Seek resources and aid. You can join a small-business development center and find local resources to help you succeed. or you can search online for business coaching or coaching centers that may best fit the needs of your small business. Which business resources matches the budget you have created for your business as well. Free Business Resources
7. Launch a website. Ready for organic reach? As soon as you can, establish an online presence by publishing your website. Be sure that your products or service that your business offers is well detailed and has clear pictures. Use your website address to advertise across social media platforms to drive more traffic to your business website.
8. Use promotions and discounts to attract new customers. Profitability is not as important as recognition in your early stages. You can sacrifice some profits in the beginning, especially if it means more and more people will get to know about your business in the beginning stages. The way to do this is to offer discounts and promotional codes.
9. Use video content. As a business coach in Charlotte NC, one of the top things that I am certain my new business coaching clients dread to her me say is to create video content. Not everyone desires to be the face of the business or brand. And that is okay! But if you are a new entrepreneur or aspiring to start a small business online through the use of social media and are working with limited capital or trying to figure out ways to start a business with no money..... It is going to be difficult to get new people interested in your brand without a face! The internet has made it so much easier for the customer to be more informed throughout the buying process. Most of the time there will already be 1000's of people already selling the same product or service that you offer. So being the face of your brand when you cant afford advertising, pay a marketing specialist, are not sure on how to use social media to sell your products and services, is going to give you a huge boosts with getting potential leads interested in buying from your business. Subscribe to my YouTube Channel
10. Revisit your business plan. After about 6 months into your first year in business, you may want to go back and revisit your business plan. What are some areas that need improvement? What has been working and what has not? Are there areas you need more education in to help you in the selling process and generating more revenue for your business? Go back to the drawing board and as CEO of your business, decide what areas of your business plan may need to be addressed and changed. FREE COURSE
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