Strategies to Build a Business the Affordable Way

Strategies of starting a business differ from those of an existing business because start-up businesses have obstacles to overcome that existing business may not necessarily face. When you’re starting a business, some of the strategies you can put in place include writing and putting together a business plan, learning everything there is to know about your customers, setting measurable goals and putting these goals in writing. All of these business start-up strategies help create a vision and direction for your company.
Below is a detailed explanation to each strategy.
1. Write a Business Plan. A business plan is very important when you’re starting a business. During the preparation you will have to research, write and put together your business plan. It will require you to review your business idea and structure from many different angles which may include; operations, marketing and finance. The business plan will help you obtain financing for your business, guide and act as a reference of your business vision.
2. Get to Know Your Customers. In order for your business to have customers, you need to know more about them. You can know your customers by conducting research on who your customers are, what they like, what they don’t like and more by researching companies that cater to a similar audience. By taking a strategic approach to getting to know your customers, you are in a better position to create products and services, marketing messages and more that reach and speak directly to your customers.
3. Set Measurable Goals. It’s hard to see how successful your business is or which adjustments you need to make without setting goals for your business by which you can then measure your progress. Set and write down at least two to three goals you want your business to accomplish and set a deadline for reaching each of the goals. Then track your progress. For example, a strategic goal may be to sale to 100 people for the first month in business. During the first month in business, compile the daily and weekly sales numbers to measure your progress in reaching your goal.
4. Eliminate unnecessary start-up expenses. Until profits develop, you will need to eliminate unnecessary expenses such as office rent by making use of your room. For example, the cost of your internet connection can be shared between personal and business use. Another way to minimize costs is to rely on freelancers to help with accounting, customer service, website and graphic design etc. This allows you to save for expansion and development.
5. Base your first deal on a specific market need and not just a general one. Your business plan should be as detailed as possible in order to target exactly the right customers. In other words, know who your likely buyers will be. If you can’t get past identifying a general audience, you will be wasting precious time and money. Do your research before you invest your time or money?
6. Structure your first deals so that some money comes at the outset, and be sure to put this in writing. Obviously, cash flow is crucial in the beginning stages, and you can make this more likely by offering new customers discounts as well as incentives to pay in a timely manner. Growth is the key to any start-up, and your sacrifices and sweat equity now will pay many dividends later.
7. Think about raising your company profile by aligning with a charitable cause or mission. Community fund-raisers might provide excellent opportunities to gain brand recognition, and allow you to see firsthand how your local audience reacts, giving you the freedom to hone in on your message before reaching for a broader geographic customer base. Free or sample products and discounts provide valuable advertising and a positive reason for customers to seek you out, as well as give you invaluable input on your initial offerings. And speaking of free advertising, tell all your family and friends about your new business venture. Enlist their support to establish your presence in the local community and beyond. There might be unexpected connections or contacts you’ll uncover during this process that may surprise you, or lead you to someone who may be useful during your developmental phases.

TheFounder Magazine

Made Of Founders

TheFounder Magazine is an online business magazine that focuses on starting, running and growing a business in Kenya today

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