You’ve got an awesome business idea and you’re all guns a blazing, setting your heart on starting your own business. This can be a very exciting but scary ride. If you’re on your first, second or even third business you will know that it’s very important to lay the foundations of your business, and write your business’s goals before even throwing any money into it.
The common reasons for starting your business could be:
- You think it’s a great idea!
- You think it’s going to make you lots of money!
If you choose 1 or 2 of the above, then I do not recommend this. The reason being is that it’s going to cause you a world of pain and in the end, it’s just not worth it.
However, if you are starting your business because you are:
- Passionate about it,
- You have the skill-set and knowledge,
BUT…you have not thought through the practicalities such as ‘what is your point of difference’, ‘who is your target audience’, ‘what is your company’s objectives and overall purpose and vision’, 'what are the company’s core values’, examples of ‘proof of success’ of your service or product’ and so on.
All these questions may sound ‘rudimentary’ but believe me, it is very important because by answering those critical questions, it could essentially bullet proof your company for its future success.
By answering these hard questions in the beginning, it can help you find clarity and better prepare yourself for the following:
- Develop a business case to borrow from your friends, family or a financial institution;
- Better sell and explain the products/services to your prospect;
But if you cannot answer any of those basic questions above with clarity then the best way to start is simply to do a business plan, or a business case, whatever you want to call it.
The 4 Step (Basic) Business Plan
A good basic business plan should include at the very least 4 pillars:
- The business idea;
- Problem or ‘the gap in the market’ that needs to be resolved;
- The business’ objective;
- The estimated costs to resolve the problem or ‘gap in the market’.
Now the above is just a basic 4 step structure to get some of your juices flowing in the brain. However, at Yauzer Media we offer more than social media strategies.