Tips to start your own business

It’s a new year and a new day.  It’s the perfect time to start your own business once you’ve done your homework.  As an entrepreneur and small business owner, I’ve learned a few lessons along the way that I’d like to share with other professionals looking to start their own business.  Aside from having the inspiration and motivation to start your own business, I’d suggest a few tips for you to consider before taking the plunge.

1.  Be clear on why you want to start your business and outline a high-level road map.

While the idea of starting a business may be scary, the idea of looking for a job may be even greater.  Taking control of what you want to do, how you are going to do it and when will allow you to be in the driver seat and pave the way to your destiny.  If you’re truly interested and have vested the time, energy and research to carve out your niche, you are well underway.

2.  Determine your Business Venture.

The trick with determining your business idea or type is finding your niche or determining what makes your product or service different.  Putting your “twist” on your category is key.  For example, everyone needs to buy groceries, get a haircut and buy a home but what’s interesting is that all these “categories” have niches.  Some grocery stores specialize in natural, organic foods and some hair salons are for kids or men only.  The idea is for you to determine what makes your business slightly different from all the others.  Consider price and service as possible differentiators.

3.  Create a Business Plan.

A detailed business plan is not needed.  What is needed is an overview with key categories noted as to what your business will offer, who are you targeting, how much will you charge and what you’ll do to make it happen.  Additionally, compiling a basic P&L is recommended to track profits and losses.  There are many business consultants available to help in this area if you prefer assistance from an expert.  If you are interested in contacting a business consultant, please contact W Marketing Services as we would be glad to refer you.

4.  Create a Marketing Plan

In addition to a business plan, a marketing plan is needed to nail your target customer and outline all the “ingredients” needed to bring in new customers and retain current customers.  At W Marketing Services, we specialize in this area and can compile a marketing plan customized to you and your business utilizing the 4 P’s of Marketing as the core elements of the plan.  The more you can pinpoint your targeted client, the more focused your marketing efforts will be.

5.  Determine your Costs and Pricing.

Your pricing needs to be well thought out and analyzed as it’s not just about covering your costs.  You want to generate a profit for your business.  Don’t undervalue your time and talent – you are worth the experience that you have.  An initial way to tackle this is utilizing a top down approach.  What are you looking to make annually?  How does this break down to monthly and weekly “sales” needed?  How many products or clients do you need to make those numbers?  A simple Excel spreadsheet can help you play around and figure out the numbers.  Be sure to revisit and update often.

Are you inspired and ready to start your own business?  Having a smart plan of attack and marketing plan to help you get your customers should be your priorities.  W Marketing Service is a resource to you and would be happy to help start and grow your business.  Please contact us at  Wishing you much success!