Businesses thrive on capitalism. The idea that someone can have a good enough idea and plan that they can make money selling their goods and services is the basic American dream. In global societies small businesses often suffer and struggle to rise to success due to the heavy amount of corporate saturation in economies. It is not impossible for a business or startup to thrive, it just takes more effort, creativity, and ambition than joining the corporate ladder. People who decide to take on the small business route must thoroughly understand the business model beyond the creative ideas and dreams. Although making one’s dreams a reality is truly important to a model of human happiness, obtaining practicality behind those dreams will help bring them to fruition.
The creative process is one of the most exciting parts of a starting one’s own business. It’s where the bright internal thoughts become concrete on paper. It’s a way to mentally map out how the business should be run, what kinds of products or services will be sold, and what things will look like inside, or if it will be run completely digitally. Living in a digital age, it’s not unlikely to think that some businesses will only exist within online platforms. For those taking the tradition route of a local boutique, coffee shop, or something similar, it will be important to stand out against competitors.
The best way to stand out against local or national competition is to cultivate a thorough understanding of the competitors against the new business. It’s also important to discover and understand the potential audience and consumers that will be purchasing goods or services from the business. Understanding the competition will help if the founder of the business conducts thorough research including a SWOT(Strengths, Weaknesses, Opportunities, and Threats) analysis. With a deep understanding of the audience, and it will be easier for the new business to relate to them.
One of the most important facets behind starting a new business, is gathering a team of professionals and industry experts to create a team that will launch the company into success. A team should be created with people of different minds that all work well together. The company will first need an accountant and financial team to run the economics of monetary success. Due to the rise of digital business audience interaction, it would be wise to hire a digital marketing professional to aid the marketing and advertising team within the company. To add a professional look, it would be beneficial to hire a creative team to make business cards, logos, graphics, and make sure everything looks good within the store or online. It’s not just about the products themselves, it’s also about creating an atmosphere where people remember its uniqueness and it stands out against the competition.
After completing the initial brainstorm process and mapping out a direction for the company, it’s important meeting with the team to create expectations and goals for the direction of the company. This is where price, product, placement, and promotion can finally have concrete values on their measurement. It’s crucial to remain flexible and determined as these four things may change overtime. This is the stage in which a new startup company may decide to add product depth and breadth or plan when it may be added to the company. It will be a way for all stakeholders to discuss where the future of the company should be headed and how they will implement various measures to make sure this actually happens.
Companies today, even if they have a traditional onsite location, must understand the value of maintaining a digital presence with their audience. Maintaining this presence also allows companies to understand their consumers more as they can learn from the way they interact with each other and brands. By having a positive digital presence, companies will grow their digital audience thus creating more customers and brand recognition. It’s also important to create a website that customers can use as a resource to understand the company more and the products or services available to them. Having a contact information form on the website and links on social media will allow the company to grow more. This contact form may also act as a customer feedback form where businesses can review the information to provide their customers with the best service possible. A digital presence is highly beneficial to controlling positive customer service and spreading brand awareness.
After the company has its initial launch date, the time to review the measurement of success will come. This can be done by looking at quarterly and annual rates of profit. In the beginning stages due to the start up costs, it may take longer to initially see higher profits. This is where the accountant and financial manager can help the team understand what is expected of them to increase business profits. Successful companies can come from anywhere, it just takes the right team, determination, and hard work.