Are you set to hit the market?
How do you even know you are ready for the market?
A valid business idea, backed up with good feasibility report and a structured business plan, makes up your readiness for the market place. But that isn’t all…
In this part, which is invariably the last one; I will be focus on on the last two steps -from four- to making your ideas work:
- Strategy Development
Business Strategy Development
Business strategy is a vital sustaining factor to the success of any business. While business with great strategies lead the market, other businesses without strategies struggle. In other words, some of the struggle of a businesses has its root in lack of business strategy.
Some businesses have business strategies but they are failing strategies. A good business strategy is such that is guided by the following:
- Time: Times are changing. What works 50 years ago, might not work now. Even if it does, the results will differ. You are to build your strategies around the current time and season in relation to the trends.
- Resources: Your business plan says that you would employ over 25 staff, but by your start up resources you can only get 5. What do you do? Its simple, develop a strategy that allows you employ the first five and grow gradually into 25. Do not develop strategies outside of your resources – They don’t work and end up frustrating you as a startup.
- Market: You wouldn’t want to start a business that don’t have a market. Neither would you want to have a product that nobody is willing to buy. Therefore, in the process of making your ideas work, consider the market in developing strategy. What do they want is key – even when they don’t know they need it.
Your business strategy has its expression in your day to day activity. Its is expressed in the process from which you produce, market, distribute and operate in general. Therefore, I will talk on three key areas in developing strategies:
- Operational Strategy – How day to day activity will be conducted in your business.
- Marketing Strategy – How do you intend telling people about what you do? Dependent on your target market, you can develop whatever strategy that suits your business.
- Distribution Strategy – Now they want to buy, how does it get to them?
Now, you are ready for the last phase – make your idea work!
Everything I have outline in these series may be a total waste of time, if you are not ready to execute. I do not want you to read through these posts like you have read other books or posts. Get to work!
Launch out: I will suggest in launching out don’t mass produce, if you are not sure of the acceptability. Don’t mass produce, if you don’t know how your product or service would be considered. Therefore, I suggest you try out freemium – Giving your premium product for free or almost free. This would help you confirm confirm the acceptability in the market place.
Get the idea out of your head, research, come up with your analysis to validate your ideas, plan, draw strategies and get down to work. This is a summary of how to make your idea truly work.
I am not far away, you can ask your questions here and I will answer or connect with me on social media.
Cheers to your success.