Strategies for Start-up Businesses
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Start-up strategies differ from those of an existing company because start-up companies have obstacles to overcome that existing companies do not necessarily have to face. When starting a business, some of the strategies that can be put into practice include writing and developing a business plan, learning everything there is to know about your customers, setting measurable goals, and putting these goals in writing. All of these strategies for starting a business help create a vision and direction for your company.
Writing a Business Plan
When starting a business, researching, writing and developing a business plan requires reviewing the business idea and structure from many different angles, including operations, marketing and finance. To obtain financing for your business, you need a formal, written business plan to present to the lender or investor. Even if you do not need to apply for financing, developing a business plan is a start-up strategy that details your vision for the business and can guide your business.
Know your customers
In order to sell to your customers, you have to learn everything there is to know about them. You can research who your customers are, what they like, what they don't like and more, by researching businesses that serve similar audiences, using data collected by the U.S. Census Bureau or by reviewing data collected on similar industries by the Small Business Administration. By taking a strategic approach to knowing your customers, you are better positioned to create products and services, marketing messages and more that reach and speak directly to your customers.
Set measurable goals
It is difficult to see the success of your business or the adjustments you need to make without setting goals for your business against which you can measure your progress. Establish and write down at least two or three goals you want your business to meet and set a deadline for reaching each goal. Then track your progress. For example, a strategic goal might be to achieve sales of $100,000 during the first year in the business. During the first year in business, collect daily, weekly and monthly sales numbers to measure your progress in achieving your goal.
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