According to research, it is said that 80% of start ups (SMEs) fail or close down in the first 2 years of operations.
Today, I will give you three powerful tools I worked with when before and when starting my food company (Baker’s Cafe) and it’s been 7years now; You can’t but need them.
However, before I start, I believe you already know, that to start a business, you must create time to plan and program; Plan and program what? YOUR IDEA!!!
IDEAS: BY NOW, You must have passed the stage of knowing what to do; Either by accident, by intention or copying, you MUST be able to pinpoint what you want to expend your energy on.
Nobody will do that for you. Pick something that tickles your fantasy. Something you love doing or you hate the way it’s been done. Something that gets your blood flowing!
you should also plan how to launch, the location to launch your idea and how to make an impression.
Programming your idea is very important because of an enemy called procrastination.
Most people are great planners but that’s where it ends! Tons of notes without execution! They are weakened by what is called Fear of the UNKNOWN.
- Another reason why you have to programme (set a time to act on your plans) is because you have limited funds and while you are planning, you need to survive and live.
So, in order not to spend your starting capital, you need to programme (set a time to start no matter the situation).
Okay! Let’s get into it!
3 Important factors I considered before finally taking the bull by the horn.
1. TARGET CUSTOMERS : I had to make up my mind on the financial level of the set of people I’m going after. Generally, we have:
1. General masses
2. The average ccustomer
3. The very rich
This helps navigate your kitchen, studio or office location. It will also determine your product price tags because you cannot hope to sell at the same price you sell for the masses to the rich.
You will be tagged too cheap or too expensive in the case of masses. Also, if you choose the masses(main market), you get to sell in bulk and you get to cover a greater range of people.
Any of the three have their advantages and disadvantages so choose wisely. For me, I decided to start with the average customers, then, I moved to the rich.
This is most important. Many books have been written on this topic and marketing differs across different products and services.
However, this is about me and my own journey and I tell you, there is nothing as strong as being on the field marketing one on one with your would be customers. It builds up your courage and your charisma. You should however, never forget to make use of other marketing platforms like the social media, Paid ads and the rest. It helps tremendously.
For mine, I made handbills, handbills was better because I was offering food (Business cards would be more appropriate in other businesses) and it tells more story and I took free samples of my products along.
Note: Free samples always work. It shows you care and love them (Many companies take this route when marketing their products)
Nothing gives more attention; when you offer freesamples, they are ready to hear you out for the sake of your gift.
Let them feel little so they want more and trust me, If your product is good, they will request for more.
3. BRANDING AND LOCATING A NICHE
This is still under marketing however, in this century, it has managed to stand out. Its so powerful that when properly done, they will only think and see you.
For example, Why do we call noodles “indomie”, or all detegent ” omo” or all diapers pampers or macleans or closeup? This is because these companies have managed to stand out and maintain their brands.
In creating my brand, I noticed there were fierce competitions in my field; so I choose a niche and also worked on my strong side; Made it my niche until everyone knew me with it.
I moved to a blue ocean (blue ocean strategy). Instead of struggling with my competitors ( By the way, I still went after my competitors later however, that was when I was strong enough), I choose a Nick name that can be easily remembered and went after different Banks (my niche).
We realised they are a set of people that are unable to leave to get what to eat and we provided them food. We also created recipes for our products that distinguished us out, My signature taste.
Lastly, you need to understand that being an entrepreneur is the best experience anyone can go through; the challenges, the victory, the solutions. Also, you should also note that not everyone can be an enterpreneur.
Go for whatever is your purpose. Get a job, be a nurse, work in corporations and make a big change to your society. It doesn’t make you a failure working under people. You can be rich either ways and you can make long lasting impact in both endeavours.
It might not be easy but so far you put your everything and you have extreme passion for your business. You will definitely make it. Love you so much.
Please share and comment!!! Thanks.