By: Ana Margarita Olar| Executivechronicles.com
A big chunk of money doesn’t guarantee business success. Here are some tips on how you can start your business even on a low budget:
Study and learn the market first.
A newbie entrepreneur should never dive into a business that they don’t know even when it involves a small or large chunk of money. Investing in an unknown market has a high potential for failing. The cliché learning from your own mistakes may be replaced by learning from others mistakes. You don’t need to lose that money just lo learn.
Don’t forget to undergo market research to determine your business’ potential. Is there a high demand? Who are my competitors? Is the market already saturated?
Carefully study your business expenditures.
Because you are on a low budget start up you should carefully evaluate before you spend your money. Is it practical to rent a space when you can manage to sell from your home? Is it necessary to hire somebody? When is the right time to buy equipment or expand your business? Can you find somebody whom you can ask to help you with finances?
These are the questions that you should be able to answer and avoid unnecessary spending on your business venture.
Be consistent with your USP
Having a unique selling proposition is very helpful especially when you are introducing your business to the target market. Remember, a confused customer is an unhappy customer. You must have a brand to be easily recognized by the audience.
This isn’t only about the use of a consistent logo but also being consistent with the voice, colors, fonts, and layout of your ads.
Carefully analyze your customer’s feedback.
Yes, there is online selling and marketing but for with business with an unknown brand, word of mouth is still the most powerful tool that can either help or destroy your business. Put yourself on a potential customer’s shoes.
If you are looking for a product with an unfamiliar brand name, you’ll either ignore it or ask a friend if they know that brand and what can they say about it. Online selling also uses word of mouth marketing as potential customers read the comments of previous and current product users regarding the effectively of the product and, of course, the infamous value for money of your brand
Some business starts big and some business starts small. But take note that most successful businesses have started small and grew big through the arduous efforts of its owner.