The process of starting a new business is a challenging but educating journey. Starting a new business is an exciting and challenging journey. There are many factors to consider, from thorough market research to product development and savvy marketing. However, one of the most important things is to have a clear plan for how you will grow your business from idea to first sale.[OO1] [RL2] [KW3]
The process of starting a new business is a challenging but educating journey. Starting a new business is an exciting and challenging journey. There are many factors to consider, from thorough market research to product development and savvy marketing. However, one of the most important things is to have a clear plan for how you will grow your business from idea to first sale.
At Solutions, we know the hustle and determination it takes to grow a new business in Africa. We also understand it's not just about hard work; it's about knowing what the market requires through SMART work.
According to the Small Business Administration, 65% of small businesses fail within the first 10 years.However, the 35% of businesses that do survive are more likely to be successful in the long term. The most common reasons for small business failure are lack of planning, poor management, and inadequate financing.By following the tips in this article, you can increase your chances of success and grow your new business from idea to first sale.
We can take practical lessons from Ada, who is a plus-size woman who started her own clothing brand to fill the gap in the market for stylish and sustainable clothing for plus-size people. She did her research, created a business plan, built a strong team, marketed her brand, and offered sustainable clothing. Her brand was a success.
Below are tips we provided to help you grow your new business from idea to first sale:
1. Conduct a competitive audit via research:
Once you have a business idea, it is important to conduct a competitive audit to understand the landscape of your industry. This means researching similar businesses in your industry, their strengths and weaknesses, and their target audiences. You can also check client reviews to get a sense of what people like and dislike about their products or services. This information will help you identify areas where you can improve your own business and develop a competitive advantage.
2. Find your unique selling point:
What makes your business or product different from the competition? What problem does it solve that other businesses do not? Once you know your unique selling point (USP), you can focus your marketing efforts on highlighting it. For example, if you are starting a new clothing brand, your USP might be that your clothes are made from sustainable materials.
3. Create a befitting brand guideline:
Your brand is more than just your logo and colour scheme. It is the overall impression that your business leaves on customers. When creating your brand guideline, be sure to consider your target audience, your USP, and your overall business goals. Your brand guideline should include your logo, colour scheme, typography, tone of voice, and other visual elements that will help you create a consistent brand identity across all of your marketing materials.
4. Map out a clear vision and strategy:
Where do you see your business in five years? What are your short-term and long-term goals? Having a clear vision and strategy will help you stay focused and make decisions that are in line with your overall goals. Your vision should be a statement of what you want your business to achieve, and your strategy should be a plan for how you will achieve it.
5. Use SMART goal setting techniques:
SMART goals are specific, measurable, achievable, relevant, and time-bound. When setting goals for your business, be sure to use the SMART acronym to ensure that your goals are achievable. For example, a SMART goal for a new clothing brand might be to increase sales by 10% in the next quarter.
6. Conduct cost estimation:
How much will it cost to bring your product or service to market? How much time will it take? It is important to have a clear understanding of your costs and timeline before you launch your business. This will help you avoid unexpected expenses and ensure that you are on track to meet your goals.
7. Plan how to reach your customers:
How will you let people know about your business? How will you attract new customers? There are many different ways to reach customers, so be sure to choose a strategy that is right for your business. For example, if you are starting a new clothing brand, you might focus on social media marketing to reach your target audience.
8. Build your tribe of supporters:
Don't do it alone! Build a community of supporters who believe in your business and your mission. This can help you spread the word about your business and get the support you need to succeed. You can build your tribe of supporters by attending industry events, networking with other entrepreneurs, and engaging with your customers on social media.
9. Keep track of your journey:
As your business grows, be sure to keep track of your progress. This will help you identify what is working and what is not, and make necessary adjustments along the way. You can keep track of your progress by using a business management tool or by simply tracking your sales and marketing metrics.
10. Celebrate your successes:
It is important to celebrate your successes, no matter how small they may seem. This will help you stay motivated and keep moving forward. When you achieve a goal, take some time to celebrate your success with your team or with your supporters.
We hope these tips help you grow your new business from idea to first sale. Good luck!
Here are some resources to explore that can help you grow your new business:
The Small Business Administration:
SCORE:
The National Association of Women Business Owners:
At Solutions, we are here to support you every step of the way. Contact us today to learn more about how we can help you achieve your business goals.
We believe in you and your business. Let's grow together!
