Happy Monday Lovelies!
Before taking a leap into the world of entrepreneurship, it is important to do your homework. Studies show many small business owners research six months prior to them forming a business entity.
Here are a few homework assignments to help with your research:
What is your company? What is your product? Do you need an office space or can you work from home? How many employees do you need? What items/equipment do you need in order to make a successful product? Be sure to know your company and your product. If you do not know it, how do you expect customers to want to buy it.
Who are your customers and why should they buy your product? Who are you targeting, individuals, corporations, local communities, non-profits, etc?
Who is your local and nationwide competition and how can you compete with them? What message will you send to attract their consumers? If you have no “known” competition…explain.
After completing the three C’s you should be able to answer the –
Who, What, Why and When.
After doing your homework you are ready to commence with creating a business plan and marketing strategy. While a marketing strategy goes within the business plan, I like to create a detailed marketing plan dedicated to the product.
– Business Plan
- Executive Summary (Mission Statement; Keys to Success)
- Company Summary
- Market Analysis Summary
- Strategy and Implementation Summary
- Management Summary
- Financial Plan
– Marketing Strategy
- Description of your product (service)
- Detailed marketing budget (include promotional plan)
- Description of business location (include pros and cons of marketing)
- Social Media and online marketing plan
- Launch party (promotions, marketing, giveaways)
P.S. The best selling tool is to be able to pitch your product within sixty seconds.
Missy B. Salick