Steps to prevent start up challenges : Entrepreneur Edition.

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The foundation of every business depends solely on the expertise of the strategy employed. It is no news that the beginning is infact the most challenging phase. It comes with a lot of planning, strategizing, launching, reports and many more. While these might come off as daunting, there are known ways to go about handling your business efficiently.

Here is a study case. Daniel just recently launched his fashion designing company for male apparels, he is a bit confused on how to do his marketing efficiently and how to maintain the growth and stability of his company. Are you like him too? Well here’s exactly what you should do.

1. Understand your market size and share

This perhaps is the most important factor your business should capitalize upon. You should never venture into a business without having a well versed knowledge about your market. Take time to study the inputs and outputs of your Niche and how best you can introduce your business to the market.

Daniel’s Niche is within the fashion industry, after identifying his general demographics the next step is to have a comprehensive knowledge of the fashion industry. The different male couture, fabrics and patterns, color combinations, when to release some specified collections, fashion events and many more.

2. Have a business plan

A business analysis is like a roadmap to your business growth and stability. It includes the general information and strategy that your business needs to survive in the market. Having one is as essential as having the business itself. Even if you are in the retail market, the biggest assumption you can make is to believe you don’t need a business plan. Your business plan comes along with management Information, SWOT analysis and your marketing strategies. Regardless of your industry, your business plan is very essential.

3. Don’t get stuck not doing enough research on your industry.

Launching your business and taking right off should never stop you from making research. There are new innovations and trends daily, be at alert and make enough research on how to incorporate them into your business. Daniel’s biggest move will be capitalizing on new social trends and making designs out of them as well as putting out contents his audience wants to see. There is always an event trending every weekend, take key notes of the sort after designs and design yours even better. Your prospects will drool!

4. Get a mentor
This is your ideal business coach. Have a mentor in the line of your business, follow them closely and take key notes of how they navigate their way in the market. While having a guide is important, having someone who understand that guide and uses it well is way more important.

5. Have patience
Have patience, lots of it to be exact. The market is wrapping it thoughts, views and opinions about your business, doing too much and being in various niche might confuse your prospects and they may soon lose interest altogether. Your sales might not skyrocket immediately you start, there may be more than one loophole to fill however, take time out to rejuvenate when you need to. Take breaks in between and get professional help if it becomes too overwhelming.

See you next time on our entrepreneurial series!



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