How To Make A Successful Business As A Start-Up Entrepreneur?

Starting a business means first developing a business strategy, a business plan, evaluating the finances, and completing all the necessary legal documents in order to protect yourself. Then choose the partners to maximize the chances of success, the tools and the efficient systems.

All this is a great help in starting a business. To put the odds on your side to make a successful business as a start-up entrepreneur, here is a five-step approach:

1. Create A Well-Structured Business Plan

A business plan is an iterative, solid, and evolving document for outlining the details of your business. This structured document will be useful to build a business in the best conditions. It will be necessary for the entrepreneur at start-up in order to judge the feasibility of his project and monitor the progress of each stage. The business plan will also be used to convince potential investors. The project leader should not only choose the best arguments to convince, but also:

• Highlight the team around him;
• Take good care of your presentation;
• Be concise;
• Highlight the strengths of the project.

This document should contain the answers to the following questions:

• What does the market I’m going to invest in look like;
• How will I sell my product/service? By what means;
• What funding do I need to launch my project;
• What documents do I need for my business to be legal.

2. Be Different From Your Competitors For better positioning

Personalize an offer and make it a strategy to stand out and benefit from an excellent positioning of your brand in relation to that of your competitors. To have a better positioning, it is imperative to define a marketing-mix adapted to the situation of your company :

a) The product policy: you will have to present a more advantageous range of products compared to that of your competitors (quality of product/service, color, packaging, size, etc.);

b) The pricing policy: this does not only take into account the selling price of your product or service, but it also defines:

• The promotions
• Discounts
• Discounts
• Recommended retail rates
• Credit conditions
• Reseller prices
• Payment terms.\c) The communication policy: the best policy for effective communication is to analyze the communication strategy of your competitors:

• What messages do they convey? What techniques do they use
• How do they position themselves
• Which distribution channels did they choose?
• The communication policy makes it possible to
• Publicize the product/service offered
• Seduce potential customers.
• Increase the quantities of products sold.

Personalize an offer and make it a strategy to stand out and benefit from an excellent positioning of your brand in relation to that of your competitors. To have a better positioning, it is imperative to define a marketing-mix adapted to the situation of your company :

a) The product policy: you will have to present a more advantageous range of products compared to that of your competitors (quality of product/service, color, packaging, size, etc.);

b) The pricing policy: this does not only take into account the selling price of your product or service, but it also defines:

• The promotions
• Discounts
• Discounts
• Recommended retail rates
• Credit conditions
• Reseller prices
• Payment terms

c) The communication policy: the best policy for effective communication is to analyze the communication strategy of your competitors:

• What messages do they convey? What techniques do they use
• How do they position themselves
• Which distribution channels did they choose?
• The communication policy makes it possible to
• Publicize the product/service offered
• Seduce potential customers.
• Increase the quantities of products sold

d) The distribution policy:  defining a strategy is essential for distributing your products or services. From this strategy comes your distribution method:

• The short channel
• The direct channel
• The long channe

The distribution may be:

• Cross-channel
• Single-channel
• Multi-channel

Highlighting your strengths will help ensure good positioning. Do everything you can to stand out. some examples :

• Stay present on social networks and encourage partners or customers to join you.
• Stay tuned to your customers
• Take care of your customers.

• The short channel
• The direct channel
• The long channe

The distribution may be:

• Cross-channel
• Single-channel
• Multi-channel

Highlighting your strengths will help ensure good positioning. Do everything you can to stand out. some examples:

• Stay present on social networks and encourage partners or customers to join you.
• Stay tuned to your customers
• Take care of your customers.

3. Analyze Your Market Conditions

• Their advertising concepts;
• Their brand image;
• Their sales channels;
• Their strengths and weaknesses.
• Their product design;
• Their market shares;
• Their positioning;
• their competitive advantages.

4. Define Your Competitive Advantage

This step consists of analyzing your competitors in order to outperform them. This is one of the strategic moves to make a business successful. It helps to attract more customers and increase its market share.

5. Track Finances

In this phase, it is advisable to use analysis tools to help you:

a) Make the most relevant strategic decisions;

b) Measure many factors such as:

• Solvency;
• Efficiency.
• The profitability;
• Debt.

c) Calculate your margin by product/service or by activity.

Also Read: Know The Basics Of Business Development