FAQs: Small Business Edition

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It might be intimidating to enter the business world, but wherever you go starting is always difficult. It’s difficult, but it’s worth it.

Learning the ropes while going through trial and error might be exhausting, but it’s always rewarding because you got something from the process. To help make it less overwhelming for you, face what needs to be done now and face it head-on.

Being a small startup business, there’s a lot in store for you. But the most important thing to bear in mind is that everything in the process contributes to the success and growth of your business. Make the most of the journey, learn as much as you can, and ask the right questions.

Speaking of questions, here are a few to help you get started.

Who Is My Target Market?

A target market is the group of people that can potentially become your regular customers or consumers. By determining who they are, you can direct your marketing efforts towards them in hopes of gaining their trust to purchase your product or service.

One of the pillars of any business is its client base. Establishing a solid client base, meaning loyal customers, makes for a good baseline for profit, revenue, and overall business growth.

Establishing a solid client base is one thing, but retaining them is another. A study by Harvard Business Review found that a 5% retention rate would be worth 25% to 95% worth of profits. Indeed, returning customers play a big role in sustaining your business.

Having a clear buyer persona set aids in plans, especially in launching a new product. It helps measure the success of a new product wherein decision-makers can have the foresight and gauge the reaction of their buyers. It helps them determine if a product is a go or a no-go.

What Am I Going to Need?

In gathering the tools you need, you must define the factors of production for your specific product, whether it’s a good or service. These factors include land (commercial space, agricultural land, etc.), labor (i.e., production of goods by industrial tools or services by talents), capital, and most importantly, entrepreneurship.

When Should Everything Happen?

It’s important to make a timeline in harmony with your business goals. It is of great use, especially when making your business plan. It’s a way of tracking progress and milestones achieved.

When formulating your timeline, be sure that it is SMART (specific, measurable, achievable, relevant, and time-bound) before setting things in stone. This should help motivate you and, at the same time, hold yourself accountable to these goals.

Where Should I Set Up Shop?

Many small businesses and startups are taking advantage of the rent-free space that is the internet. Although there are subscription fees to pay for certain online tools, it’s ultimately free to anyone who is still starting. It’s also more advantageous if the demographic of your target market falls under the tech-savvy millennials and gen Z. With your target market in your reach, this helps you gain more insight into consumer needs and attitudes, come up with strategies that cater to brand awareness, and more.

digital marketing

Speaking of brand awareness, the digital space is the ideal place to drive attention to your business. Brand awareness is referred to as the degree to which a product’s name is recognized by consumers. This can be achieved through marketing in the digital space.  Some marketing strategies include search engine optimization, social media marketing, influencer marketing, and more.

Why Do I Do What I Do?

If there is anyone who can answer that question, it’s you.

Your “why” is the driving force of your business. It’s the reason you’re doing what you’re doing. Your business’s origin and values determine its mission and vision too.

So, why do you do what you do? You do it because you see a gap that demands to be addressed, and you want to do something about it. Because there is a need, you want to be the one to cater to that need. You want to be the answer to this demand.

The Bottom Line

When starting a business, it’s natural to come across new and unfamiliar situations that urge you to ask questions and subsequently look for the answers. There will be seemingly impossible roadblocks to overcome and unexpected obstacles to break through, so don’t be easily disheartened. It’s all part of the process.

They say hardship builds character, so keep building yourself and your business. It’s all worth it in the end.

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