The Tape Place

MARKETING FOR BUSINESS STARTUPS

Just like big and major companies, a startup business also needs to have a marketing plan. A marketing plan is just like a business plan, wherein it will help you decide and focus how and where to spend your budget and resources. Having a marketing plan is not an assurance that you will be successful, however it will help you guide that details when, why and how you will carry out definite efforts. In addition, all the efforts you put into evolving such a plan will aid in a better understanding of your industry and business. Here are some marketing plans for your startup business to get you started.

Review your business plan
Before doing any marketing plan, make sure to consult first your business plan. Have a look at the goals you have set for your business and yourself and review the products or services you are offering. Ask yourself the following questions:

  • How can your potential customer benefit from the products and servicer you are offering?
  • How do you stand out from competition?
  • What makes you different?

You can start brainstorming for ideas in order to determine what your selling point is and think of what you hope or want to get of your marketing plans and efforts.

Identifying your target demographic
Before developing any marketing plan, it is important to know who your target audience is. Just because the products and services you are offering appeal to many people, it does not mean that you should spend a lot of your money and time trying to reach everyone. Identifying your target demographic will help you a lot what limited resources and budget your startup business has.

Make sure to do your research and get information from other sources and use this to identify how to carve your niche. Once you’ve done your research, take time to make a customer profile to have an in=depth description of who your usual customer may be. The next step you need to make is to literally find your customer. Know which social media platform or apps they typically use and which websites they often visit.

Setting your objectives
The objectives you will set needs to have the following qualities:

  •  It should be specific. Write them in a way that is clear on what you would like to achieve.
  • Make sure that it is measurable.
  • It is essential to make it achievable. Make sure you have the proper resources in order to realize the object you have set.
  • Be realistic in the objectives you will set. It is important to find balance between obtainable and challenging.
  • Set a deadline with every objective you will set

Determine tactics and strategies
Having tactics and strategies will actually explain how you want to achieve the objectives you have written. You need to develop strategies to tackle every objective and then decide on the tactics. This part is where you will have decide whether you will opt to advertise, have social media engagement or run an email campaign. Ensure that the strategies you will come up with and the tactics you will choose coincide with the objectives you have set. Once you have settle on the tactics you will use to market your startup business, finalize your budget and timeline

HOW TO SURVIVE YOUR FIRST YEAR

It can be really overwhelming and quite stressful to launch your first startup and it is actually not even the hardest part. What really matters is whether you will be able to manage to keep your business alive, and the first year of it will be the determining factor for that. An estimate 80 to 90% of business startups do not usually survive its first year according to a research done by Bloomberg. In addition, 8 out of 10 entrepreneurs will actually fail within 8 months onto the business. It may be a bit alarming but there’s no reason to be scared and back out now since the secret here is to getting ahead is to actually get started.

Create a team you trust
It is important to form the proper support during your first year. You can achieve this by choosing out the correct people for the job. Starting a quality team is not an easy task, as you will want to have beside you individuals who share your vision, those who are skilled and smart and most importantly – individuals you can trust. Another essential aspect is not only who you’re going to let in your team, but also when. Timing as they say is everything and you need to keep in mind that being the founder of a company, you are responsible for your team, so en sure to keep it small and of top quality.

Target your clientele
Always remember that your product is a undeniably just that, whatever you are trying to sell,. A product is intended to be sold to a certain demographic. Most newbies get so caught up in their product that they usually forget that are not building it for themselves but for the people who will buy them. This is the reason why it is vital to get to know who your target demographic is and make sure to focus on providing them with something that will meet their needs and wants. It is also ideal to make an initial group of trusted clientele and they will be able to do the marketing part for you instead.

Always evolve
It will not matter how fresh, innovative and great your idea is, if you want to see your business flourish, you will need to allow it the opportunity to evolve into something bigger. It is desirable to keep the original character and idea of the product or service you are offering, but it is also a good idea to be open for changes. If you want your business to develop, you will also need to let your ideas and products or services grow and develop with it.

The importance of taking a break
Another big mistake some entrepreneurs make is letting their business take best of them. This usually happens mostly to young entrepreneurs and is most of the time the main reason for their downfall. It is very important to know the difference between being passionate about your business and being obsessed with it. Do not let yourself become too involved in your business, instead learn to make a better balance between your business life to your personal life as it will make a huge difference.

HOW TO START YOUR OWN BUSINESS

A lot of us have dreamt starting our own business one time or another. It could be that you may have a really great idea or you just simply tired of working for someone and want to be your own boss. Either way, having your own business will require for you to be strategic, street smart and creative. If you want to realize your dream, here are some tips and advice on how you can start your own business and be on the road on becoming a successful entrepreneur.

What should I do first?

It is crucial to have a plan when starting your own business. This is the part where ideas are formed and where you research your target market and then testing it eventually. Look for ways on how to find real customers that will purchase the product or service you are offering. Once you’re satisfied and happy with the results, then it is time to fund your startup business.

It can be a really challenging task to find an institution that will back up your idea financially. Banks these days have tightened their policies on lending to small business because of the downturn of the economy. However, if you have a good business plan to present to the banks, it will enable them to gain a better perspective of your business idea. Make sure to explain your company in plain and simple wordings as well as what you products and services you are offering pointing out its key features and your target demographic as well as the competition you will face in the future. In addition, you have to explain sales and marketing plans.

Setting up

You may speak with an accountant in order to walk you through various ways on how you can start a business as a single proprietorship or maybe even as a limited company. It is ideal to start up small, depending on your products or services, in this case starting up from is perfect as it will keep your overheads minimal. Starting up a limited company will require far more organizing as well as you will be faced with a choice to work from home at the beginning to save on costs or if you have to look for an office space to rent.

Network your business

Once you’ve setup your business, even if it is home-based, you do not have to work by yourself. There are a lot of support nowadays to get you and your business out and about. There are the so-called tech hubs that are all over these days across bigger cities encouraging growth. These hubs provides opportunities for individuals to work in an office space with other individuals starting their own businesses. This will give you a wide array of access to events and also connections with major business experts and institutions.

Don’t hesitate to ask for advice

Any entrepreneur should always keep in mind that they can’t do everything alone. The best innovator may not come with the commercial capabilities to run a business. Make sure to get all the advice that you can get. There are plenty of help which you can acquire for small startup businesses such as government agencies that will provide support and inspiration to up and coming entrepreneurs providing them with valuable advice and tips before, during and after.