When it comes to starting a new business, the entrepreneurs that have the most success are those that do their research while gathering every possible resource available to them.
To overcome the most pressing challenges, a new business owner needs to look into absorbing as much knowledge as possible and that is why we have created our, “Small Business Guide to Overcoming Challenges and Starting a Business.”
In this simple guide you will be presented with several questions, that when answered, will prepare you for the next step in your businesses evolution. These main topics of focus include first building your infrastructure, then identifying your target market, and finally assessing those resources readily available to you and your company.
Ask yourself, “What is our infrastructure?”
This should be an easy question to answer for those entrepreneurs that have either real world experience in the industry they are venturing into or those with highly evolved analytical skills.
You see a company's infrastructure is basically all the proprietary processes and systems a business uses to function. These activities can include handling product orders, detailed customer service procedures, and even the handling of ethical situations. The idea of having an effective infrastructure in place, means having your business set up to succeed.
Phone numbers are also an important part of any businesses toolkit. Most businesses use toll free numbers, these are valuable because they cost your customer nothing to call you which creates customer loyalty. If you're looking for a phone number for your business, we recommend Zintel. They provide great call rates, excellent service and the most cost effective plans.
“How do we identify our Target Market?”
The necessity of pinpointing ones ideal target market is the key to not only establishing a business, but making sure it grows and becomes prosperous.
One of the first things you need to ask yourself is, “Who is already willing to pay me for my product?” To answer this question you need to go beyond thinking about just solving a problem and start thinking about whom that solution would benefit most.
One available tool that might shed some light on your search is to use a keyword search tool to see just how many consumers are actually searching for your type of business on a regular basis.
When looking at these numbers, be sure that you do not overestimate your possible reach and instead take those figures as an indicator of your potential market.
Next, you need to identify how you plan to sell your product so that you can identify who you plan to sell it to. If you open a brick-and-mortar storefront then the neighborhood it is in will obviously play a huge part in defining your target market. But, if you are a web-based operation, then you have a broader reach and reduced costs and your target market will typically be younger.
Finally, once you have identified an active market and determined how you will sell your product, it is time to ask yourself a few final questions, like:
How do you plan to acquire your new found prospects? Do you plan to run targeted ads on Facebook or put up billboards around your city?
What did your biggest competitor do to get their customers? If they partnered with other businesses in the area or ran a successful direct mailing campaign, you can emulate that process and gain your own share of the available market.
Is there a possibility that you can diversify your target market in time? You always want to be thinking ahead at ways you can expand your business by further servicing your existing market.
“What Government Resources are Available for our Business?”
Some of the most useful services are offered through a variety of government agencies.
If you are looking for an easier way to comply with governing regulations, check out the Australian Government's Business Initiative.
- If you have a need for an expert or specialist that can help to take your business to the next level, then why not check out Enterprise Connect.
- If you need help with legal issues, codes of conduct, or additional support, check out the Australian Government's Department of Industry and Innovation.
- For information on how adopting our Internet fax services can benefit your small business, try a free 30-day trial with eFax® today.