According to the current nearly, 17,000 people commence their own business ventures in US. India too, is not lacking behind. According to Nasscom, there will be around 10,500 new startups in India by the end of year 2020. And surely, if you want to excel and be the next Travis Kalanick (Founder Uber) or Jeff Bezos (Founder Amazon.com), then you need to possess the business acumen and be prepared with rock solid strategy to counter your competitors.
When we discuss the term Business Strategy in its broadest sense, then we have to take into consideration a number of viable factors. Today, in this era of technological innovation, developing a business strategy is as essential as having food for survival. It has undeniably become one of the forerunners of any business offering substantial support. And if we take the newly initiated Startups, then it is no less than a ‘Life Saving Drug. In fact, all the freshly generated idea that includes the planning, analysing and implementation should rotate around the axis; Framing Strategy.
Individuals like Mark Zuckerberg or Steve Jobs may be motivational inspiration for the budding entrepreneurs, but have you ever pondered why they were so unbeaten while the others just crashed out even before even participating in the competition? You already know the answer. Their vehicle ran out of fuel or the holistic approach, which is the main driving force of operating a successful venture.
1. Following up Your Passion Guarantees More Success
It has been evidently seen that very few people actually follow their passion and create their own unique path. You too have to pursue the same footsteps as there are more chances of achieving success than failures. You first need to identify the entrepreneurial passion and what your hobbies are. Converting your hobby into a source of income is what will put on the right track of the business.
Once you have decided on this business constituent, then it is time to develop a strategy for the future. Try to prepare a business plan for short term goals such as for three months or six months. This will make it easier for you to take decisions on other fronts on the business as well. And you also need to make a point that a dedicated endeavour never fails and it shows positive outcome sooner or later.
2. An Extensive Market Research is Very Necessary
You might have decided to follow your passion or sprung up with an out of the box idea which according to you is exclusive and totally new. However, still you have to take the pains of conducting an extensive and wide market research to feel the pulse of the consumers and the market response.
You need to specifically focus on these elements:
- What other products and services are available in the market similar to the one that you have planned to offer and their response.
- Well, it has to base on two important factors- First, identifying your best potential audiences and clients and secondly, getting familiar with their specialized needs and demands to fulfill it. Here you have to consider some vital points such as their age, social status, income, gender etc.
- After you have completed with these steps, you now have to get down to some serious work in executing the prepared plan aptly through the right channel.
- Evaluating the risk elements involved will reduce your chances of committing mistakes.
3. The Financial Resources
The most important and vital aspect of any business is capital investment. Whether you are planning to launch a small venture or have made up your mind to create a big buzz in the market, you need some monetary support or a budget to back up your plans.
In addition to these you also have to take into account some other factors such as breakeven point, what your profit potential is, which means how much profit you are expecting in the short and long term goal.
4. Adopting the Foolproof Marketing Strategy
Now that you have got your financial resources in the right place, it’s time to divert your attention towards developing a foolproof marketing plan for the booming launch of your startup. Some vital points, which needs to be considered include:
- Identifying the right medium or channel to promote your business. It is up to you whether you want to go for conventional marketing tools or opt for the more popular and sophisticated ones such as Digital Marketing.
- Resorting to online advertising and the use of search engine optimization; plus the combination of social media marketing will enhance your profitability to a much higher degree.
- While developing marketing strategy, your ultimate aim is to establish a communication with your potential customers. Don’t forget to take feedbacks at regular intervals to improve your products and services.
- Don’t just stick to one plan. Keep on changing your advertising tools. Come up with something that will surprise your audience. Make comprehensive use of Facebook, Watsapp, Twitter, Instagram etc. as these have become one of the fastest platforms to connect with the people.
5. Keep your Eyes and Ears Open
If you want to excel in the long run and give a cutthroat competition to your business competitors, then it is very crucial to wide open all senses of your body and be very vigilant. It is essential to note that the mood of the market swings like a pendulum and if you fail to understand this aspect, then very soon you will find self in a losing position. You need to keep on updating on the latest happenings in the market.
6. Be Flexible in your Approach
Your approach in dealing with your clients or with the market shouldn’t be rigid but you have to be flexible. You have to alter your plans according to the customer demand and what’s currently trending the market. For starters, keep a competitive pricing to build a client base. Don’t set your terms and conditions too difficult for anyone to cope with. Always be a quick learner and try to incorporate the good suggestions or opinions from the customer.
7. Make the Most Out of the Opportunitie
Opportunity once knocks at every door, the only skill you need is to recognize it and maximize its benefits. When the time is favourable, put the pedal on the accelerator to thrive your business in the best possible manner.
The Concluding Lines
So, now that the strategies have been explained in some details, it’s time now for some actions. First, you need to understand what your clear cut goal is and how you need to frame the right strategy. Remember, not all strategies and plans work for every business. And when you are about to begin a startup then analyzing the risk factors also becomes quite crucial.
Commencing a new venture is always a difficult challenge. It’s like voyaging on an unknown sea. But when you have the right tools and people around you, the journey becomes much familiar.