I have a friend that has just opened a new business downtown. He has put his life savings and taken out hundreds of thousands of dollars in loans to follow his dream. I believe that entrepreneurship is the backbone of a strong economy. However, starting a business is a lot of work that requires more than just a dream.
Creating a business takes a lot of planning to just get your doors open, but once they are the planning shouldn’t stop. Your customers aren’t just going to find you because you’ve spent a year of your life creating a new business. When I asked my friend what he was doing to market his new business he said, “Well, I’m going to a fashion show tonight.”
My marketing strategy mind lept to the conclusion that he will be using this as a networking opportunity as part of a full plan to spread the word amongst his ideal customer profile to generate new business. Not a bad start, but a strategy is a full plan and it is clear he does not have one. You can’t build your business by checking off tasks on your list.
To build a plan you need a market analysis of your geographic area, competitor analysis, product differentiators, revenue projections and goals…and a marketing budget. Of course, location, parking and signage are all things you’ve already done by now.
The SBA has great links to sample business plans and outlines some good resources to get you started. Once your business is meeting your revenue targets and projections (you do have those, right?) you’ll have to start planning for next milestones.
Entrepreneurs suffer from what has become a cliche in business. They build a new business to a certain success level, but simply don’t have the skills to take it further. Those entrepreneurs that know enough to hire strategists and “let go” will see their business grow and achieve even greater success. Those that don’t are prone to stagnation and eroding market share.
I found a few resources to help you develop your marketing plan. If you know of others, please leave them in the comments.
KnowThis: How to Write a Marketing Plan
Entrepreneur: Create a Marketing Plan
StartUp Nation: Develop a Strategic Marketing Plan
If you have questions about this topic or other business questions, email me at the address in the top left box.
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