The most important things to know before starting a business

In this article, I am going to talk about how to become a successful entrepreneur. Why most of the people fail to achieve their goals in entrepreneurship What are the rules and knowledge required to become successful. This article will be useful for people who want to start a business and achieve success in their business.

Many people will start a business without getting any knowledge and few will start with half knowledge and face so many problems in starting or after starting in many stages and without knowing how to resolve the problems they will end up in loss in business and close the business and few ruin their personal life and few may die due to frustration loss in business which they cannot clear the loans taken from banks and their friends. 

So instead of losing money in business without knowledge, if they undergo some business courses or training or internship with experts they can understand the process and get knowledge and follow the same rules with the guidance of an expert or with experience, they get success in their business with most probability.

Below are the few major things that need to understand and follow the steps to achieve success.

1.Economy

  Understanding of World Economy and the Indian economy will give the knowledge about what kind of products and services can develop to resolve the issues facing by the people and enhance the performance of the part of human life activities, which countries or location we can target and which category of audience we can target.

Targeting indian audience is good because india has lot of audiences and still its growing country and has lot of opportunities to grow.

2.Niche Selection

Once understood the economy and you should select a Niche in which should have passion, talent, market and decide who are our target audience, locations where the target audience located.

Then understand what are the issues or problems that exist for the target audience and how to resolve those issues by developing products and services. 

You should know about the competitors who already there in the market and what are products and services they have and how much percentage of audiences they occupied. Knowing the price of their products and services in the market also give an idea to decide the cost of your products and services.

After analyzing all these factors can plan to develop better products and services than the competitors in features and can offer at best price which can afford by the target audience with good profit margins. 

3.Branding

Branding is one of the major stage of the business process. The brand is like trust to the audience on the quality of the products and services offered by that brand name. 

There are 2 types of branding that can create one by Personal branding and Company branding.

Company Branding is creating a brand based on the company name and it will have its own rules and regulations and structure of the company. Whereas Personal branding is creating a brand based on the personal identification who is the owner and his name will reach to the audience in the market. 

In some cases, the company has few advantages like once get a good name other companies can acquire that by paying more money than the cost of the company and also can invest money for further growth of the company. Where in case of personal brand other companies cannot buy and invest.

In Some cases, the personal brand has few advantages like people easily engage more and can remember and the owner can also be influencer and brand ambassador to other companies to start and grow with his experienced skills and also he can compete with the company also.

To create a startup by personal brand below are the stages that should follow 

• First, we should select a good niche in which has passion and learn the concepts in-depth and understand things well .
• Once Learn the concepts implement them practically in some freelancing projects so that can get real-time experience 
• Once he get the experience he can add all his experience into a blog with the clients he worked with.
• Now can do consulting with other business instead of working freelancing
• Once expertise by working with multiple business start mentoring others who are willing to become like you.
• Now start a startup by developing own services and product with own expertise skills 

4.Marketing

Marketing is one of the important stages of the business process and every business owner and entrepreneur should have knowledge about marketing skills so that he can guide the marketing team and also he can plan and understand the team, allocate enough budget to the marketing and analyze the final insights of the leads and sales percent and get the idea to fix any issues and need how much budget need to invest for the marketing.

Traditional vs Digital Marketing

As a business owner or entrepreneur should have both traditional and digital marketing skills. Even in this digital world digital marketing is trending but traditional marketing like tv channels, newspapers, radio still reaches most of the audience. 

Even though digital marketing has less audience and growing the advantage is we can automate the digital marketing process and can change content regularly at a low cost.

Whereas in traditional marketing lot of manual intervention needed and lot of time and skills needed.

Integrated Digital Marketing

Creating Quality content itself will not able to able to reach the audiences. To reach more audiences we should use all different types of marketing methods in organic and paid methods. Each and every method has its own capability to reach the audience in an effective manner. Knowing and implementing few methods not enough to reach the maximum audience we should use all the methods so that can reach maximum audiences and get more leads. 

Few methods reach very fast but consume more investment like paid Ads. An organic method like SEO will take more time but it is long-lasting and people searches for content. 

The best way is to create quality content and reaching maximum audience through all different methods

5.Communication

Communication with clients or audiences plays a very important role in marketing products and services to audiences.  Majorly it plays a very important role in converting leads to sales. Each and every marketing team member should understand the audience and their problems well and your how products and services solve their problems.  If the process of communication not satisfied to the audiences they will not show interest to buy the products or services offered. 

A marketing team member should have lot of patience and should know how to talk, when to talk and how to make them satisfy in resolving their issues.

CATT Marketing Funnel

Following CATT Marketing Funnel is very important process in the Business Process. 

1.Niche -  Select a niche that has large audience , all time business opportunity so that can target more audience and business sustain long term and earn more profit with less effort.

2.Content - Once select niche creating different content related to a niche like blog posts, social media posts, videos, Landing Pages, Webinars etc with quality and should be related to business and should give some value to audiences

3.Attention - We have to reach our content to the audience using different types of marketing skills like SEO, Social media Marketing, Paid Ads and Affiliate marketing etc . If the audiences like the content and if they feel its useful for them they become leads by submitting their email and contact number which we can use to communicate with them

4.Trust - Once get leads contact information we have to send only related content where they get trust on us. We can have further communications about our products and services how they useful for them . If we send unrelated information or other content which they not interested and needed they will loose the trust and not show interest for further communication and unsubscribe our emails or block our numbers.

This process can automate in digital marketing with different softwares available in the market which will communicate with different tools and gives all solutions of the process

5.Transaction - Once they get trust on our contents and features of products and services sales team can convert leads to sales by having good communication. 

If your products and services want to get good reviews supporting team should give proper support if the clients face any issues so that they should feel positive about service and we can get positive reviews which help to create good brand value in the market.

Once get good brand value the sales will increase further without much investing in marketing. 

Conclusion

So if we want to become successful in business or entrepreneurship understand the economy, market, Niche Selection, Audience and their issues,  Branding, Marketing skills, communication play major roles.