Planning to launch your small business in 2024? Here's what you should be doing now.
Category Commercial and Industrial News
If you're planning to make 2024 the year that you make your dream a reality by opening your own small business, there are several ways you can get started on the way to success now. As the old saying goes, "time spent in reconnaissance is seldom wasted" and you can use any free time you have during December to write your business plan, do some research, think about your brand identity and plan how you're going to promote your business.
Write a great business plan
Your business plan is both the roadmap for your business and a tool for attracting investors and stakeholders. It should include an executive summary, which is a concise overview of your business, its mission, vision and goals. The document should also highlight what makes your business unique and compelling. Your business description should explain your business idea and the problem it solves, while also defining your target market and customer demographics. In their guide to writing a business plan, Harvard Business Review points out that the plan must detail the company's present status, current needs and expected future as part of a strategy to win support and investment.
Start your research and planning
Before you launch your business, it's important to do an industry analysis, researching overall industry trends, growth potential and challenges. In other words, you need to understand the competitive landscape and all the key players. List and analyse direct and indirect competitors, and determine your unique selling proposition - in other words, what sets your business apart from others in the industry? It's also a great idea to undertake a feasibility study. Is there a demand for your products and services? Will you be able to generate enough revenue?
Create your brand identity
Here's the first thing you need to know about brand identity: your business's name doesn't necessarily need to relate to what you do. The name McDonald's has nothing to do with fast food, yet the name is a giant among brands. Similarly, H&M has nothing to do with clothing and Ford (named after its founder) is completely unrelated to cars.
According to a guide published on Investopedia, the term brand identity encompasses all the visible elements of a brand, including colour, design and logo. If possible, it's best to engage the services of a marketing expert to create your logo, corporate identity and the set of brand guidelines that you'll follow in all communications going forward.
Think about how you'll promote your business
Before you officially launch your business, you need to have a blueprint for how you're going to promote it. Depending on who your target market is, the secret to success may be getting your brand onto TikTok or perfecting your product launch strategy. Using social media is likely to form part of your promotion strategy, and one of the time-consuming jobs you can get out of the way as soon as you've got your logo and imagery is getting your accounts set up.
Having a website is a must for any business, whether or not you use it to sell your products or services. There is an array of common web design mistakes and you should always hire a trusted expert to create your site to ensure that it's state of the art.
One of the first things you'll need to consider once your business is up and running and begins to expand is your premises. Contact 3Cube Property Solutions if you need commercial, industrial or retail space in Gauteng or the Western Cape.
Author: 3Cube Property Solutions
