The Three Steps to Business Startup

There are three steps to building a business, as follows: One, solving a problem; Two, making the business idea marketable; Three, starting the business. Every successful company has started off by solving a problem, and here’s why you need to as well.

Step 1: Solving a Problem

Why have you decided to start your own business? Likely, there was a problem you faced or recognized that needed to be addressed. Perhaps this problem is not only affecting you, but others in your community as well. If you are looking for a solution, it’s likely that others are too. If your product or service effectively addresses an issue, there will be a need and customer base for your business.

It’s important that you effectively identify problems. Do not solely rely on what you personally experience. Instead, reach out to your community and communicate. What are their concerns? Talking to others will help your business develop a product or service that will serve as the best solution.

Just look at these 4 companies that started by addressing an issue:

1.        Uber. Uber realized that hailing a taxi is unreliable, so they created a platform that makes getting a ride easy and available even where taxis aren’t found.

2.        Instacart. Many people find grocery shopping to be time-consuming and unenjoyable. Instacart created a solution that employed people to do shopping for others.

3.        Canva. Canva found that people were not using other tools like Photoshop because they were too complex, not easy to learn, and expensive, so they created a platform that was user-friendly and simple.

4.        Tinder. Tinder reduced the embarrassment that came with “sliding into DMs” on popular social media platforms. Tinder users communicate with each other only when there is mutual interest.  

Step 2: Making the Business Idea Marketable

Before fully committing and sinking financial resources into your business idea, it’s key that you do both industry and market research.

Industry research helps you prepare for what you’re diving into. Is this industry successful and growing? Be open to reaching out to competitors.

Market research allows you to get to know your potential customers so you can best meet their needs. As an example, it could be that your customer base are primarily mobile device users rather than desktop users. As a business, this means your website needs to be mobile compatible and friendly.

Once you’ve done your research, test your idea on a small scale. This minimizes costs and helps work out any kinks. Does this small-scale model solve the problem? Does it meet customer needs? Is it of quality and how usable is it?

Step 3: Starting the Business

When your idea is ready to transform into a business, it’s time to create a plan. This is when you will outline your model, goals, strategies, financial projections, and marketing plan. How will you fund this business? How do you plan on reaching your target audience?

When drafting your marketing plan, consider how digital marketing will play a role in reaching your target audience. It’s hard to think of a successful business that doesn’t use social media marketing.  With engaging content, you can reach your audience organically or through paid advertisements. You can read more about organic advertising here.

If your business needs assistance with marketing, there are experts that can help. Here at BluLux Marketing, we provide a variety of services that your business can benefit from, from website development to social media content creation.

Additional Steps

A successful business is constantly making improvements. Many businesses start out as a double bottom line (people and profit), but it’s important to make space for the triple bottom line (people, profit, and planet). Climate conditions affect economic conditions. To include that third line:

1. Identify what aspect of your business has the most negative environmental impact.

2. Research how your business can reduce that environmental harm.

3.    Set a goal. As an example, by a certain date, your business will use all recyclable shipping materials. Read more about sustainable practices your business can adopt in our blog Sustainable Practices for Small Businesses.

There will always be new problems to solve and improvements to make. As markets change and technology grows, there will be new challenges and opportunities. Through it all, we will be here by your side. Check out bluluxmarketing.com for more information.