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4 golden tips before you start your own business
Are you planning to start your own business? Do you have an idea that you think could be profitable? Are you looking to become a freelancer and create your own brand?
Only In 2021, studio Ideago helped more than 20 new brands to go out into the market. This is why we thought it would be very useful to create these 4 simple golden tips to put into practice before investing time and money into a new business.
¡Attention!
These tips are for anyone to follow, you do not need any specific knowledge or previous technical skills.
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Alright, now we are ready to start. We will assume that you already have a fairly clear idea of what you want to do (if not, the first thing then will be to define what you want).
Before investing resources in your idea, we advise you to follow these 4 golden tips to analyze whether your business could work or not.
Tip 1 – Analyze the market
It may sound very complicated, but analyzing a market is something we do every day with our mobiles without realizing it.
Your business will surely be defined within an existing industry. Use search engines like Google to enter keywords related to the service or product you want to sell and analyze the results you get. For example, if you want to sell shoes in Spain, enter the keyword «sale of shoes in Spain» and check the results of at least the first two pages in Google.
Then perform the same type of search, that is, using keywords related to your business, but on your social networks (Youtube, Linkedin, Facebook, Instagram, TikTok, etc).
Very well! you have already started mapping the industry.
Now, when you carry out market analysis, one of the things you need to keep in mind is the number of results you get on Google, this will give you an idea of the dimensions of the market. If the results are very few, you know that the idea will be easy to communicate, since it does not have as much content competing for positions, but difficult to sell because there is no significant market, that is, a demand. On the contrary, if you get many results it means that there is a market for your idea, you just need to see how to differentiate yourself.
Within your analysis also check if there are any brands paying for ads in that category or industry. You can do this easily when you search on Google, the first results that have the word AD above is because they are brands that pay to be in that position. Below there is an example of how to differentiate a paid result like Google Ads, from an organic result.
Tip 2 – Analyze the competitors
When you are testing your keywords in Google you will learn about who your direct and indirect competitors will be and how many there are. Each brand that appears, each web page, will allow you to map the market in some way in your head, but t could also be very useful to write it down (Although you will do it in the next steps). You can also have an idea of which brand or competitor you want to resemble, which is a good exercise before starting a business to determine what your position will be in the market and what message will identify you. In addition to your competitors’ websites, check their social networks, what channels they have, how they communicate, how often they publish and what type of interactions they receive from their community. Once these 2 points have been made, you will have a much solid and reasoned idea about whether you believe your business is going to work or not. Can you imagine your brand working after having made the previous points? Do you see your brand or idea competing in the market that you have been able to analyze? If you notice that your idea will not work, it is time to go back and rethink the strategy, the product and the service. If your business idea is still standing, you should continue with tip 3 and 4.
Tip 3 – Develop a business or marketing plan
Here we get into a bit of a mess, but a necessary mess. It is time to make a document that guides all our investment and our idea, this is called a business or marketing plan. Do not worry, it sounds difficult but you will see that it is something you can do without any problem.
Now that you’ve done some research on the industry, market, and competitors, and reasoned that your idea is still viable, it’s time to write your plan and strategy. We do this to create a document that can be shared and allow a group of people to align on the needs and goals of your brand.
Basically this document will be what guides the entire team on the direction of the company or brand. Make sure your plan covers at least the following points:
- Market Analysis
- Competitor Analysis
- Definition of objectives
- What position do I want in the market
- Description of my idea or product/service.
- What kind of communication will we do
- What kind of channels will we embrace and with what creatives
- We will define the budget
- Planning in a calendar of the actions to be carried out.
But don’t worry if this is something you don’t want to do yourself. Many people hire agencies or professionals like Studio Ideago to help them with these types of documents. Hence the last tip for the well-being of your business.
Tip 4 – Look for professional advice
This is the last tip but not the least important. Whenever you have a business idea, it is highly recommended to seek advice from a marketing and business professional so they can give you their expert and external point of view, on the budget you plan to invest and on the goals you want to achieve, for example. This type of advice can give you ideas that you did not foresee, or light you up on a winding path such as creating your own business.
We hope that these simple steps will help you have a clearer vision about your idea or business and the goals you want to achieve. Do not be discouraged, creating your own business is a difficult path with ups and downs, but if you like what you do, and surround yourself with the right people, in the end you will always succeed.
If you would like to discuss your idea with us, you can contact us here, or leave us your comment in the forms below. We’re happy to hear about your business and help you make it a profitable brand.
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