¡A vender!- How to Start Your Business Strategy
Starting a business is something that takes time, dedication, and tons of small steps in order to get fully started! These are a few steps you should follow as you begin your business and consider formulating a business strategy:
-Do a soft launch
-Launch your business for a limited time
Specifically, when it comes to launching your business think of it as going to your favorite ice cream shop and sampling it out. Essentially really take the opportunity to see if the business or idea will perform well. By that we mean if it will be effective, measuring how people will respond, and if there is an opportunity to make significant improvements.
Some questions that are important to consider:
-Is your business proposition clear on all marketing material
-Are you as the employer are able to take on more customers?
-Can you make time for your side hustle to become a full hustle?
-Should a small team be hired to support in this endeavor?
-Are you considering the idea of expansion where your entering new markets and find investors to invest in your business?
During the 1st year of opening your business create goals surrounding:
What is important, while also considering growth, control, and liquidity which becomes known as an OWNER STRATEGY.
Pro tip: Always keep your business and personal finances separate, it helps maintain accurate financial records and simplifies tax reporting. -Daniela Corrente, SUMA Chief of Business and Strategy
Growth + Control- business is focused on expanding while maintaining control of decisions. There are no outside investments and you can only pay yourself a minimal salary to continue investing in your business and in turn be able to create more products and services to offer.
Liquidity + Control- This is when your in it for the cash flow.
Liquidity + Growth- When companies give up part of their companies equity in order to secure expansion. This is what happens when a company goes public.
Place an on emphasis on these values and how they mirror the goals you’d like to set for your business in the first year and fifth year of your business.
The journey is not a linear one so be ready for the challenges that will come your way.
That is why it is important to have some form of accountability. If you haven’t already, check out SUMA’s goal tracker to help you with the process. Check it out here!