7 INGREDIENTS TO START A SMALL BUSINESS!

My wife wanted to bake some special cookies for the family. She had an idea of what she wanted but she didn’t know how to make it and the ingredients required. She solved her problem with these simple steps:

  1. What ingredients are required? She called a friend who bakes for the list of ingredients
  2. Where to find the ingredients? She enquired from her friend and search google for local vendor nearby.
  3. How to Make the cookies? She watched some YouTube Videos and followed the recipe step by step.   

By completing these simple steps, she accomplished her cookie-baking mission. It may not be the best in the world, but she achieved her goal in a short time and she was excited about it.

The above analogy is applicable to small businesses. You will go through some processes before you can transform your Side Business idea into a profitable moneymaking project.  

Each step of a process requires “ingredients”. Ingredients could mean the tasks you need to tackle, the resources you need to acquire, the special tools you need, or the deliverables you need to produces.

In crafting your ingredients, you may need for each step of the process, ask yourself these two questions:

  • What will people experience after purchase your product or service? This leads you to the finished product or service that you are offer to your customer.
  • What needs to happen for you to deliver that experience to them? This will help you decide what recipe to choose and ensure that you have the ingredients you need to make it successful.

The recipes for every Small Business are different and the ingredients may vary, but there are common factors to consider:

  1. Your Goal: What are you producing and why?  You should have sound knowledge of what you are selling. Without the basic know-how of your product, you will not be able to sell it effectively. You can learn how to define your business goal here.
  2. Identify Your Target Customer:  You need to know who you’ll be selling to. Identifying your target market simplifies business tasks. Your customer/audience drives everything around your business. If you need help in defining your target market, check out this post.
  3. Your Content: Words sell products! How do you intend to convey your message or story so that you could build a deeper relationship with your customers? It could be written, audio, video, or a combination of content formats. Click here for the Ultimate Guide for Content Creation.
  4. Content Distribution Channel:  Your content format will determine your distribution channel. You could have a Website or Blog site. You could start with one or two social media networks and spend your time there. You could use emails as your channel or you could do YouTube (especially for long content videos). The choice of your distribution channel is dependent on your audience. Click here for the ultimate guide for Content Distribution Channel.
  5. Marketing: You could decide to sell your products or services by organic means; through your chosen distribution channel and through customer referrals/reviews. You could also market through paid ads. You may need the help of an agency to help with ads placement or you could do it yourself. Check Marketing Basis 101 here
  6. Product/Service Delivery: You need to be clear on how your product or service will be delivered to your customer. For physical products; it could be home delivery or in-store collection. Digital products have varied method of delivery, choose the most suitable for your market.
  7. Payment System:  If you are selling your product or service online, you need to decide on the payment gateway that will process credit card payments. This could mean including a shopping carts on your website, a PayPal account or Flutterwave account, or several other options.     

When we simplify our idea and break down the creation process into clear and specific steps, it becomes easier to implement.

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