BY NYASHA DUBE – Entrepreneurship has become a thing nowadays, as everyone is starting their own business so as to earn that extra income and make ends meet.
Starting a business from scratch is no child’s play though, it can be hectic and scary. From developing an idea, coming up with a proper plan, launching the business, entering the market and ensuring that your business does not die a natural death. Phew, that can be a lot of work. But there’s nothing to worry about, it’s doable.
Let me share a few tips that helped me when I started my own business. Between you and me, I also almost threw in the towel, but hey I didn’t. I followed these steps and I can say things are moving in the right direction.
Most women are venturing into business and are finding it hard to establish their products into the market. Whatever line of business you are in, be it selling makeup products, poultry farming, selling clothes or jewellery etc you can make it work.
First of all you must know how to penetrate your market. Almost everyone is now an entrepreneur and the competition is stiff. The trick to beating your competitors is to find a unique entry point and use that at your advantage. Consumers buy the value and uniqueness of your product. Identify the loopholes and fill in the gaps.
Develop your product. Make your product hard to ignore. But you must first know what your customers want and need. Then align your product to those needs and wants. Create a product which consumers are willing to part with their monies for.
Be diverse. They say if one becomes a jack of all trades, they become a master of none. But in business it’s always wise to create a multiple chain of markets which you can target. Mind you, choose the ones that are profitable to your business, not the ones that will drain your energy.
Mergers and acquisitions can work too. There’s power in numbers. If you are struggling to go solo, find someone with whom you can merge with.
Be mindful of your pricing. In business it’s all about the price. Know your target market, and above all know the size of their pockets. There are consumers who buy something because it’s expensive, then there are those who are always looking for a cheaper price. Know when to increase or reduce the price of your product. Communicate the pricing well with your consumers so they won’t lose confidence in you.
Don’t forget, the customer is King, treat them as such. All the best with your hustles ladies….