Pregnant with Possibilities
Soup Talk – Pregnant with Possibilities
By: ERIN N. SIMON
Inspired, In-Spirit Publishing 2015®
So, you’re contemplating starting your own business. Many people have an idea of what product or service they want to offer. Business can be more complex, than simply selling that product or service to others. When executing your endeavor, there a few things to consider, that are easily overlooked. Consider performing the following inventory, to better assist you in success:
Predict & analyze what types of products/services your target audience needs/prefers. This will better help you build the best product/service plan for your audience’s needs. This will require you do some research. Ask questions, use surveys, observe behaviors of your target audience.
Estimate the demand of your product/service. There is no worse scenario than your business taking off and you are unable to meet the demand of your customers. Also, keep in mind, how much help will you need to enlist if your business does take off? Will you need to hire people? How much product can you put out/service provision are you able to tolerate before having to enlist the help of others? This isn’t something you want to stumble across as business takes off.
Determine your distribution channels. Are you only going to service your local area? Are you able to go global? Consider how you will be able to meet global demands for your service or product. One commonly overlooked cost is shipping. Shipping to other countries can sometimes eat up your entire profit margin for certain products and leave you coming out of pocket. Research shipping costs and customs regulations if products are being delivered. Shipping needs to be researched to also ensure your clients products are delivered in a timely manner. This may allow you to state up front that you may not be able to provide coverage in certain territories. It may also allow you to list delivery times, so your customers know what to expect, should they be outside the U.S. and its territories.
Begin planning how you will promote your product/service. Promotion costs money. Today, in the Social Networking & Social Media Platforms, people think they can post a couple of times a day and that’s it. Promotion is more than spamming the members of Facebook & Instagram. Promotion may mean traveling to your target audience. It may mean purchasing much needed items off Vista Print (Business cards and other of your business branded paraphernalia). Budget for promotional costs when contemplating your plan of execution for your endeavor.
These items listed above, will assist you in planning the best mediums for your endeavors. When carefully considered, they will also ensure you are able to price accordingly, to ensure a profit.
We live in the Informational Age. This may mean forgoing your hour-long YouTube comedy to watch an hour long video relating to your business endeavor. It may mean, instead of adding a Facebook friend from high school that you still won’t speak to, you add entrepreneurial groups. You can still do the things you love, but make them become your like minded instructors, tutors, and mentors in business.
Maximize your business potential and become PREGNANT WITH POSSIBILITIES!
Be Blessed & Bless Others,
ERIN N. SIMON
ERIN N. SIMON is a writer, blogger, and visionary in raising the conscious level within the African American Community. One of her passions is to create a Black Media that truly matters, is promotable, and shared with as many people as possible. In 2013, She and her husband started Inspired, In-Spirit Ministries where they have a real estate arm in Detroit Michigan. They have recently started a Publishing Company called Inspired, In-Spirit Publishing which have three published books on their shelves; Interruption: Shae's Search, Interruption: Interlude & The Series Finale Interruption: Alter Ego. Her husband has a company known as GS Investments in which financial freedom is gained one investment at a time. She currently resides in Florida with her husband and three handsome sons...