Entering the world of entrepreneurship can be both a challenging and exciting endeavor. While most entering the business landscape are equipped with a comprehensive idea, many are often unsure of where to start. As a thriving entrepreneur and business owner, Jeff Ber understands the importance of developing a solid plan of action.
With well over a decade of experience as a business management professional, Ber is also a passionate cancer awareness advocate as the VP of Oneball. With a diverse experience helping other entrepreneur’s problem solve, develop strategies, and conduct market and competitor analysis, Jeff Ber is here to share the ins-and-outs of establishing a new business.
1. Perform Extensive Marketplace Research
First things first: research and brainstorming. What is it that you want to do? How does it stack up against current market competitors? Who is your ideal customer? Jeff Ber explains that this stage vital to the long-term success of your venture. At this point, you will want to identify what it is you are selling, who it is for, and why it is different from anything else on the market. Allow yourself to dream big and put every idea to paper. For Jeff Ber, this is one of the most exciting steps of starting a business.
2. Pinpoint a Target Demographic
Once you have finished the initial brainstorming, it is time to focus on your target demographic. Without an audience, it is impossible to start a new business. Understanding who needs your products or services can help you refine your offerings and ensure that you are using the right marketing and sales strategies. Jeff Ber suggests either conducting your own market research or using current market research data to address a need. If you are selling label printing services to small businesses, you may want to reach out to your network to identify their current needs. Not only does this provide an opportunity for market research, but it also allows you to connect with potential clients and ensure that you are successful.
3. Map Out a Comprehensive Business Plan
When you are constructing a business plan, you will need to outline your mission and as yourself several other questions, such as: what type of business will you register as? What type of capital will you require? Who will your suppliers be? New entrepreneurs will also have to establish operating expenses, create a succinct marketing plan, conduct income projections, implement a SWOT analysis, and much more.
Jeff Ber explains that what you include in your business plan will depend on the type of business you are starting. Jeff Ber explains that for his clients, this process can take anywhere from three months to a year, so be patient. Your business plan is a roadmap for your business and will be a fundamental tool as your business grows.
4. Seek Out a Mentor
Lastly, Jeff Ber explains that for new entrepreneurs, a mentor can be a vital asset. A mentor who has ‘been there, done that’ will help you avoid some of the common pitfalls of entrepreneurship. As a business consultant, Jeff Ber works directly with clients to ensure a steady, even pace is being adhered to, and that no stone is left unturned. While you can learn almost anything online, every business is unique, and so the strategies need to be unique as well.