So you’ve gotten your business going. You have a customer or two. The phone is ringing…a little. For any business to grow and prosper long-term, it needs a solid foundation that includes a marketing plan. A marketing plan is a road map detailing
“route” you’ll take to get your business noticed by potential clients. By following a properly crafted plan, you’ll know what to do and why you’re doing it, while avoiding some of
mistakes that can cost you money and future growth.
“If You Build It, They Won’t Necessarily Come”
The first part of any marketing plan is a basic understanding of your market, competition and whether or not an opportunity exists for your product or service.
My first business venture was to make very expensive looking floral wreathes. All my friends and neighbors had them on their front doors and I knew I paid $100 for mine, so why not make and sell them myself! What I didn’t consider is that I have expensive taste and in order to make a profit, my wreaths were priced significantly higher than
local craft store. If I were in a more affluent area, it may have worked, but not here.
I started
business on a hunch and didn’t truly know my market or competition. Had I done my research, I may have used lower cost materials, made less elaborate products, sold them in a different area or skipped
venture all together. What I learned is that my opinion combined with my friend’s opinions is not a strong enough basis to launch a business.
“No, I’m Not Going to Stop for Directions.”
When starting a business you generally know where you want to end up and you might have a vague idea of how to get there, but what if you get lost? A marketing plan is like a road map or corner gas station used as a reference tool to keep your marketing on track. If you run into “construction traffic”, a properly developed plan will offer options to keep you motivated, organized and headed in
right direction.
“I Want to Rule
World… Or Do I?”
Do you want a home based business with one or maybe two employees or a large firm with several hundred? How do you feel about travel, making cold calls,
Internet, can you type? How fast do you want to grow and do you have
resources to keep up with
growth? Your goals as a business entity will dictate how and to whom you market.
My second business venture was a used toy business. I hit every garage sale within 10 miles of my home and bought all of
solid plastic toys I could find. I also put up signs at day care centers offering to buy used toys directly from parents. My goal was to have my own garage sales business and earn a profit on
toys I had bought.