Angela Kamanzi My Journey in Entrepreneurship
Last week we started exploring Start Up Cup’s nine points to ponder before starting your business. If you missed out you can find the first three points here. Today let’s look at the next three points.
- How will you get the word out?
Your idea will need to be promoted so that you can reach your target audience. How are you planning to go about it? Will you use social media? Which platform is more suitable to your target audience? Do you prefer traditional email instead? If so for which reasons? How about cold calls? Networking events? Who will be in charge of promotions and marketing? What key messages will you be sending out in order to grab the attention of your target audience? - Do you know the cost?
What will you need to spend money on in order to get the idea off the ground? Write down every single expense you’ll be making. Some costs are obvious such as electricity, water, telephone, transport, and rental if you’re not working from home. However should your business be home based like most startups, include the cost of rental in your costs. If you serve food to your employees and use produces from your private garden, include those costs. Costing properly gives you a clear picture of how much it takes to run your business, and helps you decide on the cost at which you will be selling your services or products. - Know what the Return On Investment (ROI) is
How much revenue will the idea generate? This is a critical stage, as it helps you determine whether you’ll be making profits or not. Many budding entrepreneurs start their businesses without trying to understand this. They just put this section on the back burner waiting to “cross the bridge when they get there”. Don’t do that! It’s important to determine whether your chosen market is actually profitable or if you’d rather move to a better paying one.
Is there any point or two that you hadn’t considered before or that you had put ‘in the fridge’ so to speak?
Angela Kamanzi
Your Friend in Biashara
