Business View Magazine | January 2021

16 BUSINESS VIEW MAGAZINE JANUARY 2021 GUEST SUBMI SS ION: STARTUPS vary , you should expect to spend a few thousand dollars. This could be spent on materials, staffing, office space, manufacturing, marketing, research, building a website and more. You will need to prepare yourself ahead of time to ensure the investment is affordable. If you don’t familiarize yourself with these costs, you could struggle to get your business off the ground due to a lack of funding. In addition to knowing the costs, you need to have a plan for how you are going to afford them. While some people can handle the startup costs using their personal savings, this isn’t always the case. You may need to get a loan, take on investors, or get a grant of some kind. Knowledge of the Customer is Crucial Whether a business fails or succeeds is dependent on the customer. As a result, during the early days of your business, you need to focus on the customers first and foremost. In particular, you need to identify who your customer is. Narrowing in on your target market can ensure that your product, service, marketing, and messaging are correct for that audience. You need to know their age, interests, jobs, hobbies, income and a variety of other things. In addition to identifying who your customer is, you also need to learn many details about them. You should familiarize yourself with their pain points and find ways to solve them. Small business ownership can be a rewarding experience, but there are many things you need to know before you take the plunge. By knowing the tools and technology available, being aware of the costs, and familiarizing yourself with the target market, you are well on your way to starting a small business. Submitted By Ashley Lipman Content marketing specialist