InvestorQ : What are things to prioritize as an entrepreneur once the set up is done and the business is ready to go?
vidhya Laxmi made post

What are things to prioritize as an entrepreneur once the set up is done and the business is ready to go?

Crowny Pinto answered.
1 year ago

An entrepreneur normally operates with limited resources and funds at disposal. Hence prioritizing actions becomes very important. You don’t always have to spend money to make money, which is helpful when you are just trying to get off the ground and build momentum. Here are some priority focus areas for you as an entrepreneur.

· Build your web presence and start off with web design. A professional website makes that first impression you need to make as a start-up. It establishes perception of what your business offers in the mind of visitors. There are free libraries you can use to design templates that can be customized to give you an instant presence without too much coding and the like. Opt for an optimized design to ensure that potential customers find you on smart-phones and are not to heavy on bandwidth.

· You cannot do everything and hence you need to focus on adequate staffing. You must be prepared to give up some of those hats you are wearing and staff up. Since, you are most likely not in a position to hire full or even part-time employees, look to tap into the freelance market and rely on people who charge you on a per-project basis

· Ramp up your project management skills as it will be essential as you ramp up your capacity. After putting in place your team, the next big challenge is to stay on top of the work they are doing and evaluate if it is on track. The more productivity you can get from your team, the more effectively your investment is working for you.

· Strike a publicity plan. Online advertising is an integral tactic for building traction, but it is too expensive when you're not getting the leads and traffic you need. Try to pick on Cost-Per-Action (CPA) model so that you only pay for leads or sales that you get from each campaign, rather than paying a flat-rate marketing fee. This model helps you to reach out effectively without straining your budget too much.

· Content has always been king and will always remain king. You need to get people to your website plus you have to convince them to stay and return. Your content has to rank high in search engines and get you in front of your target audience. You need to go beyond mere SEO tactics. You need to drive traffic to your website. You can make that works no matter how limited your marketing budget.

· Proof of the pudding lies in the eating and you need to monetize your franchise. You need a payment solution. The more types of payment you can accept, the more likely you are to attract customers and get paid quickly. However, payment processing companies often charge you heavily and you need to work your pricing accordingly. Prefer a gateway without any flat charge and only per user charge.

· See if you can leverage on a proper and well designed referral program. Referrals get traction because you have others spreading the news about your company. The refer-a-friend model offers a reward structure to fit your budget. It can include promotions, discounts, free products or more to entice your customers to share a link. It also helps to track the process for you.

These are all low cost methods of making a splash in the market. The onus is on you as a start up to make the best of it.