How to start a business from scratch in 10 steps
In addition to being challenging, starting your own business is one of the most rewarding experiences of your life if you have the right mindset and approach. The importance of digital marketing in today’s digital age cannot be overstated. Starting a business from scratch is easier when you take the following steps:
Make sure you know your market:
It is crucial to identify a viable market before starting any business. Analyse the competition in your market and the demand for your product or service. To gather data on search volumes, competition levels, and other market insights, you can use online tools like Google Trends, SEMRush, and SimilarWeb. A report by Small Business Trends found that 42% of startups fail because there is no market need for their product or service.
Decide who you want to reach:
It is necessary to identify your target audience after identifying your market. What types of customers do you want to attract? Is there anything they need, prefer, or are having problems with? Using customer persona templates and other marketing tools, your target audience can be clearly defined.
Click here to see more on Targeting the Right Audience in 2023 (hyperlink to this blog once its published)
Create a value proposition that is unique:
One of the things needed to start a business is a value proposition. Your business’ value proposition describes the unique benefits you offer to your customers. Describe how you can solve your target audience’s problems and how you differ from your competition. Make your value proposition compelling by using data from your market research. We recommend these three steps to help you build a truly unique value proposition.
|Focus on benefits, not features||How will your product or service make their lives easier or better?|
|Use data to support claims||Items like customer testimonials, case studies, statistics|
|Testing and refining||Test different versions with your target audience.
Refine it based on their feedback.
Develop a business plan:
Business plans outline your goals, strategies, and financial projections for your company. As you start and grow your business, you will be able to stay focused and organised. It’s important to include in your business plan a detailed digital marketing strategy that outlines how you’ll reach and engage your target audience online.
- Clearly define your business objectives and goals
- Conduct market research to understand your target audience and competitors
- Develop a comprehensive financial plan with realistic projections
- Define your unique selling proposition (USP) and branding strategy
- Include a detailed digital marketing plan to reach and engage your target audience online
- Make sure to update and revise your business plan regularly as your business evolves
Make sure your business is registered:
The next step is to register your business with the relevant authorities once you have a solid business plan. Your business must be registered with the appropriate state and federal agencies and obtain any necessary licences and permits.
Digital marketing strategies are incomplete without a website. Several potential customers will first contact you through your online storefront. It is important to have an attractive website that is easy to navigate and optimised for search engines.
Google’s search engine market share is around 92%, according to Statista, highlighting the importance of optimising your website for search engines. Make your website speak directly to your target audience’s needs and preferences using market research data.
Create a strategy for content marketing:
You can use content marketing to reach your target audience by creating and sharing relevant content. A variety of content can be used to educate and inform your audience, such as blog posts, infographics, videos, and other types of content. Based on a keyword input, BuzzSumo displays a list of the most shared content. Even the share count on each network, such as Facebook, LinkedIn, Twitter, or Pinterest, can be viewed. Why is content marketing right now? It’s really all about the numbers:
40% of marketers consider content marketing as a crucial part of their marketing strategy.
81% of marketers say their company sees content as a business strategy.
B2B marketers have observed that content marketing is a useful tool for nurturing leads (60%), generating revenue (51%), and building an audience of subscribers (47%)
10% of marketers who blog state that it generates the most significant return on investment.
Create a content marketing strategy that resonates with your target audience and positions your business as an industry authority using data from your market research. Content Marketing Institute found that content marketing generates three times as many leads as traditional outbound marketing, at a fraction of the cost.
Utilise social media:
Social media platforms like Facebook, Instagram, and Twitter are powerful tools for reaching and engaging your target audience. Engage with your audience through social media, share your content, and promote your products and services. Assess your target audience’s preference for social media platforms by analysing the data from your market research. Ultimately, it’s all about expanding your brand’s reach and being active on the same platform where your audience thrives.
- According to Instagram, 90% of users follow at least one business on the platform, with more than one billion monthly active users as of February 2021.
- As of Q1 2021, Twitter had 192 million daily active users, and 42% of them followed brands or companies.
- In the US, 18-29-year-olds use Facebook and Instagram most frequently, with 84% of them using Facebook and 71% of them using Instagram.
- 42% of US Twitter users have a college degree or higher, making Twitter popular among professionals and those with higher education.
- Users can target advertisements based on their interests and demographics on Facebook and Instagram, making them powerful tools for reaching target audiences.
Make use of paid advertising:
With paid advertising, you can reach a larger audience and drive more traffic to your website. To target specific keywords, demographics, and interests, you can use Google Ads, Facebook Ads, and LinkedIn Ads.
Make targeted ad campaigns based on market research to reach the right people at the right time. Businesses that use Google Ads typically see an 80% increase in website traffic; ads can even improve lead generation and customer acquisition.
Ensure that your results are being monitored and measured:
Finally, monitoring and measuring your digital marketing efforts is essential to ensuring they are successful. Analyse your website traffic, search engine rankings, and other key performance indicators using tools such as Google Analytics, SEMRush, and Moz. By analysing the data from your analytics tools, you can make informed decisions about your digital marketing strategy.
According to a survey by HubSpot, companies that regularly measure their marketing ROI are 1.6 times more likely to receive higher budgets.
As the digital landscape continues to expand and evolve, it’s becoming increasingly important for entrepreneurs to have a strong digital marketing strategy in place. With the right approach, digital marketing can help businesses reach their target audience, generate leads, and improve their bottom line.
By partnering with a digital marketing agency like iOceane, entrepreneurs can gain access to a range of services designed to help them succeed in today’s competitive marketplace. From website development to content creation to social media management to the business ideas for 2023, iOceane offers a comprehensive suite of digital marketing services that can be tailored to meet the unique needs of any business.
Whether you’re just starting out or looking to take your existing business to the next level, iOceane can help you achieve your goals and grow your brand. Contact us today to learn more about our services, steps to start a business and how we can help you succeed in today’s digital age.