Startup in Two Weeks: Day 7 - Develop a Marketing Plan

Learn ways to spread the word about your new business. Plus, how to win your first customers.

Without marketing, no one will know your business exists --and if customers don't know you're there, you won't make any sales. When your marketing efforts are working, however, and customers are streaming through the door, an effective customer service policy will keep 'em coming back for more. So now it's time to create the plans that will draw customers to your business again and again.

A marketing plan consists of the strategies and devices you're going to use to communicate to your target audience. A customer service plan focuses on your customer's requirements and the ways of filling those requirements. The two work in concert.

Descriptions of your market and its segments, the competition and prospective customers should be in your business plan. This is the start of your marketing plan. Based on this information, you can begin choosing the communication channels to use to get the word out about your business: social media, blogs, email newsletters, Web banners, pay-per-click ads, radio, TV, billboards, direct mail, fliers, print ads and other venues. Then prioritize your tactics and begin with the ones that your research has shown to be the most effective for your audience.

For your customer service plan, think about what it'll take to develop relationships with your customers that can be mutually beneficial for years to come. Since repeat customers are the backbone of every successful business, in your customer service plan, you'll want to outline just how you're going to provide complete customer satisfaction. Consider money-back guarantees, buying incentives, and the resolution of customer complaints. Determine what your customer service policy will say, how you'll train your employees to attend to the needs of your customers and how to reward repeat customers. Remember, this is just the beginning: Your program should evolve as the business grows.

To begin wooing your first customers, it's helpful to create a profile of the end user of your product or service. Now's the time to get in the habit of "talking up" your business -- telling everyone you know about it. Ask for referrals from colleagues, suppliers, former employers and other associates. You can improve the quality of your referrals by being specific in your request. For example, an insurance broker developed a successful referral network by asking existing clients if they knew anyone who was "in a two-income professional family with young children," rather than just asking if they knew anyone who needed insurance.


Consider offering free consultations or an introductory price to first-time buyers. Consider joining forces with a complementary business to get them to help you spread the word about your new venture. For example, a carpet cleaner might offer incentives to a housecleaning service if they'd recommend them to their regular customers. Once you've done work for a few satisfied customers, ask them for a testimonial letter to use in your promotions.

Source: Kimberly Stansell - http://www.entrepreneur.com

Startup in Two Weeks: Day 6 - Name Your Business

How to decide what you call your company. Plus, choosing a business structure.

Of all the decisions you make when starting a business, probably one of the most important is the right name for your new venture: The right name can make your company the talk of the town. The wrong one can doom it to obscurity and failure. If you're smart, you'll put just as much effort into naming your business as you did into coming up with your idea and writing your business plan.

An effective name will establish your marketplace presence, convey what you do, and create a memorable impression. Thumb through phone books, DBA filings, directories and The Trademark on-line Search System to research names already in use or similar to yours.

Conduct a free trademark search at the Local Patent and Trademark Office site. Search through U.S. trademarks, Canadian and European trademarks, domain names and company names.

Enlisting the help of a trademark attorney or at least a trademark search firm before you decide on a name if highly advisable. The extra money you spend now could save you countless hassles and expenses down the road. And once you've made a decision, determine if your chosen name has an available domain name for your future Website, and reserve it. Even if you won't be selling products online, a Web site is crucial these days for marketing purposes.

Also important in the success of your business is the type of legal structure you select for your company. Your structure can make a big difference in how you pay taxes (how much and how often), raise money, handle lawsuits, or dissolve or pass on the business. Will you operate as a sole proprietorship, partnership, corporation, SA corporation or SL - limited liability company? Because each business form comes with different tax consequences, you'll want to make your selection wisely and choose the structure that most closely matches your business's needs. If you're not a tax or legal expert, you should seek advice from a professional on how to pick the structure that'll best manage your liabilities.

Source:  Kimberly Stansell - http://www.entrepreneur.com

Startup in Two Weeks: Day 5 - Find Financing

Today, you'll learn where look for the money you need to launch. Part five in a 10-part series to help you start a business.


Once you've decided on the type of venture you want to start, the next step on the road to business success is figuring out where the money will come from to fund it. Here's a quick look at where you can begin.

Most entrepreneurs self-finance their businesses through personal savings, credit cards, second mortgages, or loans from friends and family. You may also be able to match your qualifications with a micro-loan, and/or investigate crowdfunding, a way of networking with people online willing to invest usually small amounts of money to back a venture they believe in.

You may also qualify for a niche or specialty loan. Some large banks also offer special loan programs for women, minorities and small-businesses.

Although there's no such thing as"free money"  for small businesses, there are some cash awards, prize money and mini-grants offered by some official bodies in Spain, like TownHalls, Regional and Central governments, and European funds.

You can also seek venture or angel funding. Both angels and venture capitalists are looking for great ideas that can translate into highly profitable businesses. If they're interested in backing your idea, they may want a large equity stake (25 to 40 percent or more), so this process can take significant time to arrange and a formal written business plan will be required for consideration. They can be located through online directories, or better yet, referrals from personal contacts you make among the leading business owners, trade group members, industry associations or chamber of commerce activities in your local business community.

Whatever your funding source, remember to incur any debt in moderation. You'll make better business decisions when you're not under the pressure of heavy debt.

Source: Kimberly Stansell - http://www.entrepreneur.com

Startup in Two Weeks: Day 4 - Write Your Business Plan

You gain an advantage by building your business on paper first. A business plan's value goes beyond its ability to help secure a loan package for you. It's a working document that helps you prepare for opportunities as well as difficulties.

Just as you wouldn't start off on a cross-country drive without a road map, you shouldn't embark on your new business without a business plan to guide you. A business plan won't automatically make you a success, but it will help you avoid some common causes of business failure, such as undercapitalization or lack of an adequate market. You'll find weak spots in your business idea that you'll be able to repair. You'll also discover areas with potential you may not have thought about before -- and ways to profit from them.

There are three primary parts to a businessplan.

1. The business concept, where you discuss the industry, your business structure, your product or service and how you plan to make your business a success.
2. The marketplace section, in which you describe and analyze potential customers: who and where they are, what makes them buy and so on. You'll also describe your competition and how you'll position yourself to beat it.
3. The financial section contains your income and cash flow statement, balance sheet and other financial ratios, such as break-even analysis. This part may require help from your accountant and a good spreadsheet software program.

Writing a plan forces you to think through every aspect of your venture. Only by putting together a business plan can you decide whether you should proceed with your idea or look for a new one. 

Source:  Kimberly Stansel - http://www.entrepreneur.com