It is the dream of any entrepreneur to start their own company with their own effort and hard work. Every year thousands of people across the world, try their luck in this tough competitive market to start their own business. Launching start-up requires a lot of hard work, determination, and many end up failing.
When an entrepreneur thinks of starting a new venture from scratch, it takes a lot of guts, quick thinking, careful planning, and a well thought execution plan. Before launching a new venture, an entrepreneur needs to be extra mindful about planning and execution. Any wrong step taken by the entrepreneur can result in the irreversible losses for the company.
At the onset a good Thailand Market Entry Plan is required to put the business on the right track. This will also help the entrepreneur to decide how, where and when to invest their resources. A series of steps need to be followed by the entrepreneur in order to get the business off-ground.
Read more about Building Entrepreneurs.
1. Ignite your passion
The most important thing in life for any entrepreneur is to have passion and zeal. A start-up does not only require great ideas but it needs real passion to make a mark and solve any business issues. An entrepreneur can never touch the ladder of success if things are being done halfheartedly. When an entrepreneur starts a new venture, he or she needs to make huge sacrifices and requires an equal amount of hard work and dedication. So without passion, even a great idea of a business would fail to make a mark.
It is essential for an entrepreneur to have a clear vision about their business and future prospects. The entrepreneur needs to align his marketing plan with the business plan and revenue objectives set up for the startup company.
Self-analysis is very important and entrepreneurs need to question themselves about their decisions and actions. He or she should try to review the goals that they have set for themselves and try to look at the product or services that they are offering to the consumers.
They need to analyze how their products and services are going to benefit their potential consumers. How they can distinguish from their competitors and can stand out in a market place. Lot of questions they need to ask themselves and analyze to make before writing a marketing plan.
3. Do market research
Nowadays consumers are well informed before they make a purchase decision. Before entering the market, an entrepreneur needs to have a look at the market very carefully. Any wrong step can have serious ramifications on the business. One of the most important steps is to do a proper market research of the potential consumer base that they want to attract. It is essential to conduct primary research to know your consumers better through Market Entry explorations.
There are a few questions an entrepreneur needs to answer by putting themselves in their consumer’s shows. For example, will the product be attractive enough if suppose you were the intended target customer. Various tools like interviews, surveys, and questionnaires can be leveraged in order to know the taste and choices of the target consumer.
The success of any new venture depends on the hands of the consumer. So after getting all the requisite information and knowing a consumers choice, an entrepreneur can then consider taking the next step.
4. Write a business plan
Once there is an idea, there are few important questions that an entrepreneur needs to ask themselves. When and how they would utilize the resource? What are the goals that he or she is setting for himself or herself? Like these questions, there are more questions that an entrepreneur needs to assess and decide on the actions that they need to take in the future.
A business plan is a must have for any startup business. The business plan would help an entrepreneur figure out where the company is heading to in the future and how to to overcome difficulties and sustain the business in the long run. It is like a guide map that would help a business owner steer his business along with its growth curve.
Entrepreneurs can also seek guidance from Startup Specialist if they need help with drafting an effective business plan.
5. Assess your finances
Finance is the backbone of any business. It is not possible to start a new business venture without adequate capital. Before jumping into a new venture, an entrepreneur should try to have a look at his finances. It is very important to determine what you have and what you need?
Without sufficient capital, a business may have difficulty sustaining itself in the long run. If they need to invest more money on an existing business, they can acquiring a loan from banks or should try to take the help of local financiers.
Addition Read: How to obtain financing for your business in Thailand.
6. Identify your target consumer
Consumers have their individual taste and preferences and would make a purchase on that basis. It is important for any start-up to identify their target consumers and the product and services that would appeal to them.
It is essential that a company needs to know their consumer’s choice and liking. However, that does not mean the company should limit its audience. They should spend time and money to reach to everyone. By determining the target audience; it would be helpful for a company to know the resources that they need to start-up.
7. Choosing location
Choosing a location plays a critical factor for the overall success of the startup business. An entrepreneur must choose a location with easily access to their target consumers, suppliers and distributors.
Read more about Why location is important for any startup business.
8. Web presence
In the age of social media, web presence is essential for a new startup. Social media is one such medium that gives the start-up a platform a reach of millions of consumers in a fraction of seconds. The web site can provide all the required information about the company that consumers might be looking for.
There are various platforms like Facebook and other digital platforms where an entrepreneur can promote his business. It’s all about the information that consumers look for and it is a direct medium of interaction with consumers which helps the company to get their feedback and opinions.
Interesting Reads :
- Virtual Director & Business Consulting
- Thailand Market Entry
- Thailand Market Research
- Thailand Startup Business Development
- Is Marketing really needed for a Startup company?
- What kind of person makes a successful entrepreneur
- Is building your business more difficult than starting it up?
- How important is funding for a Startup Project?