*This information is taken from the Small Business Center Network (SBCN), part of the North Carolina Community College System, and full packet, entitled “How to Develop a Business Plan” can be viewed here.
*This blog is Part 4 of a series on small business guidance. Stay tuned for more blogs. Check out Part 1, Part 2, and Part 3.
Once you have identified your customers, analyzed your competitors, and conducted market research, it’s time to promote your goods/services. In order to get the word out about your company, you need to develop a marketing strategy.
Some good questions related to promoting your goods/services are:
- How will you advertise?
- Besides paid advertising, what other methods can you utilize to promote your goods/services? (e.g. trade shows, networking, etc.)
- What about graphic design/images?
- How much will you spend on advertising?
If you’re relying on advertising make sure you understand any restrictions on advertising your products (like alcohol, tobacco, health products, etc.).
What about a location for your company? Many people who start writing their business plan do not have a location picked out yet. And, that’s okay. But, you want to start thinking about obtaining a location or working from home. The choice has to be what’s best for you and your company.
If you are thinking about acquiring a location, you might want to think about:
- How important is your location to your customers?
- Are customers coming to your place of business to buy your products/use your services?
- Where is your competition located?
Hopefully some, if not all, of these questions has gotten you thinking about your marketing strategy.
Part 5 of this blog series will cover production, location, and general legal requirements.