Your 4 Key Focus After You Start A Business
Mark Onoja
Startups & Small Business Growth Partner | I specialize in helping entrepreneurs launch, expand, and scale within 90 days.
Recently, we attended a career fair where our stand attracted quite a crowd. To help manage the flow of visitors, I jumped in to provide some advisory services. That’s when I met a young man in his early 20s. He approached me, inquiring if I worked for The Startup Place and wanted to know more about what we do.
I asked him what he was looking for to understand his needs better. He said he needed general career advice and was starting a catering business with his mum. They aimed to provide daily lunch services for business professionals in Lagos. The business idea piqued my interest.
I asked him about his progress and his starting timeline. His response? “Well, I’m still working on the branding.”
Branding? Haaa! You should have hit the streets a while ago and started the business instead of spending six months on logos and colours.
My advice for him was simple: Get started! There are key areas to focus on in the startup phase of your business. Here are four essential aspects to concentrate on:
Product Development Your initial focus should be on product development. This involves creating, searching, researching, and refining your product to achieve what we call the MVP (Minimum Viable Product). Simply put, you need a product that meets the specific needs of your target market and that they can easily relate to.
Marketing Development Next, focus on marketing. Since you’re just starting and there are competitors in your industry, you need to convince your target market why they should choose you over someone else. Effective marketing helps you stand out and attracts customers willing to spend money on your product or service.
Financial Development Managing your finances is crucial. First, properly handle your cash inflow and outflow to build a solid financial model, which can boost investor confidence. Second, learn the art of raising capital to cover operational costs and support expansion.
Break-Even Point Finally, aim to reach your break-even point. This is where you recover the initial investment in your business. If you took a loan from family and friends, you need to pay them back, possibly with some interest.
Remember, focusing on these core areas can significantly increase your chances of success.
I hope this helps you as you embark on your entrepreneurial journey!