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From PROBLEM to PROFIT - The 10 Ps of Starting a Small Business

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Ever thought of starting a small business, but were not quite sure how to go about it? Here are 10 Key Steps to Starting a Small Business. Research further on each, and you’re good to go!

Here are the 10 Ps of Small Business Startup - From Problem to Profit

 Problem 
Problems are the genesis of Business Ideas and Enterprise. In every problem there is a potential business opportunity. Back of every great and successful enterprise is a major Problem solved, or Value added. Before you start a business, you must determine the problem you want to solve. Just look around you; can you see any problems? They are challenges; they are business opportunities!

 Place
This refers to where you are, your location or operating environment. Obviously, your location influences the type and viability of business you can start. Location is the place where you decide to setup. If your business idea is not viable at your present location, then you may have to move to another place, or review your business idea.

 Plan
Prove to yourself (and to your financiers, if any) that your business idea is doable, viable and profitable, by conducting a Market Research, doing a Feasibility Study, generating a Business Plan, and possibly putting together a Business Team. Planning at all stages is the secret to Business success and survival.

 Protect
Protect your Business Idea (or Product) from being stolen. Be careful who you work with. If necessary, those working with you should sign a non-disclosure and confidentiality agreement that commits them not to share your information with third parties. You could Patent your products and designs, if necessary and applicable.

 Production
Production is the process of creating Products and Services that people are willing to pay for. For that to happen, you must have a clear idea who your product or service is meant for. Is it for the wealthy or the common man? What is your Market Segment? Who are your demographics? These will determine the quality, and by implication, the price of your Products and Services.

 Packaging
Your Packaging must create a good first impression. Use quality materials and captivating graphics that depict, reflect and appeal to your product's target group. Your packaging should quickly communicate the benefits of your product or service to your customers. The global packaging trend today is recycling, as well as energy and resources conservation. You'll do well to key in.

 Pricing
How much should you sell your product or service? Pricing is a balancing act. Set your price too high and buyers won't buy. Set your price too low and you won't break even, talk-less of profit. A correct pricing strategy is essential for your success. Several factors determine the Price you place on your Product or Service. Some of these factors are front-end, while others are back-end.

 Promotion
Product promotions are planned actions and activities that present your Products, Services or Brand to your target markets in such a special way as to catch their attention, and make them take immediate action, and eventually generate sales for you.

 Positioning
Create awareness for your Brand by making your Brand, Product or Service to stand out from similar brands, products and services in the market. When buyers can easily recognize and identify with your brand, product or service, you are sure to enjoy Customer Loyalty. And that's a sure way to generate more sales and boost profits.

 Profit
At this early stage of business development, profit should be the last thing on your mind. If everything goes well as planned, then your financial books should be in the green, indicating a profitable outing. However, even if you just break even or make a small loss at the early stages, you are still a success. Just keep improving and soon you'll be standing on 'green carpet'. Congratulations!

Related: 2021 Small Business Ideas

Related: Access to Easy and Affordable Loans

Related: 5 Reasons Why a Small Business Fails

Related: Tax Mistakes You Must Avoid

Related: Create Value And Become Rich!

Stay Smart, Wealthy and Wise!

© Jay Onwukwe

 

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1 comment

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