Start Up Success

Value Proposition

Firstly, what is a value proposition? A value proposition is a simple statement that summarizes why a customer would choose your product or service. It communicates the clearest benefit that customers receive by giving you their business. It should include a headline, subheadline, or short paragraph and a visual to add extra interest, such as an image, video, or illustration. After reading it, customers should have no misunderstandings about what a brand stands for and what it can offer them. We at Alic Consulting can help you create a well thought out value proposition that will spark an interest in your possible customers.

Customer Segments

When creating a business, it is most important to know who your target audience is. There are many ways to segment markets to find the right target audience. Some of them are demographic, psychographic, behavioral, geographic, and firmographic segmentation. To put it simply, you need to understand where you should put extra effort into promoting your service or product, and to what kinds of people. 

Channels

When you have a great product, the job is not quite done yet. You need to find ways to make your product known and distributed. You need to decide what are your channels and platforms, and where are you going to sell or provide the service/product. Alic Consulting can help you decide where to promote and sell your services or products.

Customer relationship 

If you want your business to stay successful, you need to create demand for your brand. How are you going to do that? Well, firstly you need to identify the right audience by gathering data from your previous customers. After that, go above and beyond to attract the new audience to your brand. Engage with your customers via social media or forums. But the most important thing is to keep up with the demand. 

Cost Structure

Identify what fixed and variable costs you need to have to operate your business. Make a chart with all the costs and think of a business plan for how to cover those expenses. Most successful businesses are the ones that are aware of their costs and inability to manage funds is the  #1 reason businesses fail.

Key Activities

Make a plan of all the activities your company needs to perform to be successful. Make long-run and short-run plans and try to execute them as best as possible. Of course, leave some room for flexibility by doing so. In order to scale make sure your key activities can be delegated.

Key Resources

Be aware of your suppliers, commodities, and all the other elements of the business. Create a list of all possible partners and suppliers that you may want to get in touch with before starting up your business. Remember you don't need to purchase 10,000 lbs of inventory to test an idea.

Key Partners

Partners are what make a business successful. You need to understand that in the corporate world, you need to join forces with other companies on a similar level as yours, to create more demand, different options, and opinions. These partnerships are key for scaling and growing your business.

Revenue Streams

Your revenue represents the way that you generate profit from each Customer Segment.There are different ways for your business to generate profit. For example there are subscription fees, renting, licensing content to third parties, brokerage fees, etc.

Ready to start your business ? Create and summarize each of these points using your business idea. 

• https://www.forbes.com/sites/allbusiness/2018/07/15/35-step-guide-entrepreneurs-starting-a-business/ 

• https://www.thehartford.com/business-insurance/strategy/how-to-start-a-business/startup