Creating business foundations is akin to constructing a house.
You need to put down a sturdy foundation otherwise it will lead to problems in the long run.
When you begin building your business, prioritizing a robust foundation should be among your topmost concerns for success.
It means knowing your business inside and out, and understanding all the elements that go into it. It means knowing where you are going, how you are getting there, and how the money flows.
These questions are simple, yet a surprising number of entrepreneurs struggle to answer them.
According to TAB, establishing solid foundations empowers your business to be proactive, enabling strategic planning rather than mere reactive response to unfolding events.
Seven Requirements for Building Strong Foundations
1. You Need a Website
A business’s online presence, especially its website, unsurprisingly holds the utmost importance in determining its ability to increase revenue.
In today’s era, consumers are increasingly mindful of how and where they allocate their finances, underscoring the significance.
Creating solid business foundations is paramount for sustained success. It involves understanding every aspect of your business, from operations to financial flows.
Not having a website at all can look unprofessional and send up red flags with prospective buyers.
A user-friendly website with fresh, high-quality content undoubtedly creates a positive first impression for potential customers about your company.
2. Know Your Finances
How comfortable are you dealing with money?
That’s right. The next item on the list is none other than the big F.
While not everyone’s preference, understanding your company’s financial inflow and outflow is crucial for entrepreneurial success.
Many women find money management and budgeting intimidating, but rest assured, there’s truly nothing to fear about it.
A fundamental grasp of cash flow statements, profit & loss statements, and balance sheets is essential. Remember, managing finances is pivotal in business.
3. Clarify Your Goals
Prior to any action, be it minor or significant, gaining clarity and purpose, along with setting precise goals, is imperative in business.
Without clear goals, you will end up confused about what you want to achieve and where you want your company to go. It is like a car without petrol. You can drive it all you want, but if you don’t know where you’re going you’ll never reach your destination and you’ll eventually run out of petrol or road.
The bottom line is to identify WHY are you in business?
Having a clear purpose not only in your business but also in your life will give you the drive to get up every morning, and take steps to achieve your dreams. And if you’re completely at a loss on how to find your purpose, check out our Pathfinding course.
4. Understand Your Target Market
As a business owner, you need to know your unique target market – and no, the answer is never everyone.
No matter how popular or innovative your service or product is, it’s not going to suit everyone’s needs.
Everything hangs on whether you are targeting the right market – your marketing, selling, product development – all of it!
That’s why you need to have a clearly defined target market. Knowing your market helps you to focus your energy and efforts on a group of people that represents your “ideal customer”.
Identifying your target market takes time and a lot of research. It’s not a brainstorming session or a guessing game. It is about using real data and using real people to fully understand the needs and motivations of your audience.
5. You Need Written Processes & Procedures
One thing that a lot of people underestimate is the importance of having written Processes & Procedures.
Yes, that’s right, you need to physically write them down!
It is not enough to have it drilled into your head, having a physical copy of your processes and procedures will allow you to stay organised, on track, and work efficiently.
The best way to think about your written processes and procedures is as a blueprint for your business. So when the time comes and you need to expand your team or hire a VA or freelancer, you can give them a manual on how exactly they should go about things.
6. Create a Marketing Strategy
When it comes to marketing, winging it will not benefit you in any way.
Without a clear strategy, you are basically throwing money down the drain – you’ll spend a lot of time-wasting money and resources on something that is not generating much profit.
A good marketing strategy needs to include things like a blog, advertising on social media platforms, organising events or webinars, and podcasts.
You should also spend some time planning out your email marketing, as this is still the number one way to convert sales.
7. A Good Support System
You need a strong sisterhood that will give you constructive feedback, wise advice, and encouragement as you face the challenges of becoming a businesswoman.
We are social beings, we want to be a part of something, to connect, and to know that we are not alone. Life is not always smooth sailing and we often need that push from someone else, telling us to suck it up and keep going.
And that is exactly what you expect from a sisterhood like Fempire, we want you to succeed, push yourself beyond your comfort zone, so you can reach your full potential.
You can also find that support through coaching. A business coach will notice your blind spots, give you unbiased advice, and most importantly keep you on the right track to achieving your goals. You can learn about working with a Fempire Certified Coach here.You need a strong sisterhood that will give you constructive feedback, wise advice, and encouragement as you face the challenges of becoming a businesswoman. #fempiresisterhood Click To Tweet
Let’s Get Back to Basics
There is no crash course to building a successful business, you can’t expect to open your doors and start making money straight away.
It just doesn’t work that way.
But what you can do is take your time and plan out the necessary steps to help you build a business that is under control, not out of control.
We hope you find this advice helpful and remember you can always reach out if you have any specific questions or just feel that you need some support from the sisterhood.
All you have to do is leave a comment below xx
Joanna Dutosme is a Marketing Intern at Fempire and a student majoring in Public Relations and Japanese at Curtin University. She aspires to become a fempreneur who eliminates the stigma around women in business and being leaders in the industry. Joanna enjoys reading books about personal growth and finance, in hopes to share her knowledge with others and inspire them to take control of their futures.