So You Want to Start a Business

The corporate life is lucrative. It has the benefits of a monthly income and a chance to influence the business environment. You are provided with a platform to learn and make mistakes behind the security of a corporation. As professionals, we may have toyed with the idea of owning our own business. Our ideas are endless, but getting them off the vision board and into reality can be a challenge.

The work environment in Trinidad and Tobago has changed drastically with measures that have been put in place to curtail the spread of the COVID-19 virus. Some of our colleagues may have experienced a loss of income, and the thoughts of owning a business may have popped back into our minds. The situation is fluid and volatile. It is riskier starting a business now and it will be for some time.

We will provide you with some key thoughts that you should consider before starting your business. To operate a business requires motivation, confidence and discipline. As an employee, you are accountable to a supervisor, a manager or director, however as an entrepreneur, you are accountable to your customers and most importantly, you are accountable to yourself. You must operate transparently and hold yourself to the highest ethical standards.

Discover a Need

The bedrock of a good business idea is fulfilling a need. Your customers’ willingness to pay is determined by the need they have for your product or service. The restrictions placed on businesses worldwide have negatively impacted their income. The businesses that are considered essential continue to operate. Entrepreneurs must now make a reconsideration of any business idea, to ensure that they are able to operate under any circumstance, while satisfying the needs of their customers.

Your Competitive Advantage

When entering the business environment with your idea, you need to be different from your competitors. What makes you different from the others? Price is not the only consideration. Would your business commit to quality, customer service or consistent communications? You must determine what weakness your competitors may have, so that you can bring value to the table. You must be an attractive choice for the customers in your industry.

Business Plan

It is a retroactive step with most businesses. The entrepreneurs we have worked with considered the business plan an afterthought. The ideas for execution were kept in their heads while they operated their business in a fluid manner. They responded to threats as they occurred and made changes haphazardly. This practice is not uncommon and has been successful for many businesses; however, the business plan is more than just having a document to guide your operations. It can be used as a tool to persuade or influence partners, investors and stakeholders.

Marketing and Communications

You must have a robust strategy to communicate your business to your target audience. You have to determine which traditional and/or new media methods will be the most effective channels to reach the individuals who will purchase your product or service. Your communication tools need to be timely, accurate and easily understood. We live in a world that can and will change quickly. You must have channels that can reach your audience immediately so that you can communicate your company’s position on any matter that may be of interest to them.

Case Example:

Rideshare services have increased in popularity in Trinidad and Tobago. There are now several applications that promise to take you from point A to point B. However, how does each application stand up against each other? The ridesharing apps are rated on safety, price, reliability, efficiency, communications and customer service. There are apps that offer a cheaper rate, however, their level of availability is often low. Some apps prices are exorbitant, but you are almost guaranteed to get a driver to be at your location at a specific date and time. Ridesharing apps also communicate with you via phone calls and emails throughout the ridesharing experience. All of these factors play an influential role when taking a look at a competitive market.

If you introduced a new ridesharing app in Trinidad and Tobago, what would you do differently to make your business successful? Leave your answers in the comments. We would love to hear some of your awesome ideas!

Our Connective Pros team offers several business solutions in Public Relations, Marketing, Media and Communications. When we provide tools to you, we want you to understand the most effective methods on how to use them. We want you to receive the best mileage from every product or service that you purchase from us. If you are still unsure you can always contact us via connectivepros@gmail.com and we will happy to provide you with additional details on all our services.