Starting your own businessIntroductionBecause of the high recession in the current world and no job opportunities, I am planning to establish my own business so that I can earn a living. The current world is moving into entrepreneurship opportunities where people are employing themselves. I believe I will succeed in establishing my own business because currently I hold the minimum requirement – education- I am a graduate in an Engineering field. I will offer a wide variety of services and products to the market segment that I will choose to serve so that I will satisfy as many customers as possible.
This will facilitate the attainment of goals and objective of the business that I intend to start. Some of the services I intend to offer involves installing, servicing, maintaining and repairing a large range of industrial doors and docking bay system services. In addition, I will offer several products in the company. These products comprise of steel cops that are used as yarn carriers in draw twisting machine, bobbins which are commonly used in the manufacture of sewing machines and aluminum products, aluminum tubes and rods.
I will choose these services and products because there is a high demand in the market. From a research carried out by Chaffey, (2006), competition in this field is low. I will need to equip myself with essential knowledge, skills and abilities (KSA) especially in the field of marketing. It is more challenging to enter into the new market with my new business because of reaction from already established companies in the market. I will therefore implement all strategies which will make my business to survive stiff competition incase other people would immitate what I will do and offer.
There are basic skills that I will need to know before I establish my business. These skills comprise of factors such as the 4Ps or marketing mix. Marketing mix is very important because it will help me to know whether the products and services are meeting the needs of the customers in the market. Customer satisfaction is very important because it will create a positive relationship which will lead to customer loyalty. For the business to improve in its performance it needs to position itself well in the mind of the customers.
Quality is the main thing which matters in business. Customers are willing to spend heavily on quality products and are even willing to pay premium prices when they know that the product or services will satisfy their needs completely (Friedman, 2009). To be sure about this, I will need to define the characteristics of the products that I offer so that it can satisfy the customers beyond their expectations. I will consider many factors before I price my products and services.
I will make sure that I consider how the competitors price theirs so that I can price slightly lower than them. Following the nature of the products which I intend to offer, customers will be sensitive to the prices offered. Price is the most important determinant on how I will build my clientele. This is the most sensitive part in the business because if I price my products or services too low, I will not get any profits.