Problem: How do you start a new business in a new market?
Ten years ago, Catharine found herself starting a new company in a market that didn’t exist. Today Catharine gives us her knowledge and advice for new entrepreneurs and talks about the importance of staying healthy as an entrepreneur.
The Steps to Start a New Business in a new market
With her experience building the ENERGYbits brand and product line, Catharine gives us her advice for new entrepreneurs.
Step 1: Know your “why”
Is important to know what your vision and mission statements are when starting a new business. Starting and building momentum is one of the toughest things an entrepreneur will go through. That is why it is important to build upon a foundation strengthened by your “why”. Why did you go into this business? Why are you passionate about your products? Why are you going through this difficult step of creating your own business? Not only that, but building a brand and just building a sales stream requires different approaches. So it is important to know if you are doing one or the other.
You have to decide why you’re building your company. You also have to decide whether you just want to build a sales stream or if you want to build a brand.
Step 2: Know your market
Catharine and ENERGYbits were in a unique situation where they were basically creating their own market. There were no other algae tablets in the market, which were being sold in mainstream platforms. All of the algae “competitors” were different enough, that ENERGYbits paved their own way. However, not everyone will be faced with this. Most new companies and businesses will have to dive into an already busy market, full of competition.
Being the only one in your market has its ups and downs. One of the downs being that funding was an issue for investors who didn’t want to gamble on something which didn’t have sales and marketing statistics to offer.
I had to batten down the hatches and know that I was going to be in for the long haul.
Step 3: Don’t stop when it gets difficult
The problem that most startups run into is that they stop when it gets tough. But these tough moments are what makes good businesses. You can’t stop when the going gets rough. Don’t forget your passion and why you’re doing this, that will get you through those challenging times.
You have to be passionate about what it is you’re doing and why you’re doing it.