Once you have defined your markets, products, systems, and sales strategies, give your business a few weeks or months to test its place in the markets you’re targeting. Take a step back and look at what’s selling, what isn’t, what kind of feedback you’re getting, and what options you may not have considered.
Maybe there is more demand for personalization and less for off-the-shelf designs. Maybe you’ve found more success making sales locally than through e-commerce. Based on these findings, continue to refine your approach to sales and product development.
After six months, evaluate where your business is at, and where you want it to be at the end of your first year. Ask:
- Have I made back my initial investment? If no, why, and what can you do to make this happen faster?
- Are my profits satisfactory or am I constantly trying to keep up with expenses? If the answer to the latter is yes, you may have to re-evaluate your pricing strategy to ensure you are turning enough profit to pay everything – including yourself.
- How much of my markets am I reaching? Is this enough, or do I need to figure out ways to capture more market share?
- Are there additional opportunities in my markets that I would like to pursue? If so, how can I do this and is now the optimal time?
- What do I want my business to look like at the end of the year, in terms of size, revenue, reach, etc.?
- What goals do I want to have accomplished by the end of the year? What goals do I want to set for next year?
- Am I happy with the business I have created?
-Robin Kavanagh, Sawgrass
