Consider These 4 Steps To Successfully Develop New Business In 2020
By Angela Myers, Market America | SHOP.COM
Developing a business can be hard for anyone, from new entrepreneurs to expanding companies. But with the rise of e-commerce, the cost for business development has rapidly decreased and the opportunities for exposure have increased. The trick is to understand how to develop new and sustainable business while also keeping both the online aspect and the human element in mind. Below you’ll find four practical steps successful Market America | SHOP.COM entrepreneurs use to develop new business; you can use them to achieve your goals for a new business in the new year.
One program that helps entrepreneurs capitalize on lower startup costs and people power is Market America |SHOP.COM’s UnFranchise Business system. Market America is a global product brokerage and internet marketing company that specializes in One-to-One Marketing. Through its UnFranchise Business, entrepreneurs have the resources and products needed to develop a business that can stand the test of time.
Andrew Weissman, Vice President of Market America, explained its UnFranchise Business system. “The UnFranchise Business was pioneered by our founder, JR Ridinger,” he said. “Just like a franchise, the attraction is that you’re accessing or buying a proven business plan with a systemized, standardized and required way of doing things, which results in a higher probability of success for those entrepreneurs who follow the system.
“There are market-driven products, merchandising tools and support. We have incorporated all of the advantages, strengths and tools that make a franchise business model work. However, unlike a franchise, the cost is not prohibitive. We’re able to provide everything an entrepreneur needs, but at a minimal cost.”
Through years working with UnFranchise Owners on business development, Weissman has discovered four staple considerations for anyone looking to start or expand their business.
Step One: The Process Of Attracting Business Partners Or Team Members
“Somebody has to qualify to establish an UnFranchise Business. This qualification process really starts the business development process,” Weissman revealed about Market America’s onboarding process for new UnFranchise Owners. He recommended that whenever any company is evaluating bringing on a new team member or business partner, the prospect test markets the products and business to determine if they would be a good fit. Weissman usually analyzes new candidates to see if they have a sincere desire to improve their financial position and their future as well as understand the company’s products, technology and business model; he believes attracting the right people takes the right approach.
“The approach is a qualification approach and not a recruitment approach,” Weissman said. “By implementing this process, it dramatically increases the probability of their success and eliminates wasted time.”
Step Two: The Role Of Business Mentorships
Business development usually means growing into new areas; having a mentor to guide the owner through the development and growth process is critical to success. Inherent in Market America’s UnFranchise business model, UnFranchise Owners start their businesses either connected to or partnered with an experienced and knowledgeable mentor.
“One of the unique aspects of how the organization is structured is economic connectivity, and because of that economic connectivity, by supporting, coaching, and guiding other people to their success, it ensures your own success,” said Weissman. “The connection is always there.” When developing a business, Weissman recommends considering the importance of finding a mentor, being a mentor, or finding a community of other entrepreneurs that will support you, similar to Market America’s community of UnFranchise Owners.
Step Three: The Importance Of Digital Marketing
To develop a successful e-commerce business, companies might want to consider utilizing digital marketing tactics to reach new customers. Weissman discussed how, before social media and other technologies, a person’s sphere of influence was constrained to their local and regional communities. Now, entrepreneurs have the chance to reach audiences around the globe — if they market wisely.
“The technology today, especially social media, can be employed to connect to people outside of the original sphere of influence for someone,” Weissman said. When supporting new entrepreneurs, Market America always teaches the best practices of digital marketing, such as how to market through social media or how to directly contact a potential customer online.
Step Four: The Power Of People
Above all else, Weissman said, the most important aspect to developing a business is the power of people. To start or expand your business, he recommends using your network and current relationships as well as building up your circle. “Our whole approach is that people lead to other people,” he said. “In many cases, it’s not the person you initially think of who may have an interest. It’s often the person that person leads you to.”
Even with the rise of technology, Weissman still sees building relationships as the most important element to business growth.
“It’s nice that we can do it faster and with more people with the technology, but the relationship is critical and needs to be developed in order to have a long-lasting partnership or business,” said Weissman. At the end of the day, he believes, long-lasting relationships and partnerships pave the way to Market America’s ongoing success and to the success of its UnFranchise Owners.
Creating a qualifying process for new team members and partners, considering getting a business mentor, launching a digital marketing plan, and forming lasting relationships are all important to fostering a successful business, according to Weissman. Market America has not only considered these when developing its own UnFranchise Business system, but also when empowering their UnFranchise Owners to build their businesses. However, the most important consideration when working toward business development is the power of people and tapping into their entrepreneurial spirit.
“The relationship building and human connectivity,” Weissman said, “can never be replaced.”
About The Author
Angela Myers is a contributing writer for Market America | SHOP.COM. Angela is a sophomore at Elon University double majoring in Professional Writing and History. Her passions include business writing, travel and fitness.