Published On: Sat, Sep 7th, 2019

4 Steps to a Self-Employment Marketing Plan

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As the economic lull drags on and jobs stay scarce, more people are turning to self-employment to make ends meet. A marketing plan is a great way to make the risks of self-employment more bearable. The following four steps can turn your marketing ideas into a viable marketing plan.

Step 1: Market Analysis

The first step in drafting a marketing plan is to perform a market analysis by asking these questions:

Is your market for the goods or services you offer growing, shrinking, or stagnant in your target area?
How much competition do you have and how healthy is your competition?
What opportunities might be available to you?
What challenges might you face?
What does the market need or want and what can you offer to satisfy those wants or needs?
What needs or wants aren’t you able to satisfy and why?

Organize your market analysis into a standard SWOT format by arranging your answers into a matrix listing the strengths and weaknesses of your business and the opportunities and threats your business faces.

Step 2: Analyze Opportunities & Threats, Strengths & Weaknesses

The second step in writing your marketing plan is to analyze the possible opportunities and threats to determine your priorities. With finite resources, you must choose the opportunities you pursue carefully. You must also allocate resources to overcome the threats challenging your business. You need to find the best matches between available resources, opportunities, and threats for your business. Your strengths represent the tools you can use to overcome threats and pursue opportunities; whereas, your weaknesses represent the limits of those tools.

4 Steps to a Self-Employment Marketing Plan

If your business is operational, you must first compare your business’s strengths and weaknesses to the market’s current needs and wants. Which of these needs or wants do you choose to satisfy? Which can you choose not to satisfy in order to free up resources for other pursuits? Now, compare your strengths and weaknesses to the opportunities available to you. Will the rewards for meeting each opportunity be worth the cost? Which opportunities seem most likely to satisfy your business goals? Compare your strengths and weaknesses to the threats you face. Which threats are the most dangerous for the continued survival of your business? Which threats seem most likely to shut out future opportunities? Base your priorities on both urgent and important threats and opportunities.

Step 3: Create Action Steps

The third step is to organize this information into action steps. Think of the opportunities and threats as individual challenges and your strengths and weaknesses as your tools. Brainstorm the steps you must take to pursue each opportunity and overcome each threat. Be aware of the resources you’ll have available. Also consider the importance of contingency planning. And don’t forget to plan how you’ll communicate with your customers. Build trial and error into your communication plans. The same media will not be effective for all customers or all products.

Step 4: Organize Your Actions

The fourth and final step is to organize these lists of action steps into a chronological plan. While you want to list the action steps in chronological order, you also want to differentiate the steps that go together. That way you won’t mistakenly pursue an opportunity that is no longer attractive. When planning, you must account for the time and resources each action step will take. Don’t plan too many marketing tasks at once. Marketing is an important business function, but too much marketing will leave you little time to actually satisfy your customers. Stagger the opportunities you pursue. Finally, remember that the best marketing plans are flexible. Be sure to update your plan as market conditions change.

About the Author

- I am an internet marketing expert with an experience of 8 years.My hobbies are SEO,Content services and reading ebooks.I am founder of SRJ News andTech Preview.

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