Small projects need a creative sense to choose an innovative idea. Their development leads to an unprecedented product or service that meets the needs of the community, but the spirit of creativity alone will not lead the project to the desired success. It requires a lot of hard work, from drafting the business model to the project. With careful financial planning, to launch the end product, and effective marketing that leads to profit.
Thus, it is clear that the steps to implement small projects are divided into four main elements in their chronological order: business model, business strategy, marketing and launch.
Before starting a project, however, one must first choose an innovative and realistic idea that can be implemented on the ground and touch the needs of a broad base of people. This will ensure the attraction and desire to acquire it.
In order to create a creative new idea, brainstorming sessions can be held with experts in the field, or with potential partners. This step will help to gather as many ideas as possible so that only one option will be chosen later on.
Some business experts advise beginners to concentrate on products instead of selling services because the latter is a hard-to-practice area that depends on selling time. If you do not work, you will not earn any profits, but those who sell the product will earn a growing income even while you sleep.
Product logo is an effective tool for communicating with and influencing customers
Once the concept is settled, the project is ready for its first step, “Formulating the Business Model”, which includes defining the desired key objectives of the project, the nature of the target audience, the financial budget, the strengths and weaknesses of competitors and other factors that give a comprehensive view of the new market. The project will take place.
The choice of name and logo of the final product under this stage also, and here it should be recalled that the name should be simple and remarkable, easy to remember, the logo is the tool of the product or service to reach the customer, and its connection to it.
It is very important at the initial stage of planning to accurately determine the extent of the need for partners or staff, and often will need help of others; to save a lot of time and effort, but taking into account the accuracy of choice, the involvement of qualified elements with confidence, and agree the views of the staff and their attitudes together.
Define the marketing message of the project
After the agreement on the elements of the trade model, the second step of the work, the formulation of the project strategy, is intended to provide a brief picture of the overall shape of the project, and consists of: “commercial description”, namely: determine the type of ownership of the project, and description of its product and features, and potential customers and competitors , And “Operational Plan”, which include information on how the product is delivered, and costs related to production, such as raw material prices, storage, packaging and shipment operations, number of workers in the project and the administrative structure and tasks required of each individual.
The strategy also includes a “marketing plan” that explains how to reach target customers and product promotion mechanisms; will it be through traditional ways or means, social networking sites or all of the above?
Here, the plan should include defining the marketing message of the project, ie advertising content that seeks to attract customers, and persuade them to acquire the product.
Financial coverage “Accounting translation” of marketing and operational plans
The business strategy includes another important point of developing a “pricing model for the product or service provided”; first, the competitors’ products, their strengths and weaknesses, and their price model should be monitored and evaluated; it is useful to evaluate the potential product of the project, , And to know the extent of the possibility of upgrading specifications and increase the price.
After determining the pricing model, you should go to the wording of the Financial Coverage Plan, which is the computational translation of the marketing and operational plans together. The plan’s figures indicate the amount of money required to cover project expenses, the potential profit, and the price of the product or service.
The expenses of the project are divided into the first operational expenses. The funds initially required are usually for the purchase of raw materials, production tools, payment of the rent of the company’s headquarters, if any, and operating expenses incurred during the course of the project such as electricity and water bills. Costs with anticipations of the action plan, avoiding wasteful, exceeding the expected financial limit.
The need to manage the financial and legal aspects of the project is one of the most important factors for the success of the project, especially the emerging. The legal advisor and the financial accountant will have the password to overcome various obstacles such as: construction pledges, taxes and contracts. Stocks, partnerships, and more.
The financial coverage plan is not formulated only once before the start of the project but is updated monthly during the first year of the project, then quarterly in the second year and then annually thereafter to determine whether the project needs bank loans or support from Different financing or not?
Future scenarios ensure the success and sustainability of the project among competitors
After completing the previous data collection, the project owner starts the “Executive Summary”, which provides an accurate and comprehensive description of the project progress, how to make a profit, the value of the financing, the commercial and legal status, the structure of the job, etc. Or service “, a process in which the material required for the preparation and pricing of the product is prepared.
This phase may reveal the need for modifications to the basic idea of the project, design, or raw materials.
The final product appears in public, perhaps during a ceremony among a number of customers and those interested in the field to receive different reactions to it. This phase is preceded by the “marketing” of the new product, which may be Traditionally via audio-visual media, road ads, telephone and SMS, or through a website and social networking. In this regard, the project owner must realize that he will not stand at the point of launch of his product or marketing, but should monitor the technical, financial and market results, and develop his perceptions of the next stage; developments and needs in order to be able to continue and keep pace with changes in the market