Entrepreneurship continues to be an exciting career path for many individuals in today’s evolving and changing world. Each day, potential entrepreneurs come up with unique new business ideas. However, it’s essential to remember that turning these ideas into successful ventures requires significant effort and attention. Therefore, we diligently work on providing valuable guidance for every step our aspiring entrepreneurs take. Below are some of the steps to be followed:
- Market Research and Analysis
The first step for aspiring entrepreneurs is to conduct comprehensive market research in their target market. Market analysis allows understanding the existing competition and consumer demands. In essence, each of these is a separate process. This analysis helps identify how much demand a potential business idea may receive and the opportunities that can provide a competitive advantage. Market research also includes methods like customer surveys and focus groups to understand customer needs and expectations. However, don’t worry, we will decide together with our experts which method is most suitable for you.
The milestones of market research can be listed as follows:
- Identifying the Target Market
The first thing entrepreneurs need to do is identify the target market that is suitable for their business ideas. This refers to a specific “market segment” where the product or service could potentially be sold and where the customer base is located. For example, an entrepreneur aiming to operate in the technology sector may target technology enthusiasts or offer specialized solutions for a particular industry.
- Competition Analysis
During the market research stage, it is crucial for entrepreneurs to understand the existing competition in the market they are entering. Competition analysis is a process that involves evaluating other businesses offering similar products or services and assessing their positions in the market. This analysis is used to identify potential competitive advantages and points of differentiation. It is essential to evaluate the features of the competitors’ products, their pricing, marketing strategies, and customer satisfaction. Additionally, since products and services in the market constantly vary in quantity and quality, competition analysis should not be considered a one-time event. The competitive strength of your newly established business should be periodically analyzed after entering the market.
- Consumer Research
In market research, conducting consumer research is absolutely necessary to understand the target audience. At this stage, it is crucial to comprehend consumer behaviors, needs, preferences, and expectations in the target market. Consumer research can be conducted using methods such as surveys, focus groups, interviews, or online data analysis. These data provide guidance to the entrepreneur on how to position their product or service, develop marketing strategies, and offer customer-oriented solutions.
- Evaluation of Market Potential
During the market research process, entrepreneurs should evaluate the potential growth and revenue opportunities in the target market. This involves understanding the market size, growth rate, trends, demographic factors, and customer segments. This information is used in the process of business planning, financial projections, and developing marketing strategies.
- SWOT Analysis
In the final stage of market research and analysis, entrepreneurs should conduct a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis. This analysis evaluates the internal and external factors related to the business’s strengths and weaknesses while identifying opportunities and potential threats in the market. SWOT analysis helps shape the business strategy and strengthen competitive advantages. While it is one of the most commonly used methods in market research, it is not sufficient on its own to ensure continuous success. Therefore, in addition to the services we provide at Analysis Career (Analiz Kariyer) , we also keep track of global developments and apply any analysis and methods that will enhance your strength.
2.Creating a Strategic Business Plan
Why Should You Have a Strategic Perspective?
A strategic business plan is a fundamental tool for the success of an enterprise. The business plan is necessary to define the goals of the venture, plan its strategies, create financial projections, and instill confidence in potential investors and business partners. Moreover, the more accurate the developed strategy, the higher the likelihood of achieving rapid growth. A well-crafted strategic business plan clarifies the entrepreneur’s business vision, sets objectives, and outlines the necessary steps. Additionally, it evaluates the strengths and weaknesses of the business, identifies competitive advantages, and assists in anticipating potential risks.
As part of our entrepreneurship consultancy services, we conduct an initial meeting to understand the entrepreneur’s business goals and priorities. Subsequently, we follow steps such as market research, competitive analysis, financial assessment, and risk evaluation to create a comprehensive business plan.
Furthermore, we offer support in writing and presenting the business plan. To ensure effective communication of the plan, we use elements such as visuals, graphs, and strategic highlights to make your business plan more captivating and persuasive.
Reviewing and Updating the Business Plan:
Continuously reviewing and updating the business plan is important. Factors such as business growth, market changes, or shifts in strategic objectives may necessitate revising the business plan in some instances. We, as Analysis Career, also stand by you when it comes to regularly reviewing and updating business plans. We ensure the optimization of your business plan to help you achieve the goals you have set for your company.
Leveraging Appropriate Incentives: Support Your Business Growth
For business owners, accessing and benefiting from the right incentive programs is a highly preferred method to expand their businesses and gain a competitive advantage. Various institutions in Turkey offer incentives that provide businesses with financial support, tax advantages, training, and consultancy services, among other opportunities. At Analysis Career (Analiz Kariyer) we utilize our expertise and experience to assist businesses in making the most of these incentives.
Within the scope of entrepreneurship consultancy, whether it is focused on a specific field or aims to meet various needs, you can rest assured that you will be informed about the most suitable incentives in a timely manner.
Here are some of the supports offered to entrepreneurs in our country:
- Small and Medium Enterprises Development Organization (KOSGEB) Entrepreneurship Support Program
- Ministry of Industry and Technology Development Agency Supports (Development Agencies)
- R&D and Innovation Supports (TUBITAK – Scientific and Technological Research Council of Turkey)
- Business Development Center (İŞGEM) Supports (KOSGEB)
- Agriculture and Rural Development Support Institution (TKDK) Agricultural Support Programs
- Istanbul Development Agency (İSTKA) Project Supports
- Promotion of Energy Efficiency and the Use of Renewable Energy Resources (EPDK – Energy Market Regulatory Authority)
- Support for Transformation and Development of Large and Medium-Sized Textile Enterprises (ITKIB – Istanbul Textile and Raw Materials Exporters’ Association)
- E-Commerce Support Program (Turkish Ministry of Trade)
- Tourism Supports (Turkey Tourism Promotion and Development Agency – TGA)
- Employers’ Qualified Workforce Training Program (ISKUR – Turkish Employment Agency)
- Young Entrepreneur Support Program (KOSGEB)
- Innovative Product Support Program (KOSGEB)
- Sustainability Supports (Ministry of Environment and Urbanization)
- Brand and Patent Supports (Turkish Patent and Trademark Office – TURKPATENT)
3.1. Preparation of Project and Incentive Files
Preparing project and incentive files correctly is a critical step for entrepreneurs to make the most of suitable incentives. We, as Analysis Career (Analiz Kariyer) , the services we offer include the following steps:
Researching Incentives: Firstly, we conduct research on existing incentive programs that align with your business’s field of activity, growth objectives, and needs. We identify and present the conditions and opportunities provided by these programs for your review.
Project Analysis: We perform analyses to create a project plan that aligns with your business’s objectives. These analyses encompass factors such as your business’s competitive advantages, market potential, financial projections, and job creation potential.
Preparation of Grant/Incentive Application File: We provide you with the necessary guidance from start to finish in organizing the required documents for incentive application and creating the incentive file. Throughout this process, we handle all the necessary steps for you, including introducing your business, providing project details, conducting financial analysis, presenting market analysis, and illustrating the economic impacts of your business.
3.2. Process Tracking
The incentive application process can be complex and time-consuming. We as Analysis Career (Analiz Kariyer) , manage the process tracking on your behalf and provide you with support to ensure the successful completion of your application. Here are the services we offer:
Preparation for Application: We undertake all the necessary preliminary preparations to ensure that your application is complete and accurate. To enhance the chances of success, we involve our experts in a detailed review of your application.
Communication with Relevant Parties: We directly handle communication with incentive institutions, local authorities, and other relevant parties. We keep track of the latest information regarding the status of your application and handle all necessary written or verbal communication on your behalf.
Monitoring the Application Process: We regularly monitor the progress of your application. At each stage, we provide you with updates and guide you through any required corrections or the submission of additional documents.
3.3. Grant and Incentive Approval Processes
During the evaluation and approval stages of your grant/incentive applications, as Analysis Career, we provide you with the following services:
Application Assessment: We assess the suitability of your application request for the incentive program’s conditions and requirements. We share all of our expertise with you regarding necessary corrections or additional documentation.
Appeal and Revision Process: If your application is rejected or needs revision, we manage the appeal process and promptly make the necessary corrections for your application to be reevaluated.
Fast and Efficient Approval Process: We take the necessary steps to ensure that your application is approved as quickly as possible and maintain continuous communication with incentive institutions to ensure a successful outcome.
As Analysis Career family, we would be delighted to work with our experts to support the growth of your business and help you benefit from appropriate incentives!