It’s a huge period of new business developments we’re living in, these days. Startups pop up in a seemingly endless procession. The simple truth is that 90% of them will fail. This is because many of them fall into stumbling blocks early that aren’t corrected into too late. In this article, we’ll be introducing you to what you need to do to get a startup started.
However, we will also be looking at how to keep that good start you’ve made and stumbling blocks to avoid. Setting off on the best foot and keeping on it could make you one of that 10%.
For most businesses, it’s highly recommended you put a business plan together. Business plans serve as a guideline to look at when you’re developing aspects of your business. Goals to aim toward when those hard decisions need to be made. It is also important evidence in securing the business loan that you will most likely need.
Make sure your business plans keep your aim clear and write it from the audience’s perspective at first. As you go, make adaptations to it based on the research and data you have both on the market and your own business experience.
Getting your finances together
In the area of finances, it’s important you get your act together as soon as possible. The choices of financing you make and how you handle those finances can play a huge role on how easy they are to maintain down the line. There are a lot of methods of financing that you can secure, nowadays.
Besides traditional routes like getting a business loan or investors, there are growing methods such as crowdfunding for some industries. Whichever way you choose, gauging your options is important. For example, using comparisons to decide which business loan to get.
For a lot of new business owners, there tends to be a lot of assistance available. Much of this can come in the forms of grants, from private or public sources. The business plan made earlier can be adapted to secure this funding and learning how to write funding applications is an important skill for any business owner.
There are also training opportunities, some paid and some free, that can help you easier understand certain aspects of running a business. For new business owners, this kind of advice and support can be invaluable. Do your research on assistance available locally to you.
The legal stuff
There are plenty of legal steps you also need to get put out of the way so you can begin doing business in earnest. One of the most important steps is choosing the structure of the business itself. There are a few different ways, a couple of which might be applicable to your start-up.
Depending on how you organise the funding and the efforts going in, you could be anything from a sole proprietor to part of a cooperative. Registering your business name and getting your taxes sorted early are also necessary steps.
The premises in which you do your business needs to be designed to that process. This is true whether you run a business from home or you’re getting some office space put together. There are a few things needed in just about any working environment.
For one, the environment needs to be designed with the health and work of the workers in mind. In any office or desk-heavy environment, this means taking ergonomics into consideration in your choice of chairs and desks. Being able to keep people focused and free of distraction also plays heavily into making an effective work environment.
Not all startups need employees. As we’ve already stated, you may just need your own efforts to do business at home. It’s likely you’ll have need of someone else at some point, however. Whether it’s designing a website or helping you define a visual brand. As for hiring employees themselves, there are a few methods to help you find those that can become valuable members of the team.
This involves defining the roles that your business absolutely needs filled. Then you find the people with the traits, not solely looking at the experience. Training employees to your specific needs can often prove to be more effective than getting them with lots of experience at first.
Finding your niche
This should be something that’s well on your mind when you begin to plan for any business. Ever service and product needs something unique they can offer the consumer. Even if it’s a well-established industry, you need to find your niche. It may be the location and accessibility of your business, customer service or anything that makes you stand out. Finding your niche also relies on doing your market research. Understanding your potential customer base gives you a direction to aim your marketing and products at.
Kick the marketing off early
Marketing is hugely important, too. For startups, most of it is done on the internet. You need to establish a clear brand voice before you even launch. Online marketing doesn’t necessarily need a huge budget, but it often needs a lot of time. The time to create a pipeline in which you develop and deliver content. Time, also, to manage multiple channels. Social media planning, for example, can help you plan your content delivery well in advance without having to jump from site to site.
A big part of your early marketing will be building towards that launch. The launch itself is a big part of any business. It can be online or in a physical location. It’s your chance to make that initial impact to give yourself momentum and a place in the industry. To get a killer launch running, you need to prepare.
You need to have an aim and develop your content toward that aim. You need to budget it and get promoting as hard as you can. Finding speaking or writing opportunities in blogs and events can be a great way to get the ball rolling early.