A new business start-up is an exciting time. There will be many challenges to overcome before success is claimed. However, staying operational in today’s climate isn’t always easy. There are a plenty of things which can cause everything to crash around you.
You will be investing both time and money in getting things organised, therefore it’s important you don’t fail.
Here are 5 elements you need to focus on, if your new business is going to have the best chance of success.
100% Enthusiasm Levels
You need to make sure you can devote all of the time required into your new venture. Allowing distractions to get in the way is bad news. This will place additional levels of pressure on both you and the start-up.
Realistically things can be tough at the beginning, especially if your business represents a change of direction for you. It can be difficult to know if what you are doing is working. This can be compounded if you work alone, and don’t have the luxury of bouncing ideas to a partner.
The take-away here is your enthusiasm must be at its maximum. Failing to hold this will make it more difficult to brush-off the inevitable setbacks which will come your way.
Understand Your Potential Market
Carrying out market research is essential for any business, especially when it comes to new starts.
It is vital a good level of intelligence is gained prior to launching any new product, service or business. Without this information it could be your new idea isn’t quit as marketable as you first thought.
Never fall into the trap of paying “lip-service” during this research stage. Receiving and dealing with uncomplimentary feedback is much easier than making the mistake of setting up un-prepared.
Get a Handle on Every Start-Up Cost
Too many business owners make the error of not factoring in all eventualities.
Setting up in business is costly. But, cutting corners here will almost certainly handicap your fledgling venture.
If you plan to operate from a physical location then make sure you consider the land and buildings you need. An example of this comes into effect when looking at a car sales operation. Buying the land is great; however, unless you include the costs for vehicle display and storage things won’t work out.
Factoring in expenditure surrounding something like a steel storage unit can easily be missed. In this situation you would really be on the back foot, without the right secure area to park your stock.
Here you need to be completely honest with yourself and note down every element of the set-up. Missing out a few things here and there can add up to some serious issues later. Remember, buffer in a degree of flexibility to cover unknowns, and you should be set.
Secure a Great Location
No matter what type of physical business you run, it is vital you secure a great location. Customers will look elsewhere if you are too far away from them.
If a certain element of your business is expected to come from passing traffic then make sure you are in a location where people can find you. Being tucked away somewhere obscure is going to do your business no favours at all.
Additionally you should make sure there is sufficient space available for future expansion. There is nothing wrong with planning to be successful. If anything it will save you potential relocation headaches at a later stage.
Set Your Marketing Strategy
Another element not to be skipped is to spread the work about your new business. It isn’t sufficient just to tell friends and family. To make things really work you will have to find your own powerful voice.
Think about the different mediums you might have available. Some of these can absorb huge sums of cash, so being careful about over-budgeting makes sense.
You will probably need to have presence on the internet. While this can involve investing large amounts of time, especially at the beginning, it can prove highly effective.
If you are already a user of social media then it will be a good idea to leverage this. Organising a business website is also sensible as it allows people to better understand what you are trying to achieve.
Of course, every business will have its own set of financial controls. Unless you are independently wealthy and have bankrolled your business you will need to select the ones you feel will provide the best value.
If you want further information on this subject, I would recommend reading Don’t Know How to Market Your Startup? Here is a 7-Step Plan to Get You Started. This article was written by Adrianne Glowski and can be found on the Technori website.
Conclusion: Business Start-Up Failures
Too many business owners start off with good intentions, only to find things don’t work out. Of course, things are always easy and a new start-up will consume lots of resource. Time, money and enthusiasm will all be tested to the full during this critical period.
By following the tips that are shown here, you will be able to set up your new business, safe in the knowledge that you won’t become another business failure statistic.
Recently your author (Dale Murphy) set about starting up his own used car operation, which included the purchase of land. The steel buildings prices were very sensible, which meant that Dale had unused budget which he diverted onto his marketing campaign.