Turning your great idea into a viable business is easier said than done. After all, new start-ups are built on innovation and making sure that innovation translates well in business form can take some work. Moving your idea off the paper and into real life to get it up and running.
What exactly do you need to know to get your idea realised in a way that screams success and helps you to avoid being one of the 71% of businesses that fail in the first 10 years?
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A Solid Business Plan
Like any good start, you need a solid foundation and attempting to run a business with no business plan is much like building a house on sand. It may look amazing, but pretty soon, that sand will be washed away, leaving you with a pile of bricks and a great big mess.
Create a road map of how you intend to start your business, what you need to start it, how you will attract customers and build your brand. A good business plan needs to be as detailed as possible and requires you to delve into your sector and identify gaps in the market, create your unique selling point and how you will market your new start up.
Your business plan needs to detail exactly your projected journey for your company. Doing so will help you not only to be more successful when you get up and running but also give you a higher success rate when it comes to obtaining finance and expanding your company when the time is right too. Without it, you are walking into a business blind, and this is a recipe for failure.
Having appropriate funding in place before you start trading will make all the difference to how well you start. Whether you are looking for a traditional bank loan, approaching an angel investor or looking to self-fund, have all of this in place before you start your company.
Securing the funding to cover initial expenses and costs along with any wages could make all the difference in how long you can trade for without needing to make a profit. It will also ease the pressure off yourself too.
At every stage of your start up, networking is vital to your efforts. You don’t want to surround yourself with yes men or women. You can be put in touch with those who can help you get started and provide valuable leads to help you to reach those who need what you provide.
Reach out to contacts, family, friends and use your social media to help you establish connections with the right people. Think about creating your social media accounts for your company before you even begin trading to get your company out there in front of your ideal customer. Social media is a powerful marketing tool for every company, and using it correctly will enable you to build a customer base even before you begin trading.
Making the first Months of Your Start-Up Easier
There is no denying starting a new company is going to be hard. However, making it harder on yourself by not putting in the leg work before you open for business will show in your first year. The last thing you want to be doing is scrambling to keep up and losing sight of what you should be doing. Careful and strategic planning early on will help you create a company that is not only viable but also sustainable in the long term too.