Before the big launch day, there is a lot of work that goes into creating strong foundations. It is this time, however, no matter how long it takes, that can be the most important. It will allow you to explore all of the possibilities for your business, as well as highlight some of the ways that you can potentially grow in the future.
A lot of businesses are started on a whim, and while often they work out, from time to time, they need more time to get up and running well.
So what do good foundations look like?
If you don’t know what it is you want to do, but you know that you want to do something - then it is time to explore how that looks. Do you want to sell a product? Would you make it yourself or source suppliers? Perhaps service is more your speed, and you have several skills you could sell per hour or project.
Start to write down your ideas for your business, how you want to spend your hours each day, and the time and budget you have to make that happen. Often product businesses will need more capital in order to buy the materials to make your product - whereas services can typically start with the right post on LinkedIn or a website.
As you explore your options, you will also be deeply diving into who would be buying your products and services. You’ll be looking at what other businesses are doing and how they are interacting with customers. If your products are very similar, this is a great way to gain insight into your potential market.
The further you delve into the product and the market, the more of a profile you will be able to build of the target buyer.
This is important because the more you know about your potential audience, the better your marketing will be. You will create images and language to speak directly to them.
Could you make your product even more niche than it is? When the product reach is wide, it can tear your marketing efforts and focus into different ways. Over time this will become more and more ineffective.
Eventually, many entrepreneurs will become disillusioned with the problems that their marketing is facing. I.e., it is too broad and speaks vaguely to many people, rather than leaning into a niche.
Typically the more niche the area is, the better, and the more likely it is to be successful.
What’s in a name? You might be surprised. First, you need to choose a name that you will be comfortable with repeatedly saying. Seeing the name in print, on business cards, on all of your marketing materials… if you choose the wrong name, you’ll get irritated with it before your customers ever get to see it.
Securing your business name early in the process is a good idea; register a company limited by guarantee, and you can rest easy while you do the rest of the planning.
Once you have registered your business, you can take other steps like opening a business bank account and also start collecting your receipts for anything you purchase for your business.
If you have a full-time job or other commitments, then you will get a good glimpse into how long things will take you. In the early planning time, entrepreneurs will often have a lot more energy and vigor to throw into the planning. Long, late nights, early mornings, and skipping on sleep to get more done.
However, there has to be a balance and longevity because getting your business in good order is a marathon, not a sprint.
Look at how much time you can commit, and begin planning how the timeline will look for things like setting up your social media, drafting copy for your website, settling on marketing materials, branding… and so much more.
Creating a timeline can help you stay on track and meet the goals you need to, to ensure that you launch your business when you want to.
Depending on what you sell and where you will sell it, you might need to have certification, testing, and meet specific regulations and legal requirements.
Take some time to search into what you will need to be able to launch your business legally. But doing this, you will ensure you have all of the certifications and licenses before you start trading.
An accountant is some of the best money you can spend because they are trained to make sure you file on time, make the most of your deductibles, and everything in between.
What is important is that you read up on what your tax duties are and when you need to file. If you do need to do your own taxes before having the cash to hire an accountant, spend some time on the IRS website or the tax website for your country so that you can understand what your responsibilities are.
It doesn’t matter if you have a service or a product - it is essential that you test them out. Create a range of your products and hand them out to friends and family. Ask them for honest feedback, and be prepared to make some changes to your products based on the feedback.
Trialing out your services can be a bit more tricky, but reach out to businesses in the area and offer to give them a reduced-cost package or do it for free.
These things give you experience in your chosen route and can give you feedback that can improve your product - but more importantly, you can really see if what you thought the business might feel like and what it feels like are the same.
Fine-tuning your product might take some time, but it can be a vital part of your business foundations. Ensuring that you have thought of everything, made changes, and are ready for your services or products to go out to the public.
Your website is most likely going to be your point of sale, and it needs to have some testing in advance for customers to be able to check it out. The menu should be simple and easy to navigate; try to find people that you know who aren’t great with technology to navigate the website. Ask your friends and family to try making orders, and then give you some feedback on how the experience felt.
If they felt it was difficult, or there were things that stopped them from being able to make a transaction easily, those are things you can fix before opening up the website to other customers.
One of the most difficult and exciting parts of launching your own business is that you can and will be wearing many hats. You’ll need to understand and learn about social media marketing, finance management, making your websites, writing your own press releases, and engaging with buyers too.
Over time you can look to outsource some parts of the process, but in the early days, you’re going to be learning the basics of everything. Short courses, online articles, and even asking other business owners you know can help you gather all of the skills to get your business started. As part of this, you will be expected to set and monitor the goals of your employees. Looking at smart goals for engineers examples can help with this.
Your foundations are essential, and here are even more things to keep in mind as you move forward: The Importance of Maintaining and Improving Your Business and Tips to Help.
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