Launching a business sounds exciting right? Well, it may be but for some, getting it right the first time can be challenging. There are some entrepreneurs who’ll be lucky enough to launch a business and find success within its first year.
For others, it might take several launches and business ideas before one successfully sticks. It’s important to best prepare the business for launch so that you’re part of the lucky few who make it with their first go.
There are plenty of ways to help successfully start a business this year. With that being said, let’s look at what’s needed to make any business thrive – not dive!
- Conduct market research.
Whether it’s setting up a recruitment agency or starting a fashion eCommerce business, conduct market research. Market research is something that should be done in the early days of developing a business idea. In order for a business to be successful, it needs to attract customers and generate sales.
Some business ideas might sound good on paper but in reality, there’s no market available for this business idea yet. For some business ideas, the market may be so overly saturated that another business model with the exact product or service as several others, will have no chance of success.
With that in mind, conduct market research and understand exactly what the potential is when it comes to the business idea. It’ll be at this point that it’s either scraped or moved forward with.
- Make sure that there’s enough financial backing to survive.
Financial backing is something that any business will need to grow and survive during its first few months, let alone its first year.
With 20% not making it past their first year and 60% going bust within their first three years, a business being launched nowadays is up against some tough odds.
Be sure that there’s enough financial backing available to see the business through some ups and downs as it works hard to establish itself on the market.
- Have a business plan and objectives/goals in place.
As a business, it pays to have a business plan in place. It provides it with some direction and gives the business owner(s), something to keep track of and monitor.
With that in mind, set some business objectives and goals. These can be a mix of both short-term and long-term goals designed to be achieved over the course of the first year in its business to several years down the line.
Business goals and objectives will likely change over time but having these in place from the beginning, can certainly help it thrive.
- Register the business.
In order to have a business, it needs to be registered with the relevant authorities. This is different from one country to the next, so it’s worth looking into it and understanding what’s needed to officially name and register the business.
That way, with a registered business, everything is being done by the book and it’s official. It puts the business on the map and can provide a certain degree of legal protection if the rights to the brand name are bought too. It’ll hopefully help stop anyone from copying the business.
- Know the competition.
Before launching a business, it’s good to know what the business is going to be up against. Some industries are more saturated than others and if there’s a niche that the business is going into, that’s usually going to put the company at an advantage.
With fewer competitors to deal with, it will be more likely that the business will find success as a result.
- Consider an effective digital marketing strategy.
Digital media has become a gold mine for businesses nowadays and it makes sense, seeing as so many of us are now online. We rely on the internet and digital media for so much, both in our personal lives and for business.
That’s why it’s essential to set the business up with an effective digital marketing strategy. In order for a business to make it big, it needs to get its name out there. That can only be done with advertising and marketing in abundance.
Not only that but when there’s so much hard work going on behind the scenes to make the business grow, it can be a waste when the company isn’t being advertised properly.
- Set up a website and social media platforms.
Talking of digital marketing, there are two tasks that need to be done in the build-up to launching the business. Step one is setting up a website. This is the face of the company and therefore needs to be the place every new lead and customer comes to in order to learn more about moving themselves down that all-important buyer’s funnel.
Secondly, it’s important to get the business on as many social media platforms as possible. Even if the intention is to not be on all of them, to begin with, getting ownership of the name on social media can prove useful in the long run.
- Make strategic hires where necessary.
Strategic hires are necessary at some point within the business, whether this is before launching or within the first few months to the first few years of existence.
It’s important to be aware of what the business needs now in terms of additional support and what may be handled currently with the existing staff.
- Get legal aid on speed dial.
Legal aid is a must, even if you’ve simply had a few conversations back and forth over email or phone to introduce yourself. Having some legal aid on speed dial can be helpful when the business finds itself in a sticky situation.
- Remember there will be many obstacles coming your way.
Finally, remember that there will be many obstacles coming your way when running a business. Running a business isn’t easy and while the launch of it may be exciting, there are going to be lots of bumps in the road to success.
With all this in mind, take the bull by the horns and make the business launch the best it can be to give it the best chance of making it past that first-year hurdle.