A lot of hard work and dedication goes into launching a successful startup. The business industry is highly competitive, so if you want your company to be one of the few that succeed past the first few years of opening, you need to make sure you give the business a solid foundation. A good company needs more than just an innovative product or service to be successful; it also needs a well-written business plan to serve as a blueprint for sustainable growth. With the proper planning and preparation, you can give your startup the tools it needs to succeed. Make sure you plan for these five things to give your startup its best chance of success.
Financing
No company turns a profit from the beginning. You may be able to rely on profits to finance the majority of the company in a few years, but you will need to secure an alternate avenue of financing to start the business. There are many avenues of financing so entrepreneurs should carefully consider which source is most beneficial for their business, but you may choose any of the following financial solutions.
- Crowdsourcing: You start a fundraiser online and rely on donations from family members, friends and strangers to finance your startup. This option gives you full control over how you spend the funds you receive but you may be expected to reward donors in small ways.
- Venture capitalists: Partnering with a venture capitalist such as S-Cubed Capital’s Mark Stevens is a great way to make business connections. The expertise is invaluable as you learn to navigate the business market, but you may be required to exchange a share of ownership in the company for the financing you need.
- Savings: You can use the money you have in savings to finance your startup. This gives you complete control over the company but may leave you with nothing if the business only lasts for a few years.
- Bank loans: Bank loans can help businesses grow in a wide variety of ways so they can be wonderful sources of flexible financing. However, you may not qualify if you have poor or limited credit.
Branding
A good brand sets your company apart from its competitors. The goal of your branding strategy, including the graphics, slogan and logo you choose to represent the business, is to make the company instantly recognizable to its customers. You need to know what your company values are and what the business stands for to create a recognizable brand. You can then develop a brand voice that reflects those values.
Marketing
You need a good marketing strategy in place to advertise your business to its customers. The rise of technology has created numerous ways to advertise your company’s products and services, so while you may not be able to pay for a television or radio ad for your startup, you could take advantage of other cost-efficient marketing tools. Focus on designing an eye-catching website with appealing content and then foster customer engagement with a social media campaign. Remember to find a strategy that appeals to your target audience. You also need to make sure you are cultivating customer loyalty while drawing in new clients for sustainable growth.
Hiring
You may be able to run your company effectively by itself when it first launches, but once, the business begins to grow, you’ll need to hire help to keep up with demand. The people you choose to hire have a direct impact on the success of your company. Choose applicants who are passionate about the products and services your company offers. You also want to hire people who are friendly and have great customer service skills, as these types of applicants will encourage clients to return to purchase products again in the future.
Managing Time
As the CEO of your business, you will have to juggle a lot of different tasks. Learning how to manage your time is crucial for completing tasks on time. Know how much time you need to devote to administrative tasks and don’t be afraid to hire an assistant if you can’t find the time to get everything done. You should also allow time for developing a marketing strategy or expanding the business with new products. If you try to do everything on your own, you may drop several balls because there isn’t enough time to get everything done. Practicing good time management and hiring help allows you to focus on the most important aspects of running your business.
Starting your own business is never easy but it is a worthwhile endeavor if you are passionate about the products and services the company offers. As the CEO of your company, there are many things to think about before you can even launch the business. Focus on these five elements while drafting your business plan so you stay on track after launching the company. Doing so provides the business with the stable foundation it needs for long-term success.
