Entrepreneurial ventures often start with a great idea. If you’re ready to move from the brainstorming stage into getting your business off the ground and running, developing a strategy is the first step in the right direction. Read on to learn more:
Business Planning
According to SCORE, writing a comprehensive business plan is not only a necessity if you’re looking to secure a small business grant or a loan, it’s also an exercise that prompts you to think through all of the key operational functions of your business. This includes everything from identifying your target market and deciding how you want to structure your business, to securing vendors, putting together an advertising and marketing strategy, and cultivating a customer base. Having a business plan in place essentially gives you a roadmap from which to operate.
Find the Right People
Even though entrepreneurs often operate as one-person ventures, you’re wise to identify and surround yourself with people who can help you be successful. This might be a mentor, a board of advisors, or consultants who can help you in key areas, like website development, social media management, marketing strategy creation, and financial management. You can hire staffers, utilize freelancers and independent contractors, or use outside companies and agencies to help you take care of some of these critical startup areas.
Handle Regulatory Requirements
There are a number of different official channels you’ll likely need to go through before launching your business. This can include getting a business license, obtaining any necessary special use permits, securing insurance, opening a business banking account, choosing a name, and, most important, deciding on a business structure. You can do this yourself, pay an attorney to handle matters, or the best choice, use a formation service. They can walk you through various options and help you determine the best structure for your needs, then file all of the appropriate paperwork with your state and provide you with the pertinent documents.
Conduct Market Research
According to Edward Lowe, conducting market research in advance of launching your business will provide you with valuable insights into who your primary target audience is, and how best to reach them. As part of this process, you should also evaluate your competition. Knowing what others in your industry are doing will help you devise a strategy for how to stand out. Researching the market may also help you identify opportunities for collaboration with other small businesses that will be mutually beneficial. Joining business and industry groups and attending networking events is another great pre-startup move.
Establish Your Work Space
Whether you lease or buy an office or storefront or work from a home office, getting organized and established in your space before you launch will be incredibly helpful. Purchase necessary equipment and learn how to find, install, and use key software programs that will make it easier to run your operation. Project management programs can help you stay on track while providing a tool for collaborative projects. You may also benefit from an accounting program, inventory management, and cybersecurity features – a must-have, especially if you’re handling sensitive or financial information.
When you have the fundamentals in place, it’s time to launch your business! Promote your opening via personal and professional networks, social media, and targeted email and outside marketing campaigns. Offer special introductory pricing, conduct an open house, and make a big splash! Once you have satisfied customers on your roster, ask for testimonials and referrals. Perhaps most important, track your marketing to see what’s working and what isn’t, and continually refer back to your business plan. This will keep your growth focused and on track.