Starting a business is a big decision. You’re committing all your resources, and a lot of time and if it doesn’t find an audience then you could find yourself fatally overstretched, financially speaking. At the very least you run the risk of undermining your chances of starting again as an entrepreneur.
Today we’re taking a look at the various ways you can feel confident that your business is ready to launch on an unsuspecting world – to minimise the chance of a failed launch and an early end to your entrepreneurial ambitions.
Success doesn’t come immediately to any business. Even Amazon built its current position of primacy over the course of two decades, and one of the major factors that helps any business succeed is sheer longevity.
You need to make sure you have the resources to support yourself through the early weeks of building a loyal market, so the first check you need to make is on your funding. If you’re getting investment from a bank loan, what terms is it on, and how much time does it buy you? If you’re dealing with investors, what are their expectations? If they’re expecting your business to return an immediate profit, they may not be the best option for a first time entrepreneur.
Lots of people have a killer business idea they discuss in the pub. What separates the doers from the dreamers is their capacity to put the work into actually making that idea real. What separates the successes from the failures is their ability to test their ideas against reality, and tailor their plans around a realistic expectation about the success of their ideas.
If you have the resources, then beginning your business planning by concept testing with a market research firm can give you a better idea of how your business will perform when it opens its doors, and help you budget realistically and efficiently.
Your business isn’t ready to go until it’s got customers waiting for it. It’s not enough to simply rent a premises – or build a website, fill it with stock, and cruise quietly towards opening day. To ensure you’re building a crowd of loyal customers from day one, talk with a marketing firm. Preparing the ground with a campaign, be it through social media or posters printed and posted locally, means that your target market will be anticipating your launch there, and forming a queue outside as you prepare to open!