If you’re considering launching a startup this year, you’ll no doubt have lots running through your mind.
Indeed, it’s a huge decision to go from working for someone else to running your own business, and putting in endless hours of your free time to get something off of the ground can be tough.
But if you’ve got a unique idea to change your industry and want a slice of the pie, then you’ve got to make the jump and start your business as soon as you can.
Below, we’ve put together a few things you should consider when launching your startup.
Even if you’re the world’s most experienced entrepreneur, starting a business on your own and running the day-to-day operation without help is hard.
Not only will you work many more hours than you initially expected, but you’ll end up growing tired and frustrated when your workload builds up.
Focus on hiring one or two staff as soon as you can afford to do so, as they can share your vision and get your business off the ground much faster.
Rely on volunteers, freelance workers, or friends and family if you can’t afford a full-time salary.
Take away the pressure of managing your books by appointing accountants and bookkeepers as soon as you find a few clients, as taxes are an unnecessary headache that no entrepreneur should endure if they don’t want to.
Yes, you’ll have to factor in the cost of an accountant, but consider the opportunity cost – you could be finding new clients and taking your business to new heights instead of working on your profit and loss sheets.
If you don’t market your business effectively, nobody will know that you exist.
Focus on your marketing strategy from day one, covering everything from social media and content marketing through to SEO and PPC and conduct competitor analysis to see what’s working in your niche already.
Experiment with new ideas and you’ll soon have clients flocking to your website or retail outlet – be bold, be brave, and be consistent if you want to succeed.
As we’ve just touched upon, seeing what your competitors are doing is so important.
Before you start spending thousands on building a brand, make sure there’s room for your business in the market and customers have an interest in what you’ve got to sell.
If you’re too slow or you spot a gap in the market and wait six months, another entrepreneur could get there first.
Finally, decide how you’re going to position your business in a way that outmanoeuvres the competition.
If you’re starting a florist, for example, why should customers buy from you over the florist on the next block?
Add value everywhere you can through customer service, product quality, branding, and marketing, and create a roadmap so that your products are always fresh and attractive to potential buyers.
Be an innovator and sales will come naturally.
There’s no denying that starting a new business can be hard work, but if you take your time and you’re consistent with your strategy, you’ll get there.
Whatever stage you’re at right now, we wish you the very best of luck – check back soon for more startup tips and tricks from us!