As signs of a reviving economy begin to appear, many entrepreneurially minded people begin to think about the prospect of launching out on their own and starting a business. But as much as you may dream and plan for your new venture, there are inevitably important considerations for running a successful business that you have overlooked. To help better prepare you for that initial leap or to offer guidance if you’ve already made the jump, here are 10 things you didn’t consider when launching a business:
- Size-up the competition – With so many internal logistics to consider for a new business, it’s easy to lose sight of the competition. Study your competition to find out what works, what doesn’t and how you can do it better.
- Seek advice everywhere – Entrepreneurs often feel that they know the best way to launch their business, but often their pride gets them in trouble down the road. Talk to industry veterans, seek out mentors, read trade publications; the more you can learn about your industry the better you will be prepared for success.
- Solve a problem – If your product or service provides a solution to your customer’s problem and makes their life easier, it will be much easier to sell.
- Payments should be easy – Streamline your payment process otherwise you will struggle to earn a profit.
- Be patient – Don’t expect overnight miracles; getting established and growing a business requires time and patience.
- Hire carefully – It can be tempting to hire every willing candidate when you start out, but during these critical times you want people who are dedicated to your mission, not just there for a paycheck.
- Your debut – Timing is key when it comes to launching a business. Carefully consider how and when you will get the word out and create buzz about your product or service.
- Exit strategy – You certainly don’t want to prepare for failure, but maintaining a healthy perspective and having a “plan B” can be helpful. You also want to consider your future plans, including if you plan to sell your company should it become a huge success, to help you prepare for such an event.
- Go big – Be willing to take risks when you are first starting out, it’s much easier to be bold and regroup if necessary when your company is small and nimble.
- Financing – One of the most critical components of survival for a new business is establishing a reliable source of funding. Whether you have investors, loans, or your own savings; map out how far the money will take you and what you’ll need to keep going.
What are some important things that you didn’t consider when you launched a business?