Terri Ramsey Beavers So you’ve got a great business idea. You may have even built prototypes and gotten opinions from industry leaders about your ideas. But, it’s important not to rush into anything. One of the biggest mistakes people make when starting their own business is taking their idea and running with it. And, while for a small percentage this technique works, for most, running a successful business requires a lot of careful planning. So, let’s take a look at some of the things you should be doing before launching your business into the public eye.
Write a business plan
Now that you’ve got your idea and know it could work, it’s time to sit down and write a business plan. What do you intend to achieve in the first three, six and twelve months? While some people’s businesses fly off to a great start, there’s a good chance you’re going to need to be strategic with your business approach. And, by writing a business plan, you can cover everything, from hiring, buying materials, right down to your brand image. Once that plan is in place, you can follow it and tweak it as needed through regular reviews once your business is launched.
Speak to a business advisor
A step that many entrepreneurs fail to take is speaking to a group of business advisors. While you might have had the nod from a fellow industry lead, it doesn’t mean that your plan is definitely going to work. Once you’ve written your business plan you’ll need to get in touch with a business advisor and run this plan by them. Not only can they help you tweak it to make it more achievable, but they’ll be able to pinpoint anything you’ve missed.
Research your competition
Competition is good in the business world, but it’s also important to know exactly who they are and what they’re about. And, by taking the time to look into this information, you can identify any gaps in the market and add this to your business plan too. While you might hope to dominate in your industry eventually, it’s a good idea to find where you could enter the industry as a strong player to begin with.
Work out how you’re going to fund your business
Your next step should be to work out how you’re going to find the money to run your business. Sure, you might have some savings ready to fund things for the time being, but have you thought about what you’re going to do if that money runs out? Are you going to need a bank loan to help fund your business, or will you go down a fundraising or investor route? Again, knowing the answers to these questions and having them as a part of your business plan will help prevent you from falling flat on your face before you really ever got anywhere.
Running a business isn’t easy, but as long as you write and stick to a business plan, you’ll be able to navigate your industry and begin to make your mark.