Launching a business is always risky. Prior planning and research are key to anything successful in this regard. If you’re stuck at home, perhaps on lockdown due to the coronavirus, then now is the time to dedicate some time to planning and preparation. If you can’t do it now, when can you?
The market may not currently be ready for your business, but it will be at some point, and that’s when you need to plan for. Advice is so easy to find on the internet, but it’s about finding the right advice. These tips are basic in nature and can help you start formulating ideas in your own mind.
When you’ve nailed the industry and type, you’ll need to go further in your research, research which will be completely unique to your own business, where advice online may be next to useless.
Until then, here are some points to get you started in your venture. As the market turns up, hopefully, you’ll turn up with it.
Focus On Your Business Type
What do you want to do? What kind of business are you thinking about setting up? You could go into business as a sole trader, usually popular with tradesmen and the like. Perhaps you want to go into a partnership with someone else, or maybe you’re thinking about a not for profit organization if you wanted to get into some kind of charity work.
A lot of people go straight to the incorporated company. There are a lot of different ones to consider, so pick the right type which best suits your business. You’ll also need to look into the laws and regulations for this business type in your state or country.
They do differ, so make sure that you follow the correct legislation otherwise there may be some disappointment in the form of a reprimand or fine down the line. Get this foundation right and you’ll give your business a better chance of succeeding.
Launch With Your Website Being Perfect
It’s so easy to launch with your website undercooked. The excitement builds up and you just want to pull the trigger and get your business out there. Don’t do it. It’ll damage your reputation before you’ve had the chance to build one.
Think about the website as your online storefront. Especially the landing page. It needs to have been thoroughly thought out. If you’re selling on your website then the buying process needs to be seamless. If there are too many pages or the site is hard to navigate then your customer might just jump ship to your competitor.
You don’t want that. So your website needs to be exceptional. Check your competitors, see what they’re doing right, and improve upon what they’re doing wrong. Make sure it’s been tested properly and don’t be afraid to challenge your developer if you think there are elements that could be better.
Only when the website is perfect can you think about launching your business. If you go without a website in good order, you might just miss out on a lot of sales.
Launch With A Bang
So your website is in good order. What about the rest? How can you ensure you launch with aplomb and continue to soar thereafter? A lot of it might be out of your hands. Around 1 in 5 businesses fail in the first 3 years. You need to stack the odds in your favor.
The biggest problem you’ll have is that people won’t know about you. If they don’t know about you, how can you expect them to purchase from you? So, you need to invade every stream available to coincide with your business going life and your website’s launch.
Look at social media. Use Facebook and Twitter to promote your business and drive into your key demographics. See if you can find a well-known blogger or critic to sample your product or service. They’ll write about it. If it’s good, you’ll get good publicity. If it’s bad, then you’ll have some stellar feedback to work on to make it better. Reviews are key.
Think about how much they influence you to spend when using sites like Amazon. You can use them to drive your business.
Keep Costs Down At First
You don’t want to hire people right off the bat. Instead, it’s better to see how things go and hire slowly. If your business takes a while to get off the ground you may be wasting money on overheads.
At this critical time, you’ll also want to be focusing on your business, not training staff. Think ahead, don’t hire too soon.