8 Things You Should Consider Before Launching Your New Business
By Taylor Bartley
You are starting a new business, but are you sure you have you done all of your research? As an entrepreneur you may feel that you have everything in place in order to launch. Truth is, you will never be completely prepared for what your small business will throw your way. Don’t worry, we have put together a list of things you should consider before starting your new business. We are the home to a variety of businesses that have very different goals and objectives. One thing they all have in common is that they had to start somewhere. No matter what type of business you are launching, there are certain steps you must go through in order to set your foundation. Here we have 7 things you should consider in order to make sure you have covered your bases when starting your own business.
What value will your small business provide?
A business that is not creating a solution to a real problem is likely not going to prosper. Talk about your business idea out loud and get feedback from others. You may think it is a great idea, but once you verbalize it you might find flaws in your original idea. Flaws are ok, you simply need to reevaluate the idea and tailor it to make it marketable and helpful.
The importance of a good business name
For some business owners, the name simply comes to them. For others, it takes a lot of evaluation, research and energy. There are a few options you have to get assistance with naming your business. Take a look at this article if a business name is something you are struggling to establish. At the end of the day, you have to feel completely comfortable and content with the name. Mainly because you will say it a million times!
Create an elevator pitch
Your business may be one of a kind or it could be simple. In either situation you have to create a brief summary of what you do. The ideal elevator pitch for your business is short and sweet. If you have an unique business, it is likely that it takes more time to explain. In that case, keep it short. If your business is simple or common, you need to position it in a way that makes it stand out when you describe it. Therefore, keep it sweet.
Estimate your costs and profits
This is an extremely essential step in your business planning. If you do not have the capital and an idea of your costs, you will likely be in for a rude awakening. We found a great article that helps you do this in a realistic way. The more financial research and planning you do, the better off you will be.
Create a plan and jump in
A business plan is the core of starting your business. We love this inforgraphic by Washington State University because it shows exactly what your plan should contain. The second part of this step is scary/exciting because it is time for you to jump in! You may feel like you are more prepared than ever or you could feel the exact opposite. No matter how you feel, you never know what will happen until you dive in and start your business.
Don’t get discouraged
It is extremely easy to fear failure when you are in the startup phase of your business. You may start comparing your business to others like yours and end up discouraged. You may also have people tell you that your business plan is not sustainable. Do not let that dampen your flame. Keep fueling your fire with positivity and motivation by keeping your goals in mind at all times.
Promote. Promote. Promote.
Get your name out there! You have a great business idea with the research and planning to back it up and make it successful. Now, it is time to share your business with the world and create a promotion strategy. Think about your social media strategy, branding, PR strategy, marketing plan and everything in between.
Seek small business support
Along with getting your name out there, you will need to network with other business professionals and learn as much as you can. Take advantage of the resources for startups here in St. Louis. You will find that the more you surround yourself with other like-minded individuals, the more support you feel and motivated you become. This is invaluable as a small business owner.
As we mentioned before, we love to watch companies grow and especially help them in any way we can. No matter what stage your business is in, we can likely help and support your needs. We are a business community that fosters an environment of collaboration and creativity. For example, we have open door office hours where those at Centerco can get help, advice or simply network with other entrepreneurs in our offices. Our supportive community is certainly what makes us different and has allowed numerous businesses to be successful. Take a look at our virtual office services, coworking space or offices for lease and contact us for more information today!