Having a business idea and building a successful business are two very different things. The entire face of the industry has changed. In the 1920s, new businesses had an average lifespan of 60 years. Flash forward a hundred years later, though, and the outlook on business is different: it is easy to start a business, but it is hard to keep it going. Now, a healthy outlook is 15 years, and that’s if you survive past your second year of opening.
Getting your new business idea off the ground requires a lot of forethought and research. By being smart in the initial planning stages and putting a sustainable business model at the forefront of your efforts, you can better adapt to challenges that come your way.
To help you get started, follow these steps:
Start with a Business Coach
If you don’t have a degree in business and have never run or started your own business before, then the best solution is to hire outside help. Someone like Angela Henderson, a women’s business coach, can help direct your efforts and lay out a clear game plan for your business plan and launch.
There are a lot of things about building a business that you won’t think about, and for first-timers, a business coach will be as valuable as gold.
Flesh Out Your Business Model
With your business coach, you will want to flesh out your business model. In today’s landscape, it is a good idea to have both active income streams and passive ones. A passive income means you do the work to create something once, and you can continue to make money off of it from then on. Creating a webinar or digital classes, for example, can continue to make you money for years on the side.
Research Your Competitors
Steal great ideas and learn from your competitors’ mistakes. They are invaluable resources. Don’t just look at your direct competition, either. Find role models in your industry and analyze what they have done right so you can follow in their footsteps.
Research the Tools You Will Use
The right tools can help automate your business in just the right areas so that your company is optimized, and you can offer great services with minimal effort. Know the right tools, how you can build up from those tools as you expand, and how to use them.
Find Funding
Finding funding can feel like the biggest hurdle, and you shouldn’t burn through every last drop of your savings in order to do this. Take out a loan, apply for grants, and even crowdfunding. If your business is something your community is missing, you may be able to fundraise the money for your launch.
In most cases, however, just taking smaller amounts from a diverse range of options can help you steady your books and pay off your loans faster.
Build Your Business
With the funding, guidance, and all the right ideas under your belt, you will want to build up your business. This includes your website, social media, internal systems, and your store’s design. Tease your launch and build up interest as soon as you can, so that you can launch with a bang.
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