Are you planning to start a business sometime soon?
If so, you should know that about 20 percent of all businesses fail within their first year. Additionally, about 70 percent of all businesses fail within their first 10 years. The business world can be cruel.
Don't let that stop you from pursuing your dreams and launching a business, though! Instead, use it as motivation to create a strong foundation for your business from the very beginning.
Here are 5 tips to get your business off the ground.
1. Make Sure Your Business Idea Is Strong
Launching a business takes a lot of time, effort, and, of course, money. So before you get things going, you need to make sure your initial business idea is strong.
Whether you're going to be offering people a product or a service, it needs to be something that people actually need or want. Do your homework to see how many businesses like the one you want to start already exist.
If the marketplace is too crowded, it's going to be hard for you to stand out. Additionally, if your product or service is something that's going to be obsolete in a year or two, it's going to doom your business from the start.
2. Come Up With an Amazing Business Name
If you determine that the idea you have is strong enough to start a business, the next step you're going to want to take is coming up with a business name.
You'll obviously need to come up with something that another business isn't already using. You'll also need a name that reflects the products or services you're going to provide.
After you come up with the right name, register it so that you can start using it. It'll start to make your business feel a whole lot more official.
3. Create a Foolproof Business Plan
Unless you have a bank account that's loaded up with lots of money, you're likely going to need to apply for a loan or seek funding from investors at this point to fund your business. That won't be possible without a business plan.
Your business plan should lay out exactly what you're planning to do once you start a business. From where your business will be located to who it will serve, your business plan needs to be all-encompassing.
It'll give you something to present to those interested in investing in your business. Get information here about the different types of investors that you can pitch your business to.
4. Surround Yourself With Smart People
No matter how hard you work day in and day out, you're not going to be able to turn your business into a success story on your own. You'll need others by your side helping you along the way.
Sell smart people on your vision and get them excited about what your business could potentially become. This will encourage them to get on board and take the ride with you, even if you can't necessarily afford to pay them a fortune right away.
5. Figure Out How to Market Your Business
At some point, you're going to need to come up with a way to market your business to the rest of the world. It's best to do this sooner than later since the last thing you want is to end up playing catch-up with your marketing efforts.
Think about how you're going to market your business as you're developing your business plan and starting to put all the pieces of your business in place. This will allow you to execute a successful marketing plan later.
Don't Start a Business Before You Do These Things
One of the reasons that many business owners fail when they start a business is because they don't prepare for it properly. They launch their business with a lukewarm idea and don't have a strong enough business plan to sustain themselves for more than a year.
Don't make these mistakes. Plan ahead as best you can and prepare to work hard. It'll allow you to put your best effort forward.
Would you like to read more advice on starting a business? Check out our blog for tips on branding your business.