How to Bypass Three Stumbling Blocks to Startup Success
Have you been hit by the entrepreneurial bug? Thinking about starting your own company? Are you ready to turn your side-hustle into a full-time money making venture?
If it's your passion... I say go for it! Conquer the world with your product or service!
But I also say, have a plan. Here are a few things you need to take into consideration as you make plans for corporate domination:
The Business Side
It doesn't matter if you're providing a service or selling a product - from consulting landscaping services to selling lawnmower blades - you need a plan that outlines the business side of your business: things like accounts receivable, marketing, financial projections, etc.
Why?
Because you want to get paid... and get your business known... and get an idea of what your business should be making next year. There are just some of the things a business plan can help you determine and, well, plan ahead for. A good place to start is the U.S Small Business Administration.
More than Marketing - It's the Market
Yes, marketing is important. After all, if no one knows about your product (or service), o one will buy it. Just as important, if not more so, is the answer to this question.:
Is there a need for what your provide?
Is there a market at all? Maybe all you've got is some anecdotal evidence. Or maybe you gave a gut feeling you need to "strike while the iron is hot." Sorry, not good enough. Take time to do your research and see if the market is right. Get the data together, you're going to need it.
Money, Money, Money
Anywhere from 80 to 95 percent of all startups fail. Don't take my word for it. Do a quick online search, pay attention to the business sites... I'll wait.
I don't make this point to discourage you from pursuing your dream. Far from it! Without entrepreneurs making advances and shaping consumer desires, you'd be reading this blog in a Sunday circular, if at all. No, I make the point because so many of those startups failed due to insufficient capital. And much of that capital was taken from personal savings accounts or borrowed from family.
You can save yourself, and your family, a lot of grief by taking your business plan seriously and then taking that plan, along with your market analysis )the data I mentioned you'd need), to the bank to secure a loan.
A Good Start to your Startup
There are a number of other considerations you should prepare for. Scalability. Competition. Employees (and HR issues). Customer Satisfaction. Legal Challenges. Space.
Sometimes, the best solution is to outsource the things that aren't core to your business. Other times - especially if you're experiencing sustained and rapid growth - the answer isn't outsourcing, it's finding space. Yes, I'm talking about office space.
When you're ready, Edison Spaces is here to give you the room you need to grow your business, month by month, year by year.