January 25, 2018
How to Launch Your First Business in the Next Month
Do you have a burning desire to launch your first business, but you’re concerned you won’t take the right steps, making it more difficult to reach your goals?
You’re sure to face a few challenges as you get your business up and running. For example, you may struggle to pin down a profitable product idea, hire an accountant, open your first office, or repair your credit to obtain a small business loan. Of course, you can’t let fear of the unknown stand in your way; there are so many business success stories online you should easily be able to find inspiration and hit the ground running.
While every entrepreneur’s journey to success is different, here are a few steps you can take to feel more confident launching your business:
1. Know the Total Cost
Money, money, money. It would be so much easier to start a company if you didn’t have to worry about all those pesky expenses. According to the Minority Business Development Agency, the average cost to start a business is approximately $30,000.
Of course, that’s just the average; some industries have far more overhead than others, and some online businesses can get up and running for a few hundred dollars or less. Spend plenty of time investigating what costs you can expect, not only to get your business off the ground, but also to keep it operating through the first year or so and potentially scale if you achieve a great deal of success.
As long as you know what to expect in terms of costs, you can take steps to prepare for those expenses and stay on top of your budget so you don’t run into any unpleasant financial surprises.
2. Create a Marketing Plan
You can have the best product in the world, but if you don’t have a killer marketing plan to show it off to your audience, you will always fall short of your potential profitability. This is why you need to develop a marketing plan that makes sense for your business.
That said, all business can benefit from a strong social media presence, effective content marketing strategy, and quality video content production, so if you’re looking for a place to start, finding a professional to help you develop those marketing approaches is a safe bet. If you’re more of a DIY person, Entrepreneur shares a simple five step plan for creating a marketing strategy that works.
3. Hire Your First Employee
Depending on your industry, you may be able to get by without any help for quite some time, but the vast majority of entrepreneurs will find they need someone to help them manage all the responsibilities of running a business sooner than later.
According to the Bureau of Labor Statistics, the unemployment rate is hovering right around 4.1 percent, so while there are people looking for work, you should be prepared to offer an attractive compensation packet to attract top talent. Although it can be tempting to try to bring in new hires as affordably as possible, the people helping you grow your business are worth the investment.
4. Find a Mentor
When you tackle a business launch on your own, you never know what’s waiting around the corner. That’s why you may want to find a mentor who has already been there, done that when it comes to operating a business in your industry. You should be able to rely on this person to answer questions, offer guidance, and lend support as you learn and grow in the industry.
This is why you want to find a mentor as soon as possible. You can rely on this person for many things, such as to answer your questions and help you avoid common mistakes.
As noted by Forbes, finding a mentor is easier than most people think. Reach out to your network connections to see if anyone is willing to help you; you may already know someone qualified and willing to lend a hand, or they may know a promising mentor who can offer assistance.
If all you do is sit around the house, watching movies like People You May Know about driving a successful social media campaign and fantasizing about your next big idea, you’ll never make any progress toward the goal. Instead of spending another day thinking about your business, start taking steps to make that dream a reality. It may not happen overnight and you may make a lot of mistakes along the way, but you’ll be proud of the progress you’ve made toward establishing your business.
What first steps did you take when launching your business? Is there anything you wish you had known about getting a business off the ground before you started?