If you’re planning to leave your 9-to-5 corporate job and start your own business, you’ve probably read a lot of articles that point out the benefits of entrepreneurship.
While many influencers and entrepreneurial gurus focus on benefits a successful business operation can bring, not a lot of them talk about the most important concerns that follow the incorporation of your first company.
Businesses don’t grow by themselves. The success of today’s tech giants is the product of hard work and dedication.
In this article, we’ll focus on the more difficult part of the business process. These are some of the things you should have in mind, before starting your company:
Idea, market research, and customers
Before you head to the government office to incorporate it, you’ll need to conduct a comprehensive research that will point out the strong and weak points of your future project.
Market and competitive research are essential for narrowing your niche and defining the audience you are going to target.
Competition research will also give you a lot of new ideas for spreading and improving your business. You should learn from your competitors, steal their ideas and optimize them for your business.
Apart from the regular market research, you should also conduct an independent research of consumers who might be interested in buying your products. The goal of this research is to create precise buyer personas.
After you’ve done this, you can shape every offer and marketing campaign according to information from these profiles. Also note that buyer personas’ change over time, especially when your customer base starts to grow.
Strategy, positioning, and finance
Although the every-day operations of some startups may seem irrational, every successful company needs to invest lots of funds into developing a unique market strategy. The overall strategy defines everything from the production and sales processes to hiring new talents.
The market strategy takes the actions of your competitors into consideration and defines a set of practices that will help your company to stand from the crowd and find and stick to its market position.
In most cases, the base for positioning your brand on the market lies in focusing on a very narrow niche and growing your business in a scalable way.
Financial success also defines your business operation. In the first phases of company development, when you don’t have enough funds for big projects and a long payroll, you need to cut costs wherever that’s possible.
Equipment and technology needs
Many startups take loans so they can buy premium production or office equipment. Today, business and technology are completely interconnected, and you won’t be able to develop your business without an adequate tech.
Depending on your industry, you’ll probably need to purchase efficient production equipment, premium software or advanced cloud systems and reliable cloud IT support.
After you’ve purchased all the required hardware, software and services, you should continue to follow the latest tech trends and sales. This way, you will be able to upgrade your equipment whenever you find a promising deal.
Keep in mind that running your business with an outdated tech can have drastic consequences on your profits and liquidity.
Executing your plan and hiring the first employees
After you’ve conducted all the necessary research and summed up your business idea into a good and innovative business plan, your business operation is ready to roll.
First steps of your entrepreneurship career might be tricky because you’ll need to start developing your operation, battle with difficult bureaucracy and solve day-to-day problems all at the same time.
For people who are not used to multitasking, this can become a huge burden. Running a solopreneur operation is never easy, and you should hire more people the moment your company becomes solvent.
In the beginning, you probably won’t be able to attract the top industry talent, but you can rely on college students and interns, who are traditionally more dependable than their more experienced colleagues.
This is a great thing because it guarantees a high level of agility and dedication within your team, which is exactly what you need in the first stages of your company’s development.
Spreading the word
Marketing is one of the most critical areas of every successful business. You can have a perfect product or service, but if nobody has heard about it, your business operation is going to fail. That’s why you should start advertising your business from day one.
Running marketing campaigns requires another comprehensive strategy that defines marketing approach, channels, targeted audience and many other essential parameters that guarantee advertising success.
Digital marketing represents a great chance for developing startup businesses. This type of advertising is much more affordable than the more traditional marketing forms. It also offers very transparent analytics and provides a thorough insight into your marketing operation.
Accurate insights allow you to conduct A/B testing and implement other similar tactics for increasing the reach of your campaigns. The digital marketing is also much more scalable than TV, print or billboard advertising. You can easily increase and decrease the reach of your commercials and cut your costs in emergency situations.
Planning is the most important part of every entrepreneurship project. Without a comprehensive plan, you won’t be able to reach your first customers and make your business competitive. That’s why you should invest a lot of time and money in assessing potential risks and creating an efficient development strategy.