The thought of starting up a business can be both exciting and daunting in equal measures. The desire to make a success of a new enterprise can only be satisfied if the undertaking is approached with forethought. Avoiding inevitable pitfalls that occur along the way. Calmly maintaining required focus and overwhelm a clear vision.
The expression: “if you fail to plan, you are planning to fail” should be highlighted and revisited regularly. Thorough preparation is essential to allow any venture to succeed. Passion and drive can carry people a long way. However, without sufficient research and a proper business plan, even the best ideas are likely to prove too challenging.
There are many myths connected with being a new business owner that can often discourage a potentially great business before it has even started. Some believe that to be a founder of a new organization, there is a requirement to have the relevant degree and experience to fall back on.
Possessing each of these will be an advantage, but for many, the best business strategy is to follow intuition. Many consider it valid that over 80% of new start-ups fail in their first year. In actual fact, research strongly indicates that most new businesses regularly last for five years and beyond.
Additionally, a school of thought leads people to believe that it probably isn’t worth pushing ahead unless the business idea is entirely revolutionary. Undoubtedly, coming up with something that will change the world would be incredible, but those ideas are few and far between. Taking an existing concept and adapting and improving it somehow can and often does prove to be a successful approach.
Another reason many resist going into business is that there is a perception that it can take a long time to get a company off the ground. Still, if the founder has a plan in place and is fully motivated, there are certainly no reasons for it to be unable to launch relatively quickly.
Financial constraints also play a big part in early hesitancy in start-ups, but again this is not always the case. Indeed, working within a tight budget can actually be advantageous in the long run as it creates a more business mindset, growing and scaling steadily. Starting from a larger budget can sometimes lend itself to lousy investment and poor decisions.
Elijah Norton, the founder, and president of Veritas Global Protection Services which offers vehicle protection and vehicle service contracts. Is a highly respected visionary, influencer, and successful entrepreneur. Calling upon his own early experiences, he has offered start-up businesses some valuable pieces of advice to take forward with their individual ventures.
Elijah Norton lists innovation as crucial to success. This along with constant monitoring of competition and the marketplace in which the enterprise sits. Ensures that it evolves accordingly. Elijah Norton also makes an inspired statement, in which he sees every day as a chance to make a difference, finding new solutions to new challenges. Elijah Norton sums up his outlook on his business by stating that without customers, there is no business. He emphasizes the importance of good customer relationships at all times.
Advertising is a crucial element for any new business. Social media is most definitely a powerful ally to rely upon as well. Not just in the company’s infancy but also as it grows. Marketing on platforms such as Facebook, Twitter, YouTube, Instagram, LinkedIn, and Pinterest allows unprecedented reach, all for free.
Increasing staff numbers should only be considered once the workload becomes too much for one person. New business owners should attempt to be as productive as they can. When the time does come to expand, they should initially look to hire freelancers, rather than full-time employees. This will enable the business to attain positive revenue in a much shorter time frame.
Naming the business is also something that should be given a considerable amount of thought. The wrong name can be damaging, both from a legal and a progressive standpoint. Any tricky name to spell should be avoided unless absolutely necessary; equally, anything that limits growth moving forward needs to be avoided.
Trademark searches are advisable to steer clear of any potential conflicts. Many businesses find that a good way of finding the name with the right fit is to identify four or five and test them. Using them on prospective clients and partners.
Innovation is very much a key attribute to any new business. Being able to stand out from competitors through a USP can greatly assist growth.
Therefore, if the business owner can utilize innovation deep into the essence of the organization and create an identity that can attract returning customers. It can go a long way towards developing a highly successful business. Being unique allows for a loyal customer base to develop and a referral system to build up.
In summary, the key to success in starting a new business is to plan carefully, develop the product or service at the right place. Create something unique using the available advertising and marketing tools, disregard the many misconceptions. Listening to advice from other successful entrepreneurs with specialized expertise always helps.