Completing a successful initial business phase won’t guarantee profits or sustained results. However, there is no question that mistakes in the pre-launch and launch can derail the venture before it truly gets started.
Therefore, it’s vital that you follow the right blueprint during these early stages. Use the five questions below for guidance and you won’t go far wrong.
Q1. What type of business structure do I need?
When registering your business, several structures are available. It can impact your ability to hire staff, tax obligations, and other operational matters. This guide from InCorp will equip you with a better understanding of the most common solutions. Making a calculated choice will go a long way to helping you on a legal, logistical, and financial front. Not least because staying organized in relation to tax and legal obligations become easier.
The knowledge that you have registered the right entity brings peace of mind too.
Q2. Where should the business operate from?
Finding the right workplace is vital for all business owners. The environment has a huge influence on what’s possible for your team to do. Likewise, it has a huge impact on costs while stores will also find that foot traffic is heavily impacted. Hybrid working and co-working spaces can be a good option for tech startups or SMEs that operate online. Others may also choose this option until after they launch or need to expand.
The last thing you want to do is commit to a workspace that isn’t fit for purpose.
Q3. How do I get more out of my team?
You quickly learn in business that you can’t do it all alone. A strong recruitment drive is essential if your startup is to succeed. However, it’s not just about finding the right people for your business. You also need to unlock the full potential of your team, individually and collectively. Giving them opportunities to show their initiative can make a huge difference. Not least when supported by clear communication and regular training.
Try to promote a happy environment to create low staff turnover rates. Consistency is king.
Q4. Who is the business aimed at?
Everyone understands the importance of marketing. Before building your campaigns, though, you must first consider your audience. One target market may resonate with a different message than another. Experts like SqueezeGrowth can help you find the tools to determine your audience. Once you have done this, it should be far easier to build a brand that actively connects with them.
Crucially, you will stop wasting effort on irrelevant outside audiences.
Q5. What is success?
All businesses are united by a desire for success. Ultimately, though, the definition may vary from one company to the next. For some, it is purely about money. Others actively want to build a better society or protect the planet. For you, inspiring change in others or creating a product that’s superior to existing options is the goal. Understanding your “why” will help guide your mission statement and all future decisions.
And if you need help with motivation, considering the “why” you need success will reveal all.
