If you are going into the launch of your business with the perception that it is going to be relatively easy then you are in for a shock. We’re not saying that launching a business is impossible because it is not; it’s easier than ever, in fact, especially online. What we are saying is that you need to give your business launch careful consideration in order to maximize the chances of success.
That is why we have come up with a list of what we believe to be the top pieces of advice that every wannabe entrepreneur should consider and prepare for before pulling the trigger and launching their business prematurely.
Life Is All About Timing
When you launch your business can have a huge impact on whether you fight for survival and then fail or whether you hit the ground running and succeed. Unfortunately, there is no such time as the perfect time and that is because there are so many variables involved that something is bound to go against you. The things you want to consider, though, are what the market is doing, how successful your competitors are, what funds are available to you at this moment, and what your personal situation is looking like. If you’re planning a baby, for example, maybe hold off on the launch. Don’t hesitate or ponder about your launch too much, though. After all, getting it off the ground is crucial.
Location, Location, Location
On a grand scale, you may want to think about where on earth you need to launch. It could be that the UK has the most ideal demographic for your product, while current Russia business opportunities could be too good to ignore. So that is worth considering first off. Narrowing this down a bit more, you need to think about where the top talent resides in that location, what the local competition is like, what is the cost of living – not just for you but your staff – taxes, minimum wages, government incentives, branding, access to suppliers and hidden costs. And that is without even mentioning target audience. All of this should be considered because where you launch is going to have a big impact on how you grow.
Before you spend a single cent, dime, pound, rupee or whatever, you need to make sure you have a seriously detailed budget in place. This may not sound attractive to you because you are more a creative thinker who likes to get stuff done than you are a numbers person, but that is no excuse. If you don’t like crunching numbers then bring on someone who does. If you want to be a success then you need to have every single cent, dime, pound, rupee or whatever accounted for. That way you can adhere to the budget much simpler and that will lead to a higher chance of success.
Most Disciplined Person Ever
In case you were wondering, we’ve left the talk of money behind. Yes, you need to be disciplined with your spending, but your self-discipline goes so much deeper. This is so important during the early days of your startup. Forget about hours you’ll work and figure out what goals and targets need to b met for that day, week and month. We don’t want you to give up your home life completely, not by any means, but you need to realize that starting a business requires a lot of effort. So plan ahead, decide what is urgent and how urgent and stick to accomplishing these things. A couple of long days is better than falling behind or going bust.