Have you developed a product or service that fills a market need? That’s the first, and most important, step is launching a new company. Starting your own business could be a life-long dream, but it no doubt comes with a combination of excitement and anxiety. In order for any endeavor to succeed, there must be a goal and a specific plan defining the steps necessary to reach that goal. In the case of starting a business that process is known as developing a business plan. Follow these recommendations from successful serial entrepreneurs to develop a winning business plan to launch your new venture with success.
There are abundant websites with formulas and strategies for developing wining business plans. Whether you’re seeking outside investors, a bank loan or self-funding, identify the components of your business model and how they will be executed is a critical first step in developing a company. Meet with mentors at your local business startup incubators for guidance. The mentors will help you flush out your plan and ensure that it is detailed enough without getting lost in the weeds.
Because there are so many components to running a small business and no one can be a master at every skill, plan to outsource some components that are beyond your skill set. Product development and delivery, sales and marketing, customer service, accounting and strategic planning are all critical components of running a business. Determine how each of these functions will be executed. The first step is developing and testing your product or service, determining development and delivery costs to arrive at a price point that the market can bear and will result in ultimate profitability for your company. Many small businesses are launched at kitchen tables, garages and basements. If you will not be receiving clients at your place of business, this is one of the easiest ways to save major costs at the beginning stages of your business. Overpriced office space can quickly eat away at the bottom line.
Develop the basic components for marketing your business. The most fundamental is the design of a website that profiles your business, it’s products and or services and the value you can offer to prospects. The website should be developed with an objective of converting prospects to clients. Whether your website is a brochure site or offers a shopping cart, take advantage of the awesome deals offered by Groupon and secure your domain name from the trusted sources at GoDaddy now. You website is the face of your business and protecting the integrity and continuity is vital to the success of your business.
As you address each of the operations components of your budding enterprise, keep this critical guiding force in mind. If you operate with honesty, ethics and generosity of spirit with your employees, vendors, clients and prospective clients, your business will not only thrive, but it will also have staying power to continue a trajectory of long term future growth. Best of luck to you on your journey in building a profitable business.