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BUSINESS STARTUP AND GROWTH TIPS -
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Starting a business requires effort, commitment, and tons of planning. If you’re thinking about starting a business in your area, you’ll want to make sure you’ve got the details hammered out first. Studies show that most   small businesses fail within their first year of operation—and a whopping 60% don’t make it past the five-year mark (and many don’t even get started !!)  Entrepreneurs ourselves, we at Startup Assist know a thing or two about getting a business off the ground—and we’re excited to share it with you here in this list of eight key questions you’ll want to ask yourself pre-launch.

By asking yourself the right questions early, you can be on the good end of the above statistics (the success numbers). With this in mind, don’t even think about starting your business before you’ve asked yourself these questions: (and then ask for a Business Idea Review to confirm your business ideas with a Business Advisor).

EMAIL info@startupassist.uk to request a free Business Idea Review
 
  1. Does Your Idea Solve a Problem or Satisfy an interest? 
    Customers do business for one reason only: the company or business they are patronizing has something they need or would like. In other words, it solves a problem or hits on a consumer’s interest points. In order to succeed with your business, you’ll need to ensure that your service or product does, as well. Ultimately, consumer need is what determines the value of your product—and your business.

    For this reason, make sure to ask yourself this question: “Does my idea provide a solution to consumer problems or interests?” If not, it may take a bit more digging before you can turn your idea into something truly marketable.    

  1. What’s My Competition? 
    So, you have a legitimate idea—fantastic. You’ve already taken the first step to getting your business off the ground. Still, you’ll want to make sure your idea is viable before you get too pumped. Your chances of success drop substantially, for instance, if there are already huge brands dominating your niche.

    Let’s make it a little more concrete. Say your dream is to start a café in your hometown. You may have a tough time of it if you’ve already got a couple of Starbucks locations and a Dunkin’ Donuts. By understanding your competition, you’ll be able to gauge the viability of your plan and make any changes as necessary.

  1. How Much Money Do I Need to Start? 
    You don’t want to get halfway there and then find yourself short on funds. For the best chance of success, you’ll need to assess the total cost of starting your business and have the means to finance it. By asking yourself beforehand how much you’ll need, you’ll be able to game plan for launch date and avoid many of the hiccups that cause some businesses to go under.

    While this may sound daunting, it’s actually good news. You may find out that the actual amount of money you need to get started is lower than you initially suspected. Let’s say, for instance, that you plan on starting a downtown boutique. Great! Instead of waiting until you have the cash to operate downtown, you may consider starting online or selling through other vendors. This will help you get your business off the ground for far cheaper than you expected.

  1. What’s Your Selling Point? 
    The selling point is the sticking point of your brand and is crucial to the success of your business. Therefore, you need to determine just what it is before you begin your launch. In simple terms, your selling point is what sets your product or service apart from the pack, your ace-in-the-hole perk that makes customers choose your business over another.

    This could come in terms of quality, pricing, manufacturing, or even through customer service. Whatever it is, you’ll want to figure it out early and hammer down on it hard in order to get your business off the ground.

  1. What Are the Chances of Success and Achieving required Income Levels? 
    Boom or bust, starting a business can be life changing. The best way to ensure that this change is positive, is to gauge beforehand your chances of success. Remember: you’ll need more than a good idea to actually profit in the marketplace. You’ll need time, funds, a whole lot of elbow grease, and maybe even a bit of good fortune.

    Sometimes, it’s just not time for you to make the commitment of launching your business. There’s nothing wrong with waiting until you are in a better place and have a higher chance of success. By determining this beforehand, you can be sure to raise the likelihood that your business will thrive.

  1. Can I Test-Run the Business Before Quitting My Job, or really Launching it? 
    You wouldn’t buy a new car without test driving it first. Similarly, it’s a good idea to give your business a test run before you commit to it. It’s not pessimistic to realize that most business ideas simply do not pan out. You don’t want to hinge your livelihood on something that’s going to peter out before it ever really gets going. As such, you’ll want to ensure that you have the ability to test your business before you leave your current job, whatever that may be. Test the product or services with lots of people, not just one or two.
  1. What Are My Alternatives? 
    Just as important, you’ll want to understand what your alternatives are. No matter how great your idea sounds, you want to be sure that it’s the right choice for you moving forward. Making your business a success requires commitment, and you don’t want to find yourself regrettably locked into something that didn’t go as planned (for example  property leases, or product supplies).   For this reason, remember to weigh your options first to ensure that you’re completely sold on your business plan.
    Keep in mind that buy-in starts from the top down. If you don’t believe in your business—no one else will, either. Therefore, make this a priority from day one by figuring out what alternatives exist (and why your current plan is the best option).
  1. Do I Have the Resources to Recover If I Fail? 
    Let’s face it: not everything you do is going to be a smashing success. If your business goes belly-up, you’ll need to have a backup plan in place to keep you moving forward. That’s why you want to ensure you have the resources to recuperate before you ever launch your business. Planning ahead could save you valuable time, money, and resources that affect your future path.

    This isn’t to say you shouldn’t go ahead with your idea if you truly believe in it. At the end of the day, however, you’ll be thankful for the extra security that comes when your business isn’t an all-or-nothing gamble.

The Bottom Line: Ready to get your business off the ground?

Ask yourself these eight questions before you go any further. Doing so can help you iron out pre-launch wrinkles and avoid any hiccups that may otherwise arise.

StartUp Assist understands the struggles that beginning entrepreneurs have in putting their visions to market. That’s why we’re here to help you every step of the way, from Planning to Profit. Make sure to take advantage of this free offer and then get your business up and running!

ACTION: email info@startupassist.uk  and request a free Business Idea Review.

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