Last Updated on June 15, 2020 by Jessica Adams
Taking the plunge and finally launching your business is probably something you’ve been looking forward to for a while. With all the planning, preparation, research and analytics, it’s no wonder that you’d like to get started as soon as possible.
But you might benefit from taking a step back and considering whether you’re truly ready. Maybe you already know the kind of successful entrepreneur you want to be?
Without a solid foundation though, what’s to keep you from taking unnecessary risks down the road? Here are a handful of great tips on the most important things to do before launching your business.
The Most Important
Things To Do Before
Launching Your Business
Know Your Target Market Like the Back of Your Hand
As an important part of any decent business plan, you’ve probably done your share of market research already. Yet, the advantages of taking your time to fully understand it and mapping out the different habits of your potential customers can have a lot to say about the future success of your startup.
Too many business owners are eager to get started with making money and seeing their business take off but they neglect these vital steps of market research – and the result is, of course, a business that doesn’t fully understand the market it’s targeting.
Create social media accounts for your business as early as possible and make use of social media in general. This is where most of your future customers will be hanging out and you’ll have a much easier time getting to know them if you meet them on their favorite platforms.
Does your dream client hang out on Instagram and Snapchat or is she into LinkedIn and Google+? Social media sites also offer an opportunity to keep an eye on your future competitors as well.
Take your time to research the demographics and psychographics of your future customers and you’ll be able to give them what they’re looking for right from the start.
Bootstrap to Boost Your Revenue
Like most things in life, it seems like we’re only allowed to “get started” once we’ve accumulated a mountain of debt. Don’t let your business start off like this.
By giving yourself some extra time before you officially open, you’ll have a lot more money put aside. This will reduce the amount of debt most businesses start out with.
It’s not to say that bootstrapping is easy and you’ll certainly have a lot on your hands until you feel ready to launch. You can still secure your domain name and get your branding and logo finalized. You can also make your company dormant in the meantime.
What is a dormant company? Simply put, it is a company that is not currently trading but still registered as a company so that it doesn’t have to pay any corporation tax. That way, you’ll be able to secure a brand name and start building it up from there without paying anything extra before you’re actually ready.
Try to think of other ways to raise money for your business that doesn’t involve getting a business loan. You may want to cut down on your expenses the year before you launch?
If you own a home, you can rent a studio apartment while renting out your home for the year. You could also have a fundraiser, provide freelance consulting work or sell things you no longer need on OfferUp.
Ultimately, there are tons of ways to make extra cash and having debt-free cash flow is important to a young business. Even though it will be tough, remind yourself that the money you’re saving and raising is for your business – and it will pay you back in spades soon enough.
Work With An Experienced Mentor In Your Niche
Now that you’ve taken care of two of the most important things to do before launching your business, it’s time to find a mentor.
It’s always a good idea to talk to someone who knows more about the game than you do. A good mentor can do a lot for you while your business is still a young startup.
Hopefully, you’ll be able to continue benefiting from their expertise throughout the years ahead. There are mentor programs around the web but you may already know someone with business experience.
These people will undoubtedly be flattered if you ask and might even be able to help you expand your network. Make sure you find someone who has experience running a successful business.
Then again, the owner of an unsuccessful business may give you some incredible insight into their experience as well. They could definitely tell you what not to do when launching your own business!
Launching your own business takes a lot of planning and preparation. Give yourself a head start by taking the time you need to do research and build a solid foundation. It may take a bit longer before you can officially open the doors but you’ll thank yourself later.
Jessica Rose Adams
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