Many people want to become entrepreneurs and start their own business. However, according to a recent survey, only 4% of new companies are able to survive for more than ten years. In fact, more than 50% of small new businesses don’t reach the fifth year. The main reason why most small businesses fail is that the owners don’t consider some vital factors when launching their businesses. Let’s take a look at a few of those factors.
Your Business Idea
The first and most important thing you want to think about is what you’re going to offer, your great business idea. You want to offer a product or service that stands out and attracts your ideal client or customer. However, it’s not easy to come up with a unique business idea. There will probably be hundreds of other businesses similar to yours. Don’t let that stop you!
You can make your business stand out by answering a few questions. They are:
- What can I do to make this business idea better?
- What will I do differently than my potential competitors?
- With my idea, will I get a market share in this industry?
- Does my business idea solve a problem?
Remember, while you may have a good business idea, if it doesn’t solve a problem, it will most likely not work. Therefore, a good place to start is to listen to people’s frustrations, including yours. After you understand the problems, do the following:
- Identify ways to address the frustrations.
- Determine the skill sets needed to get the solution.
- Find out if you would want to offer that solution.
Hire the right people
Your staff will make or break your business. Therefore, to successfully launch your small business, you will need efficient and effective manpower. You will want to have a hiring strategy that will reduce employee turnover. You want to find the right people for the right positions. Consider working with a hiring agency or use some recruitment tools to help you get the right talent.
Apart from just hiring the right people, you should also think about training your new staff. Trained employees will be able to handle their responsibilities and also meet your expectations.
You should have the right team of professionals around you. When running a business, there are two professionals you may need to work with: a lawyer and an accountant. There are obvious reasons why you will need to work with an accountant – to periodically review your numbers, to set up a chart of accounts, and to prepare the necessary local, federal, and state tax returns. However, the reason for hiring an attorney may not always be apparent. For example, a digital media lawyer can help protect your digital art or even provide you with sound legal advice.
Location, Location, Location…
When starting your business, location is an important factor that you should think about. If you’re planning to start a retail business, you should locate your business in a well-populated area that you can easily access. Have you ever been looking for a business and it’s so hard to find you give up looking for it? You don’t want to be that business. On the other hand, if it’s a manufacturing business, you can choose a location where you can save money on high use utilities such as water and electricity.
For an office, you can set it up at any place that is easily accessible and has good facilities such as transportation, parking spaces, and refreshments, among others. Or, depending on the services you offer, you may consider working from home and allowing your team to do the same.
Ready to Start Your Business?
Dreaming big isn’t the only ingredient for success in your business. You also need to think about a suitable business idea, hire the right people, and choose an ideal location for your business. These are just the beginning steps in starting your business as you will also want to think of ways save on start-up costs. But, with proper planning and a well thought out strategy, you can make an impact in your industry. Here’s to YOUR success!
Carolyn R. Owens has over 25 years of proven experience and serves as a Career Strategist, Executive, and Leadership Coach. She is the President of Infinity Coaching, Inc., where she can help you up-level your skills so that you can up-level your income, career, business, or life. Infinity Coaching, Inc. provides organizational training and one-on-one and group coaching. She is also the host of “Let’s Coach with Carolyn.” You can listen to the show on Spotify, Apple Podcasts, Stitcher, or wherever you enjoy listening to podcasts.
