Launching a new business? If so, you’ll no doubt have a challenging journey ahead of you. However, your journey can be less challenging if you’re able to start out on the right foot. This means that in addition to killer capital and a great team of employees, your new business will need the following essentials to kick into high gear and flourish right from the start.
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A Savvy Business Plan
As a budding entrepreneur, you already know that a business plan is an integral part of starting a business (you needed one just to secure your business loan). So while we won’t go into the nitty-gritty details of crafting a business plan, it is worth noting that truly successful business plans must play the long game. In other words, your business plan can’t just look ahead to the next two or three years.
Rather, you’ll need a detailed, comprehensive plan that specifically outlines the vision you have for business growth for the next 5 to 10 years, with considerations of what decisions will get you there. How much do you want to grow your customer base in the next 5 years? How many additional employees will you hire? What types of services or products would you like to offer in the future? Will you be aiming to open two more store locations? Big goals guide small decisions; if your business is mired in the here and now, you won’t be able to make the types of choices that will allow you to progress.
Top-Notch Technology
Regardless of your specific industry, technology will be a critical factor to your success, as it’s what drives competition in markets today. Technology matters, so before you launch your business, you’ll need to identify the advanced software that makes operating daily budgets and workflows seamless for you and your employees, as well as computers and networks that are optimally-suited to your company’s needs, and an plan for your overarching IT infrastructure. Will you deploy on premise or on the cloud? You’ll also want to ensure that all technology is safe and organized; items like durable server rack cabinets and wall mount rack cabinets can be key.
Solid Marketing Channels
No matter how exceptional your business plan or technology, you’ll still need to promote your brand. Even major companies like Apple, known for top-tier products, spend a significant portion of their annual income on marketing. That’s why your business will need to develop a strong marketing plan right from the start—ideally before your business even officially opens.
There are various approaches to marketing, but you’ll definitely want to engage in digital marketing (via social media, blogs, a well-designed website, and perhaps even YouTube videos), as well as paid advertising. You’ll also want to pursue more creative forms of marketing, such as branded promotional products and business giveaways. Everything from shirts, pens, flash drives, paper products, and mousepads can be tastefully adorned with your company’s logo and used around the office or given away for free to new customers. Think about the power of this type of marketing: who among us doesn’t have a free pen from a local insurance agency or credit union? Not only are we happy to have received a free pen, but we don’t forget the names of these companies, either.
The Right Interior
Your office environment can say a lot about who you are as a business and where you’re headed. Designing the right office or store interior is important for two reasons: it can affect how your employees perform and how favourably customers view your brand. The interior of your business location should be both a functional and productive space for your employees, yet still convey your brand’s message to customers. Specific designs and layouts will vary widely based on the type of space out of which you’ll be operating, but the takeaway here is that your interior should be a high priority when launching your business, not an afterthought. When functionality, comfort, brand message and style are considered, you’ll end up with a truly optimized space.
These comprise just some of the numerous essentials for launching a successful new business. What other advice do you have for new business owners?
