10 Things To Do Before Launching Your New Business
by Traverse Telecom Posted on Fri 13th Dec 2019
Everyone wants to start a business nowadays but no one knows what it takes to create a successful business from the ground up. A successful business requires years of sweat and hard work before it starts doing well in the market.
Most people dream of waking up rich, but that is not the case. Get rich schemes are a scam and you should always stay away from them. So now you must be wondering what to do? How can we make good money in the market? Is Business so hard that we should give up?
No, absolutely not! You should never give up on your dreams and making good money is everyone’s dream and if you set yourself on the path of being a businessman and starting a successful business you should always be prepared to give it your all and today we will see the 10 things you should do before launching a new business.
The time before launching your business is the only free, sweet time you will get because after launching your business, all you will be thinking about is sales and profits.
It’s better to start slow and start well so that you don’t mess up mid-way. Before starting the business, you should evaluate if your business idea will work or not, what risks you are taking and how will it result in the next 2-5 years.
Many people don’t think much and start the business just on the premises that they have got a successful idea that is sure to work, but that is not the case. Almost 70% of the new business fails in the first three years and only 10% of the new businesses live to cross the ten-year milestone.
It’s always better to do the proper homework before starting the business so that you know what obstacles you will be facing in your path and how you can counter them. Having a business plan is very important and the will to execute it is even more important.
Today we will see the 10 things you should check off your checklist before starting or launching your new business.
10 Things To Check Off Your Checklist Before Starting A New Business
1)Think Of A Good Business Idea
Everyone these days seem to have a business idea, whenever they stumble upon anything, they think that they can start a business out of it. But it’s not that easy. It’s not that easy to think of a good business idea, an idea that will actually work and is something that users will want.
Every business idea you come up with will not work because there will be no demand for it in the market. So it is very important to first evaluate your business idea and conduct market research to check if your business idea will prove successful in the market and if it has any existing demand in the market.
2) Do Market Research
Extensive market research is always necessary before starting a new business. Market research tells you what users are looking for, how your product will perform in the market and what sectors of the market you need to target in order to gain an audience.
Market research can be the difference between a successful business and a failed business. With extensive market research, you minimize investment risks, identify potential risks, can help spot market trends, and help make decisions that will benefit your customers.
Just because you had an idea doesn’t mean your product will be successful in the market, your product can be successful only two ways, either there’s already a great demand or you will have to create the demand for your product. The latter is very hard as it will take thousands of dollars in advertising and a product that outclasses every other product in the market.
3) Write A Business Plan
Before you start a new business, you should always have a business place plan in place that will tell you what targets you need to hit, what is your target audience, what are your priorities and what your launch should look like.
A thorough business place can map out objectives for next 1-2 years. When you are aware of your product prices, the targets you need to hit and have a total understanding of your business, you will be able to execute them better.
Business plans are not only for small businesses and startups, even if you are thinking of starting a company with multi-million dollar investment, you should go through all the steps listed here and always prioritize your business plan.
4) Sort Out The Finances
Finances should be a critical part of your business planning, without finances your business will not thrive. It is very important to sort out all your business-related financing earlier on.
You can use this time to sort out a plan for your current and future investments, the amount it’s going to need to completely launch the business from the ground up and how soon your business can be profitable.
It’s better to know how much is your investment and how much you are going to make in revenue in your initial business year.
5) Get The Product Developed
Your product is the one that is going to get sales for your company and thus should be properly developed. Make sure you know what your target customers are looking for and how you can make your product better than your competitors.
You can use the data from your market research and incorporate them in your product development to make an even better product that is sure to do good in the market when it is released. A good product sells on its own without much marketing and can save you tons of advertising fees.
6) Get A Website
I am sure you must have heard about it a million times from your friends and families that you should get a website developed for your business and I must say they are right.
Since the dot com boom in the 1990’s it has become apparently clear that every business needs a website. If you are thinking of launching an online business then you definitely need a website for your business. Even if you have an offline business, you can still get a website developed for your business to attract new customers online and you can take advantage of social media sites to increase your brand value and improve your brand presence.
7) Create A Buzz In The Market
Now that you have a business plan in hand, all finances sorted, the product developed and your website ready to go online, you should start creating a buzz for your product in the market.
Creating a buzz is like pre-advertising for your product. By creating a buzz for your product you are reaching customers before your launch. Starting a trend or creating a buzz can heavily affect your sales in the initial days and give you the boost to launch to a successful business.
8) Set Up An Office
Well, this is not that necessary. You can ever work out of your home, but if you have the required finances you should set up a physical office so that your customers know where they can reach you. Having an office creates trust and makes your business look professional.
If you don’t have money to rent out an office in the city, you can even work from your home and use your home address as your office address.
9) Get A Toll Free Number Or A Virtual Phone Number
Businesses often think that if they have a physical office where their customers can reach them then there’s no need for other communication mediums. But that is wrong, every business must have atleast one phone number that customers can use to reach your business without the extra commute.
Phone numbers have been the preferred medium of communication for over a hundred years now and are not going away anytime soon. Even Internet chatting cannot replace phone numbers because of their endless benefits.
If you are expecting a lot of business in the initial days and want to be prepared for all the incoming calls then I recommend you should buy toll free numbers or virtual phone numbers for your business.
You can read our articles on how toll free numbers can help your business or how you can take advantage of VoIP services to expand your business.
10) Start Selling
Now that everything is ready and it is your launch date you should focus on selling and not doing anything else. Be confident in your product and just enjoy the show.
Enjoy the new customers coming in and buying your products. I will be writing a follow-up article on what to do after you have launched your product soon. So stay tuned!
So these were our checklists on 10 things to do before launching a business. Don’t forget to check some of our other posts and if you are looking for toll free numbers and VoIP plans do check out our official website.
