So you have a unique idea and have finally worked up the courage to launch out and start your own business. You’ve chosen a name, written out a business plan, and finalized your social media strategy. While these are all important steps to take prior to starting a business, we’ve comprised a list of 5 other things to consider before starting a business.
1. What’s your mission and vision statement? In other words, what is your ‘why’? What is the reason you’ve decided to start this business? If your only answer is to make money, then it might be best to go back to the drawing board. Running a small business can be difficult. However, having a mission and vision statement gives you something to fall back on when things get difficult. It can also help others identify with your brand or product.
2. What problem are you solving? Be sure to define how your business stands out from your competitors. What problem does your business uniquely solve? How does it differ from your competitors? Defining what problem you’re solving will help you better market your business, as well as make it easier for the right people to find you.
3. Who else is doing this? It has been said that there is no new idea under the sun. Be sure to map out a list of competitors who might be offering a similar product. Follow them on social media and be sure to keep yourself updated on any changes they make to their product. Doing this will ensure you remain ahead of the curve, and could even inform your own strategy on how to scale your business.
4. What resources do you have/will you need to be successful? In other words, how much money do you currently have and how much money do you need to start? Will you be taking out a bank loan or are you self-funding? Will you be quitting your current job or are you going to make your business a side hustle? Mapping out what resources you need before starting your business will provide a clear idea of what you need to be successful before launching out. Clearly define your expectations.
5. Who can you align yourself with? In business, it is often said that it’s not about what you know but who you know. Whether you’re starting with a small team or you’re a solopreneur, it is beneficial to seek out those in your network who can help you with your business. Maybe you need to seek out a mentor for when you need advice, or someone well versed in a skill that you struggle with, or you need someone to test out your product, or maybe you just need people to speak about your product. Seeking out help early on can help mitigate potential missteps later on.