Growing a business is one of the most rewarding endeavors, especially if it is from your own two hands. But starting a brand new business can be complicated and, if you don't do the legwork, stressful.
Before you launch your 2019 startup, go through these 5 essentials and see if your plan makes the mark.
Who or What is your Inspiration?
If someone asked you how you developed your idea and which other businesses you are basing your model from, what would you respond? Knowing how other business models that are similar to your idea work is a great start to a successful business.
Plus, making these comparisons helps you do market research and assess what works for others and how you can adapt it to make your business succeed.
If you find yourself stuck for comparisons, then go back to the research stages of your business. Looking at other business strategies can help you identify what works best for different regions and platforms. Then, consolidate these ideas to refine your own plan. Plus, if you can compare your startup proposal to established models, investors will take you more seriously.
A Financial Plan that Wows Investors
Do you have an overview of the inner workings of your company? Realistic financial goals for the upcoming year shows investors that you are taking your startup seriously and that you have done your research.
Just as important is how you present this information. Create easy-to-understand documents that use professional but relatable language.
Separate your expenditures into costs that are essential and investments that will be useful for later growth. Showing that you can prioritize your spending indicates that you can be trusted with investments and will focus spending on the most important needs. For more tips on creating that winning strategy, check out these financial planning essentials for startups that mean business.
Crowd Test Your Idea
Does anyone want your service? You may already know the answer to this if you have experience in the field you are venturing into. Locating a gap in the market for a service or product when you have needed it in the past is a common way that entrepreneurs start their business.
However, if you are new to the field, you may want to consider doing some legwork. Locate key people you want to promote your service or product to and ask them if they have a need for your startup. This could be a conversation over coffee or a quick email. Try to find a professional whose advice you can trust and take it on board in your plan.
Social Media Strategy
Creating content that is meaningful and useful to your consumers is a key marketing plan in the digital age. To develop a strategy, look at other companies that use social media and see what gets the most likes and retweets and consider how you can adapt their ideas to promote your company. You want to be seen as trustworthy online to generate buzz and so that consumers see you as an authority.
Tailor a strategy that makes sense for your product and that your consumers will find useful. The top social media platforms to target are facebook and twitter, but these might not make sense for you. For tips on getting your content to the top of search engine results pages, check out these top SEO trends that will dominate 2019.
In the early days of startup companies there can be a few teething errors so it is imperative to cover your back at this critical stage of the company. An uninsured damages claim or a robbery can kill a project before it’s even off its feet.
So whether it’s contents, property or transport that needs insurance, check out the relevant suppliers for advice. For example, this search engine for car insurance companies will make comparing different insurance quotes and coverage options easier.
So, take these tips and apply them to your idea so that you can turn it into a running livelihood. Don’t give up; the perfect plan takes time and the better the plan, the more likely your project is to succeed. Make 2019 the year that you launch your successful startup.