Launching your business might be a challenge when you actually start to put everything in its place. The challenges are those that should make you excited and keep going. Yet, it is to your benefit to follow these five key steps in the launching phase of your business. As a summary, you need to:
Let’s dive in and explore each of the five steps.
A business plan is an essential requirement of any business. This should clearly map out your intended steps in the launch stage and those you are planning to take thereafter to further fund and grow your business. The business plan should also include your business objectives. This document will help you to stay on track and achieve key milestones.
Additionally, if you are planning to take your business venture to investors, a business plan is something they will want to see. This document will assure them that you have carefully thought out each step of your business, furthermore, it will give them an idea of how you plan to utilize their funds for business growth.
A timeline for your business launch is a useful resource to ensure important tasks are followed and accomplished within a specified period. It is important to map out dependencies between different tasks in your timeline. These can be assigned to team members with an assigned time for each task. The timeline can also be used to map out revenue targets and key milestones you want to hit. It’s important that all your goals and milestones are realistic and you feel you can achieve them.
It may seem counterintuitive to be spending when you’re in the launch phase trying to hold onto every bit of money that comes in, but in order to grow the revenue, you need to spend money first. There are ways you can save by taking on certain tasks yourself, however, just because you can do lots of things yourself, doesn’t mean you should.
For example, you can manage elements of marketing your product/service, since you know your business so well and will have carried out thorough market research. However, it’s important to be aware of your weaknesses and invest in someone who can add value to your marketing strategy. This doesn’t have to be a full-time staff member unless that’s necessary, but it is important to realize that you get what you pay for, and it’s worth investing in good people. You can always find freelancers on different sites such as Upwork, Fiverr, and Freelancer who are willing to work on flexible schedules and are rather efficient.
As you take your business into the launch phase, you need to be sure that you have a strong, impactful brand that your target audience can easily identify with. This sense of recognition will ensure you stand out, especially if your customer base is inundated with a multitude of similar brands. Brand identity creates a level of trust, which in turn results in more sales. In simple terms, a great brand makes you seem bigger than you are in the early stages.
When you’re launching your business, you should be leveraging your current network to push your product/service out to a wider audience. People buy from people, and you will be surprised who you have already in your network, whether it be friends, family or distant connections, and generally, people are prepared to help you. Leverage your network – keep growing your customer base!
A successful launch requires thorough planning, support, and funds. Having these things in place will ensure a smooth, successful launch and prepare you for any pitfalls you may encounter on your way.