You’ve made the decision to follow your passion and start a business. Congratulations! No doubt you are eager to start making progress toward launching your new venture. As a leading Fort Collins business accountant, we like to remind people that there are things you can do to maximize your chances for business success. One is to give some thought to 10 key considerations early on in the process.
Key Considerations for Launching a Business
Here are 10 things you should consider as you look to turn your business dream into reality:
- The specifics of your product or service. Even the best business ideas often start out without a great deal of definition or detail. It’s important that you have gotten very specific about your concept before moving forward. You should also do extensive research to see who your competitors are. This will help you differentiate your idea from theirs.
- How you’ll structure your business entity. From a legal perspective, businesses can take many forms, each with its own advantages. Be sure to talk with your Fort Collins business accountant or a lawyer about what makes the most sense in your situation.
- Your team. What kind of expertise will you need to make your business successful and who can best provide it? Hiring decisions are critically important, especially with a new company.
- Your business plan. In order to be successful, you need to have a step-by-step process for developing your idea and bringing it to market.
- Company finances. How do you intend to fund this venture? You need a solid plan for creating and maintaining forward momentum. This is especially true since you can’t expect to be generating significant revenue right out of the chute.
- Your target market. In order to maximize the effectiveness of your marketing efforts, you need to have a very clear picture of who it is that will purchase your product or service.
- Your branding and marketing. To help people recognize and remember your company, you’ll need a distinctive logo, an informative website, descriptive marketing materials, etc.
- Your launch strategy. It’s critical that you announce your offering in a way that resonates with your target audience. You never get a second chance to make a first impression, as they say.
- Your business agility. Sometimes it is necessary to make slight (or even major) deviations from your initial concept in order to adapt to changes in your market. Are you prepared to do that?
- An exit plan. Even if you anticipate being involved with your business for many decades, you should have a plan for how to make your exit when the time comes.
Putting Your New Business on a Positive Trajectory
Kevin Shaw says he can relate when people come to him about starting a business saying they are doing so because they don’t want to answer to a boss anymore. However, he encourages them to consider that they are now going from a single boss to possibly hundreds of bosses, depending on how many customers they have. He shares that starting a new business can be extremely daunting and is not for everyone. But, when you succeed it can very rewarding and satisfying, and he’s always happy to provide insight where he can.
The steps above are a great framework to get you started. But as you prepare to launch a new venture, remember that there are plenty of resources available to help you. Working with a Fort Collins business accountant like Shaw & Associates on the monetary aspects can give you the confidence that your business will have a solid financial foundation. Contact us to learn about our services and how we can assist you.