6 Strategies to Build Your New Business from the Ground Up
Starting a successful business takes three things: a good idea, the right amount of capital, and creativity.
However, while many entrepreneurs have those tools, they lack the patience and tenacity to actually see the business through to success. After a few obstacles, account losses, and financial struggles, many entrepreneurs quickly give up in order to avoid catastrophic failure.
While the early stages of starting a business can be overwhelming, especially if this is your first solo venture, there are proven strategies you can follow in order to stay motivated, determined, and on track to seeing your business startup begin to grow.
Here are six strategies to building your business from the ground up:
1. Think through every aspect of your startup
A great idea needs a backbone and foundation to stand on. And, you need to be able to articulate that foundation to possible investors.
Think about every aspect of your business plan: target audience, competition, your company’s goals, and marketing strategies like email campaigns, social media, and advertising. Think about the questions investors might ask you about each of these aspects of your business.
Having solid answers prepared to these questions not only gives you a tangible, fully formed picture of your business, but it also paints a picture for investors. Even if an investor sees potential in your idea, if they cannot see potential in you as a business leader and innovator, they will not be willing to invest in your business. If you cannot answer their hard questions, you will not be able to sell your idea to anyone else.
2. Draft a solid business plan
The next step is to have a physical, working business plan. This guide will not only help you as you proceed, but it also gives potential investors or partners a concrete map of your business goals.
As the U.S. Small Business Administration notes, the main parts of a business plan need to include an executive summary, a description of your company (your brand and what makes it unique), market analysis (i.e., the target audience and competition), company structure, marketing and sales strategies, and financial projections.
As you have already brainstormed these ideas, putting it to paper should not be an issue. In fact, it will help to cement the idea into your mind.
3. Invest upfront in the resources you need to get started
What resources do you need to operate your business? Do you need physical office space, office equipment like computers and printer, and office supplies? Determine your needs upfront and invest in them. Regardless of how small your business is, you still need to produce a quality product. Many new business owners make the mistake of offering lackluster products during the opening stages of their business because they are waiting to expand before purchasing more expensive resources.
While there is a fine line between quality and irresponsible spending, it is important to provide your customers with the best product possible, otherwise your business won’t expand.
More and more businesses have been forced to go completely virtual due to the Covid-19 pandemic, and investing in physical office space for your business may no longer be the necessity it once seemed to be. There are great digital tools to help you run a remote company, and many business owners are even conducting virtual employee interviews to bring new staff on board.
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4. Invest time and energy in marketing your new business
Marketing is one of the most important business growth strategies. Unfortunately, it's also one area in business that’s often either ignored or skimped on—this is a critical error. The only way to grow your business is to grow the awareness of your business in the market.
Implement the marketing strategies you mapped out in your business plan. Make sure your business has a website. Set up a blog on your site and post regularly. Attend tradeshows and industry events (even if virtual ones for now). Create a Facebook page, Twitter profile, and LinkedIn page. Start advertising your company in the appropriate channels. Don’t underestimate the power of marketing.
5. Hire an accountant
Once your business begins to grow, spend the money to hire a professional accountant to keep your company finances organized and in good order. While you might be capable of keep the finances on track in the early days, as the company grows, so do the financial side of things. One of the worst obstacles a new company can run into is a legal problem with their finances. Hiring an accountant will ensure you are in the clear.
6. Set goals for the future
Be sure to set goals for the future of your company. It will help to propel your business forward into success.
Starting a business is an exciting venture. Don’t allow feelings of being overwhelmed or unprepared stop you from achieving business success.
RELATED: How to Create an Integrated Marketing Strategy for Your Small Business
