Services: Startup Consultant
Why Consider Paying for a Startup Consultant?
As you probably already know, there are several tasks involved with starting a business. If you have never started a business before, it can be overwhelming and just a reason to give up before you even get started.
With that being said, starting a business requires a detailed strategy with milestones and objectives. Much like a goal-setting roadmap, there are several steps to accomplish when dreaming of launching your first business.
While each startup is unique and presents its own sets of challenges, the tasks involved with creating a business are very similar. For instance, there are several things to consider before and after you decide to pursue the idea of starting a business.
Steps Prior To Pursuing a Business Idea
Consider Your Personal Expenses
Your personal expenses, credit score and debt will have an important role in determining how quickly you can begin to build your business.
Many startups fail because they run out of capital before they turn profit. Therefore, one of the most important things you can do during this stage is to nail down your expenses. Are there expenses you can cut down? Knowing that the average American pays $237 a month for subscription services, you probably have a couple of things you can start removing from your expenses.
Credit score and debt will matter if you need to take out a Small Business Loan. Although, there are other criteria for qualifying for a business loan, make sure you are in good standing with your bank.
At this stage you’ve thought of a great idea or something you’re passionate about. That’s a good start! Now, it’s time to research and understand the industry. Once you know your competition, their rates, their services and products, you can begin to refine your idea.
By performing this startup research, you’ll gain a better understanding of how to position your company for success. This will also help build your confidence and awareness of what needs to be done in order to successfully start your own business.
Steps After You’re Ready To Start Your Business
There are mixed reviews on how detailed your business plan needs to be. Even though I agree that a detailed business plan helps understand the industry you’re about to enter, committing to writing a full business plan right-away can quickly become a daunting task for some people.
As a result, I suggest starting with a detailed summary of your business. This should highlight the critical areas of your business such as your mission statement, market research, marketing strategy and financials.
Likely the most difficult task! How can you build potential sales projections without even starting? Begin with research.
By now you should know your competition, so start by studying their business model. How much do they charge for their services or products? How often are they making a sale? What are they charging?
Don’t be afraid to ask your competitors. This will allow you to have a more accurate forecast.
Digital Marketing allows you to start before you open. Does that make sense? By marketing your services online with a website, social media and other online tools, you can put your concept to a test!
There are many other digital marketing tactics, but keep it simple to start with. Just enough to gain some traction and put your potential service and product in front of consumers.
Fore more on digital marketing, check out this article.
Following a routine will be critical in order to stay on track. Like mentioned before, starting a business is overwhelming. Not having the proper steps in place will dial you back from your ultimate goal.
Establish a weekly routine with check points to keep track of your progress.
Whether or not a business startup consultant is right for you, consider implementing the plan described above into your strategy. Like some people say, a plan without a goal is just a dream. With that being said, if you need help with the startup process, reach out to me below! Hope we can help each other and launch your startup!