Having a great idea for a new business is awesome, but it’s only the first in a series of steps to make sure it can get off the ground and be successfully taken to market.
A proper start-up launch takes time, planning and a lot of hard work. For example, no-one likes doing research, but taking the time to thoroughly research the chosen market and the target customers is essential. It’s equally important to have a clear idea of the competition, so that business owners can clearly define their competitive advantage.
Then there are the finances, often the most scary part. It’s vital that start-ups have a clear idea of their costs, both one-off and fixed, and that they’ve drawn up a realistic budget that will cover all the start-up expenses as well as providing living costs. It’s important to be clear on how they plan to source capital, whether it’s through savings, friends and family, the bank, investors or a combination.
Then it needs to be all written down and crystallized in a sound business plan. The plan is what business owners will use to not only keep their business on track and define their goals and objectives, but it’s required for lending and investment purposes as well.
The below article looks at the 5 main reasons start-ups fail.
Read the full article at: www.designhill.com