5 Things to avoid when launching your business
You might think getting your business off the ground is a walk in the park. But, considering that there are over 5 million businesses in America alone, you’re going to have to work hard and do everything right if you want yours to stand out.
Here are 5 things that will help:
1. Make sure you have a good grasp of your financials – from start-up costs to monthly expenses
The first few months of starting a business can be tough, but it’s just as important to have your finances in order – for the sake of both you and your company. You may not know what things like start-up costs or monthly expenses are once running on all cylinders. But don’t worry! Here is an explanation:
The word “finance” literally means money matters so before jumping into any new venture make sure that you’re covered when it comes to cash flow (i.e., how much do I need? And where will my funding come from?), cost controls (how much am I spending per month?) and profitability expectations (will this idea work?).
2. Determine the best time to launch, and align your marketing efforts accordingly
You have a few key decisions to make before you launch your business. One of those is determining the best time for launching and marketing efforts that will be most beneficial for your company’s growth, but also what works with other aspects of running a small or large-scale enterprise like yourself.
Some companies are better off waiting until December when people usually get their bonus checks because they’re more likely to spend it on themselves than save it–and if we all go shopping together, then everybody wins! But others need as much visibility in January so new customers can find them easily during tax season which may require booking ad spots upfront around this time last year.
3. Don’t give in to pressure from family members or friends who want equity in your business
What’s the point of working hard all your life if you’re just going to give it away?
Don’t let anyone pressure you into giving up equity in your business. It may not seem like a big deal at first, but they’ll never stop asking for more and eventually take over ownership completely!
4. Be wary of any investment opportunities that come along
In today’s market, it seems like every opportunity is a good one. That can make for some really risky investments that result in high returns or large losses. Make sure you’re aware of the risks before taking on any long-term commitments with smaller firms and new companies because they may not be sustainable over time if the industry changes rapidly as we’ve seen in recent years due to globalization efforts worldwide!
Keep your guard up and look out for the red flags!
Investment deals can seem enticing, but they’re not always as good as they appear to be on paper. Be smart about what you put into it because a lot is at stake when making an investment: whether or not it pays off in spades all depends on how much risk there is involved with putting money down now.
5. Listen to feedback and adjust accordingly (don’t get too attached)
While some people claim that it is too early to know what will work for a business, one thing remains clear: Listen and adjust.
“It’s really important not to get too attached from the start,” says Bernd Schmitt, Associate Professor of Marketing at the University of Southern California Marshall School of Business. “Listen to feedback; if something isn’t working in your market segment then change.”
Many entrepreneurs have had success with this strategy as they continue iterating their product or service until they find an area where there are opportunities for growth.
“Build your house on the sand and it will be washed away” (a popular idiom that means listen to feedback, but don’t get too attached)
Never forget this old adage: “build your business on a shaky foundation of what you want people to like instead of focusing solely on customers’ needs”.
Launching a business can be an exciting time, but it’s also fraught with pitfalls. You need to make sure that you have the right team in place and are prepared for any number of setbacks or surprises along the way. Check out our list of 5 things not to do when launching your company so that you don’t fall into one of these traps yourself!
If you’re looking for help at this stage in your life-changing journey, we’d love to chat about how we can support you as part of your marketing strategy moving forward. We offer branding services designed specifically for entrepreneurs like yourself who want a reliable partner on their side during all stages from launch up until exit (or retirement).