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Five Keys for Starting up a New Business

Starting up a new business can be one of the most challenging projects that one can take one. With that being what it is, there are some clear things that can be done to improve the likelihood of success.


1. Deliver value

When building your business, it is critical that your products and services deliver some sort of value to your customers. In other words, what you sell needs to either increase pleasure or decrease pain.

In a B to C world, increasing pleasure could be providing some form of entertainment. Decreasing pain would be to help make someone’s life easier. Converting that to B to B, value would be helping businesses to either increase revenue, decrease costs, or mitigate risk.


2. Differentiate

There will likely be some form of competition in the marketplace for the products or services that you are planning on selling. It is very important to find a way to differentiate yourself from the competition.

This could involve providing better quality products and services in terms of features or functionality. If what you are selling is very similar to what the competition is selling, you can try to differentiate in the areas like price or customer service when starting up a new business.

 


3. Effectively communicate

You could have the best and most innovative products available, but if people don’t know about you, your chances for success might not be good. As a result, you must be able to effectively communicate what you have to offer to your target prospects.

Your sales and marketing strategy should address this and tactics like search engine optimization, social media, cold calling, pay per click advertising, and professional networking can help you to communicate and connect with prospects.


4. Secure funding

Cash is the blood line to any business. With an established business, cash flow will be a key factor to keep the business going. When starting up a new business, there may not be any or much cash flow and as a result, some sort of funding is critical. By having funds available, you will be able to make the decisions and investments that are needed in order to be successful.

This could be as simple as personal savings or funds that come over from an external form of employment. More formal forms of funding can be in the form of small business loans, lines of credit, or securing outside investors.


5. The right mental frame of mind

When starting up a new business, the state of mind and mental attitude of the entrepreneur can have a huge impact on the probability of success. This is because there are many highs and lows and the amount of work and effort needed to be successful is extremely high.

Things that can help strengthen the mental state of business owner are passion and commitment. If you have passion and love the area where your business operates and you are fully committed so that you are ready to work long hours and stay the course long-term, your mind is in the right place.

 

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Launch Pad Solutions provides sales coaching helping entrepreneurs with starting up a new business.

 

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This article was published on Sunday 18 March, 2012.

Back to main topic: Entrepreneurship
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