Six Steps to Launch a Business

Starting a business can be both exciting and scary at the same time. The more preparation you can do before launching, the better chance of success you will have and the least odds of encountering litigation. If you have refined your idea and are ready to move forward, here are the main steps to bring your business to market.

1. Market Research

You will want to understand the demand for your product by conducting research. Some factors to consider are:

  • Economic environment
  • Number of competitors in your space
  • Demand
  • Pricing

Now that you are informed with this data, you can tweak and adjust your approach for the next step.

2. Write a Business Plan

There are many online resources to help you develop a business plan. It will serve as your playbook moving forward. As a commercial litigation lawyer from Silverman Law Office, PLLC explains, components of a business plan include:

  • Executive summary
  • Description and structure of the business
  • Market research
  • Customer and competitor analysis
  • Marketing and operating strategy
  • Financials

Have a clear value proposition on what your business will offer. Think long-term when envisioning your business model.

3. Look for Funding

Most business owners require capital to help get their business up and running. Some resources to use for capital include credit cards, friends and family, small business loans, venture capitalists, angel investors, and crowdfunding. Think outside the box when it comes to securing funding.

4. Hire a Team

Depending on your business model, you will likely need employees. Think through important roles and write job descriptions. You should also consider what type of culture you want to foster and hire accordingly. One of your first hires should be a bookkeeper if you are uncomfortable with that role. This might be a direct-hire or outsourced to a bookkeeping firm. Accurately tracking financials is critical for any business.

5. Grow Your Network

Build a support team for yourself as the business owner. Find a group of local business owners and do not be afraid to ask questions. You might also consider hiring a business coach to help you get off the ground.

6. Market Your Business

Once you are open for business, plan on aggressively marketing your product or service. As a new company, you will not have word-of-mouth referrals yet. Get your name in front of the right people through targeted marketing.

Thorough planning can be crucial to making your business a success. However, do not wait for perfection to launch. Once you have completed the above steps, you can feel confident your business is ready to grow and your chances of litigation are reduced.

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