4 Elements of a Successful Business Launch
There are only a few things that are as difficult as launching a new business. We hate to admit it, but starting a new business comes with a lot of risks and uncertainties. Very often, you are not sure about what you will meet down the road.
Thankfully, there are some tried and tested elements that are almost always present in the blueprint of successful businesses. These are components you want to include when you get ready for your business launch.
Here, we will go through four of those essential elements for a successful business launch. Check them out and learn how you can apply them in your business.
1) Business Plan (or for lack of the traditional approach) Business Model
This is where it all begins. For starters, you want to ensure that the vision and mission of your business are crystal clear for you, your team members, and your customers. You must know who you are serving? How you are serving them. What problem are you solving for them, and of great significance, why are you the best person to solve it?
Once you are sure about that, you are better equipped to work towards developing an action plan or a model for how you want your business to operate, function, and drive revenue. The efficacy of your plan goes a long way to determine whether your business launches with a clear and defined direction or on a zigzag of chasing “shiny object syndrome”.
Your business plan – and in the less traditional sense, your business model – serves as a road map to guide you toward your established goals. The thought of it can seem overwhelming, but there are no disputes about the benefits of having a solidified plan and model to charter your business.
“Entrepreneurs who write formal plans are 16% more likely to achieve viability than the otherwise identical non-planning entrepreneurs.”, Harvard Business Review.
In a world where more than 50% of startups are known to fail, you want to take steps as a business owner to improve the viability of your start-up.
If you are not clear about where to get started with your business plan or business model (or both), you can spend some time researching and accessing the tons of free business advice and information available on the internet. You may also consider consulting with EBS to guide you through an in-depth, strategic planning and brand positioning.
2) Finance & Money Management
We’re guessing you already knew this would be one of the core elements of a successful business launch. We love those favorite witty quotes about business money: “Scared money don’t make money.” “You have to pay to play.” Essentially saying you have to invest into your business to get returns from it.
The importance of being able to manage finances can make or break your business, literally. Sustainable growth can only come when you have a solid understanding of numbers.
Beyond your income level, understanding the numbers refer to a meaningful tracking and management of both the financial and non-financial data directly affecting your business. Yes, there is a need to track the non-financial data too, because these determine your financial flow from the background.
Once you can understand all the data that drives your business, then you will be able to create a living budget out of it. Do not make the mistake of “guesstimating” numbers or allow the fear of facing your finances to impede this critical element in your business launch.
Just like a business plan, having a financial plan also adds to increasing your success factor. It helps to provide a goal against which business success can be measured.
If finances and money management is not one of your strengths, we highly recommend using online accounting tools like Freshbooks to begin tracking and managing your financial data.
No doubt, marketing serves as the main driving force in determining a successful business launch and long term growth of your business. As a new startup, your business needs to have a constant flow of leads, and your strategy must be able to convert leads into paying customers.
The most successful businesses are experts at understanding who they are serving. They know the specific problems their clients have, and they know how much they are willing to spend to solve them. They have created in-depth client profiles so that they can create effective marketing and branding material that will convert.
Without spending some time researching your market, you will be jumping into your industry blindly and will likely experience unnecessary setbacks in your business growth. You can use social media to gather the information you need from your audience.
If your ideal prospects may not spend a lot of time on social media, then go where they are and talk with them. Use their words and language in your marketing so that they know you are speaking directly to them when you share your offerings.
Launching a business without a marketing plan or strategy is like jumping off a cliff without a parachute, you don’t want to do it.
“A team is only as strong as its weakest link.”
For many startups, their greatest weakness is that they do not have a team at all. We know there are some businesses you can run successfully as a solopreneur. These are often service based, where the entrepreneur is providing the skill.
There are other business models (which was the first thing we talked about) that require a support team, whether full-time, part-time, internal, or external.
As a founder or business owner, your success depends on sourcing capable hands whom you can empower to help in the growth of your business. The most successful startups have a team that lives and breathes the vision and mission of that company.
There is a saying that, if as a founder you cannot get one other person to join you on your entrepreneur quest, then you’re probably not ready to be an entrepreneur. The message to take away from this is that business is all about selling. You’re selling ideas, you’re selling solutions, you’re selling products and services.
The foundation of being an entrepreneur is being able to sell. The first people you sell to are the people who you work with to create and achieve your desired goals -your team. Finding the right people to help build your business from the ground up can be challenging.
Be clear on the type of people that align with your company’s ethics. Be thorough in your recruitment process. Be honest and forthright about expectations and be open about who these people may or can be.
Know that as an entrepreneur, the bigger your vision, the bigger the support team you will need to successfully execute that vision.
With the combination of these four fundamental elements, you are definitely increasing your company’s odds at a successful business launch. You are positioning your business for less chaos and reactionary function and more strategic and sound decision making.
By taking the time to map out these elements at the beginning of your launch phase, you minimize, and in some cases, eliminate wasting time, money, and resources.
If you have a story of how applying these elements in your business has helped you reach success, please share them with us.
– Aisha A., EBS Founder
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