You may have been dreaming about your new business for the past twenty years, but in order to launch that vision successfully, there are certain steps to cover.
Revising Your Business Plan. Ok, we are assuming you’ve created a detailed business plan. Before you execute that plan, it’s time to share it with experts in the community in order to get their valuable feedback. Chamber staff, a CPA, a loan officer, a retired business owner and a Rotarian will ask you questions you hadn’t previously considered. Now, before you launch, go back to your plan and revise your goals, your expectations and your finances.
Are You The Expert? Fixing lunch boxes for your kids over fifteen years of their schooling does not constitute expertise in operating a sandwich shop. If you are recognizing that you need an expert, start to consider a coach/mentor, a partner or an employee with significant experience and knowledge.
Put It To The Test. The first days, weeks and months are critical to your reputation. You need to refine your model before you hang that “open for business” sign. Talk to people who might be your customers before you launch and get their views and opinions. Let them “taste test” and “test run” your menu of products services. If your list of services includes cleaning bird feeders, and no one indicates they’d likely use that service, nix it from your list. (Now, did you find out what services they would take advantage of that are not on your list?)
Where’s The Bullseye? It’s essential that you have identified, understand and know how to reach your target market. Who is likely to buy your product or contract for your service? How do you best reach these potential customers? How often are they likely to take advantage of your service or repurchase your product? Where are they procuring that product now and what do you need to do differently in order to secure them as your client? The success of your launch hinges on getting customers right out of the gate. You need to accurately project who they are going to be and understand what drives their decisions to purchase. Your starting marketing message needs to convey to them how your offering differentiates from your competition, and what benefits they will receive as your customer.
Identify Your Cash On Hand. “Potential” capital doesn’t count on day one. Ask yourself, will the cash on hand take me through the next six months of expenses without any additional revenue? Is there enough to cover the projected costs of my marketing plan? Will I be able to financially replenish depleted inventory in that period of time?
Are All Your Ducks In A Row? Is your accounting system up and running including your POS system? If you’ve hired employees, are they versed on your entire product line and services? Even if they are in charge of housekeeping, once they are out in their sphere of influence and they mention they work for your business, people will ask them questions. Be sure they have the answers. Is your website fully functional? Is all of your initial marketing in place? Do you have all the proper licensing? Have you considered and taken appropriate action to limit legal and tax implications?
Become a Member of the Blairsville-Union County Chamber of Commerce. Our Chamber staff is here to help assure that your business isn’t just launched, but that it successfully soars.