You have a stellar business idea. It’s innovative and unique. You just know that people will be interested in what you have to offer. You’re excited about your product or service and ready to build your business. But how do you actually do that?
Taking a great idea and turning it into a thriving business is a challenging feat. With careful planning and dedication, though, you can make it happen. Here are a few strategies to get your new business moving in the right direction.
1. Lay the Foundation
Every great business relies on a solid foundation. You can want to succeed, but it’s exponentially harder without the tools in place to help you do it. So start thinking through every different aspect of your business and what will be required.
This list can vary depending on what product or service your company provides. However, the vast majority of businesses today will need a website and a social media presence. You’ll also have to decide how to handle basic operational functions like human resources, accounting, and marketing. And your employees will need basic technology — communication, word processing, spreadsheet, and other software — to do their jobs.
The good news is that there are many options available for establishing these foundational components of your business. You can contract with a web developer to build your website or a freelancer to run your social media. There are even service providers who specialize in accounting for startups so you can leave the bookkeeping to the pros. Once you have these pieces in place, you can focus on growing your business.
2. Develop a Strategic Plan
There are people who want or need what you have to offer. Whether you provide a product or service, you need to know your target market and what will please them. That’s square one of the business strategy process.
Begin by determining the benefit of your product or service and its associated unique selling proposition. Maybe you’re starting up a specialty law firm with a particular focus. Perhaps you’re developing an app that can help people declutter their homes. Whatever you’re providing, identify one or two key selling points and the problems your business is able to solve.
Then, decide what your goals are. You may want your decluttering app to have 5,000 paid subscribers in the first three months, for example. Be specific, keeping the timeline, feasibility, and budget in mind throughout the process. From there, it becomes much easier to determine a game plan for accomplishing your goals.
3. Create an Actionable Marketing Direction
Now that you know whom you’re talking to, you need to find a way to reach them. Perhaps they spend their time watching videos. Or maybe they’re scrolling endlessly on social media. Either way, you need to put your business’s content on the platforms your ideal customers are mostly using.
You also want to ensure your company’s messaging is consistent. From tone and voice to design aspects, there’s value in consistency with branding. Invest some time deciding what look and feel you’re going for, ensuring it aligns with your company’s product or service. Don’t be afraid to push boundaries, either — your target audience may respond well to edgy humor or bold graphics.
After you know what your business will look like and where you’ll promote it, the action begins. Maybe you’ll need printed deliverables for in-person events, or perhaps you’ll spend most of your time and money on your website. Regardless of how you decide to divvy up your marketing spend, getting the word out about your new business is crucial.
4. Hire Intentionally
Think of your business like a machine. You want to have every aspect of the machine working in concert to maximize productivity and increase output. The same can be said for your business and the employees you hire.
People are often the most expensive component of running any business, accounting for as much as 70% of costs. Not that this money is wasted; your personnel can yield one of the best returns on investment available. Your team will execute big ideas, contribute to the company’s growth, and help guide the direction of your brand. From your leadership team down to individual contributors, people are meant to be an asset.
So invest in your hiring practices to ensure you get the best candidates possible. Post well-crafted job descriptions on the most relevant job sites and use skills assessments to get a true sense of applicants’ capabilities. Devise interview questions that uncover the soft skills you need in addition to more formal qualifications. Even if it means having a smaller team, hire intentionally, and you’ll likely have a more successful business.
5. Consult Experts
You can’t do it all yourself. Well, maybe you could when your business idea was simply an idea with no real game plan. But now? There aren’t enough hours in the day. And that’s OK.
Whenever you or your team reach an impasse on a topic, logistics, or workload, seek out help. Perhaps your e-commerce site needs to partner with a dropshipper, or your law firm needs help writing some blog content. Whether this assistance is full-time, part-time, or on a project basis, it will allow your business to continue running smoothly. Experts can deploy a wealth of knowledge and experience in particular areas to help you grow your business.
Remember that time is money. Having your team spend hours working on something that isn’t their specialty could mean less focus on something that is. Ultimately, consulting experts or engaging contractors is a business-savvy way to get the job done and keep your team happy.
Getting to Business as Usual
Once you have your new business strategies in place, it’s just about doing the work. With a solid team behind you and a strong foundation, leading a new venture can truly be a remarkable experience. Hopefully, you’ll create something special that you, your employees, and your customers all love.
Disclaimer: This content does not necessarily represent the views of IWB.