Are you planning to start your business in 2019? Now is a great time to get started while the going is hot. There are so many new tools today that starting a business has never been easier or more affordable. However, according to the Small Business Association, 30% of new businesses fail within the first two years. How do you keep yourself from becoming another statistic?
It mainly comes down to hard work and using the right essentials. If you’re planning to start a business in the near future, make sure you take advantage of these essentials below to have all of your bases covered.
A Business Plan
Before you do anything else, you need a business plan. While many new entrepreneurs shy away from business plans, they’re more essential than you think. Sure, they might not be the most glamorous part of starting a business, but they form the foundation for your future success.
This doesn’t have to be anything complicated. It can be a single page long. All it needs to do is outline your plan of conducting business and get some key things laid on the table. For more assistance, read this guide to writing a winning business plan.
Create Your Prototype
If you plan to create something for your business, you need a prototype. Even if you’re just creating digital products, you’ll still need some kind of mockup or digital version. Why do you need to build this right away? Because it’s how you’ll secure funding and continue pushing your business further.
Luckily, it’s more affordable than ever to prototype your custom product. 3ERP is a company that can do it for you with additive manufacturing, also known as 3D printing. You’ll have something to show for your business in no time.
Search for Funding
Now that you have a prototype and a business plan, it’s time to seek funding. Unless you’re 100% self-funded, you’ll need to look to outside sources to find investors or a bank. This doesn’t have to be an intimidating process, even if you have no experience with investments.
You can find local investors for your business idea, whether it’s a small business or a large enterprise. Otherwise, many local banks and creditors offer small business loans. Finally, you can even crowdsource your funds with a tool like Indiegogo or Kickstarter.
Next, you need to set clear goals for yourself. If you don’t know where your business is going, you’ll never get anywhere. This can be complicated if you’re not sure where your business should go next, and that’s why it’s important to work with a mentor or research your industry’s usual milestones. You’ll soon be able to compare these goals with your ongoing progress.
Don’t Give Up
Last but not least, it’s essential that you’re persistent and that you don’t give up. This might seem like something you can overlook, but it’s actually the most challenging part of the entire process of starting a business. Obstacles will get in the way, and you’ll need to make hard decisions.
It’s essential that you’re dedicated to your business idea, and that you always go back to that original business plan. As long as you’re willing to keep hustling and pushing forward, your business will live to see another day. Holding yourself accountable will be key, but remember you don’t have to be in this thing alone.
Are You Ready to Start a Business?
Whether you’re planning to start a business or you’re just getting started, make sure you pay close attention to these essentials above. There’s a lot to learn when you’re making a name for yourself in the business world. It won’t always be easy, but that doesn’t mean it has to be impossible.
No matter your experience level, it’s never been a better time to start a business. The tools are all there in front of you. Now it’s your chance to go grab them and make them work for your business.