How to launch a successful business
Launching a business is easy; however, launching a successful business can be very difficult. That’s the key difference.
Anyone can throw a business idea out there and watch it sink, however there’s a shocking statistic to take into account – 60 per cent of new businesses fail within the first three years. That’s not a statistic attached to successful businesses!
To launch and establish a success, you need to plan, persevere, change things around, listen to outside influences to a degree, and work yourself ragged.
At the end of all that, congratulations, you may just have a success on your hands.
So, just how do you launch a successful business?
Put together a business plan with no holes in whatsoever. Once you’ve done that, go over it with a fine tooth comb and look again. A solid business plan should always be formed through plentiful research, industry experience, talking to those who have clout within the market and know what they’re talking about and of course, market research.
Know your market inside out
It’s no good launching a product or service into a market you know little about. Gain experience, volunteer, talk to industry champions and suppliers, conduct surveys until you know every single corner of the market. This will mean no nasty surprises.
Take the time to get to know your target audience
This is unfortunately yet more market research, but you need to understand what your target audience find attractive about a product or service, in order to be able to angle it in the right direction for optimum sales or uptake. You need to be best friends with your future customers.
Money, money, money
This is obvious, but you need to put into place cash resources to get you through start up, growth, and a little aside for any future problems. This will probably involve you going to the bank with your business plan, but you need capital to fall back on, and to enable you to push forward with your aim to launch a successful business.
People are important too
Whilst you might think cash is everything, and yes, it carries an awful lot of clout, the people you choose to surround yourself with and where within the structure you place them, will mean better chances of success. Make sure you’re careful with whom you choose to be part of your journey, identify their strengths and weaknesses and work with it.
Finally, always keep records, especially financial. You will need to show the tax man evidence of your activities, as well as countless other organisations along the way. So keeping up to date, easy to use, and accurate records will ease the waters, and stop any problems in the future. The team at IQ Accountants are strong believers in client education and will ensure that you leave the office armed with further knowledge of what you can claim so that your return is maximised for future years to come. You can reach us on 5576 0011.