Answer the “Why?” question. Why are you taking this major step? Have you developed a product or service that the world needs now? Do you hate bosses? Or are you just having a tough time getting a job? By answering this question as honestly as possible, you’ll better position your business at the start-up stage — or help you see whether you should step out in the first place.
Differentiate your brand. You’re marketing a new service, product or idea. So? Doesn’t the world have enough? How you differentiate your offering, your approach, your culture and your relationships with employees, vendors and customers becomes your brand. It’s why customers or clients do business with you rather than competitors.
Get adequate financing. According to CB Insights, one of the top reason new businesses fail is the cash spigot runs dry. Few start-ups have “too much” money. Is your primary source of investment life savings? Family and friends’ investments? Partners? On a related note, how long can you live without income?
Put it in writing. Take all of the issues and concerns raised in this post and a whole lot more and write a business plan. Tell yourself (and bankers or investors) how you’ll find customers and handle cash flow, how much financing you’ll need, when you expect to break even and a host of other questions critical to your long-term success.
Best of luck to you and your well-planned 2019 start-up