Starting a business is not easy. It will require you to make several key decisions, and we want to help. Often times, businesses do not quickly turn a profit and the owner may not be able to afford their own salary. This, as well as several other considerations, are on the horizon as you begin your business startup journey. Our goal for this blog is to help you understand what you will need to consider as a new business owner.
Related blog: A Prescription for Starting a Healthy Business
A necessary step to determine in your business plan is how much funding you will have and how long it will last. A wisely prepared business plan will help you structure your budget and determine what your business can afford and for how long. Startups already face enough obstacles, finances being one of the largest. From securing funding to building a budget, IA Business Advisors can help you develop a financial strategy to keep your business moving forward.
You will need to understand your competition. Understanding the difference between your company and your competitors’ is key to setting yourself apart from them. You will want to do a quality S.W.O.T. (strengths, weaknesses, opportunities, threats) analysis to determine the biggest differences between you and your competition. If you need help with this, our BizVision process can help you! Just ask us how.
How you choose to market your new business will determine much of your company’s future. Especially in the digital world, you will need to make your business known. You will need a logo, website, and social media channels. Additionally, you can start advertising on those platforms, developing a blog for your website, and sending newsletters! If you need assistance, IA Business Advisors can work with you to build and execute your digital marketing plan to help grow your business.
We see a lot of startups fall into the trap of solely focusing on their external business—the side that faces the customer. All great businesses know that internal organization is what keeps them running. You will want to remain mindful of employee retention, cash flow shortages, leadership development, operational processes, and overall balance between internal and external operations. IA Business Advisors can help you develop your internal organization so you can focus on your new customers.
Sales are the life blood of any business. Whether that be services or products, sales are what will keep your business open and growing. IA Business Advisors can help your business develop a sales strategy to grow your business at a rate that your type and size of business can handle. We help keep your internal processes secure (operational development!) so your sales can skyrocket.
Several startups fail due to a lack of forecasted strategy over the next three plus years. IA Business Advisors can help you develop strategies to grow your startup into a solid business. We are proficient in developing both internal (operational development!) and external (sales!) strategies to keep your business growing and moving forward.
With a plethora of technology choices to use in your startup, how can you be sure which one is the best for you? IA Business Advisors know technology, and we can help you find the perfect systems and programs to develop your business and build profits. We will also help you implement those technologies so everyone on your team knows how to use them effectively. This is where our motto, “People, process, and technology” stems from!
Several startups see rapid growth that they are not prepared for. This typically occurs when sales grow faster than the operational team can handle. Again, balancing internal and external operations is vital to a business’s success. IA Business Advisors will help you maintain internal structure and organization, so when your business sees growth, not only will you be ready for it, you’ll be expecting it.
As your business transitions between stages of growth or during mergers and acquisitions, sometimes these changes can shake startups. IA Business Advisors can work with you to ensure your transitions go smoothly so that your team and customers won’t even notice.
If you’re ready to get your startup off the ground and into the market, we are your perfect partner! We will work with your team every step of the way to get everything you need squared away so you can focus on what you do best! Don’t leave all the hard decisions to be made by one person or a small team. As a team, we will be your sounding board. With over 30 years of experience in business consulting, we are positive we can help your company grow and shine.
Please find these free business startup resources on our website for download! We just ask for your email in return so we can keep you up to date on all things business with our monthly newsletter. Please scroll to the very bottom of this page, enter your email (the page will reload), then scroll back down and you will have access to download all these items for free:
- Guide for Organizing Limited Liability Companies in Illinois
- SWOT Analysis Template
- New Business Startup Checklist
- Work Sheet: Startup Costs