When you’re trying to start up a new business, there are various things that can affect your efforts. These are all things that you will need to consider when you are starting up as they will need to be addressed to ensure the success of your business.
Here are four of the key things that can affect your startup.
Your Business Plan
This is one of the first things that you should do whenever you set-up a new business, as your business plan underpins your entire start-up going forward. One of the main reasons for this is because your business plan forces you to think about all aspects of your start-up and all of the bits and pieces that go into it, so you can identify any possible issues.
If you don’t have a well-executed business plan, or don’t have one at all, you run the risk of focusing only on our ‘big idea’ and not the execution, leaving you prone to start-up risks that could be fatal for to your business.
Personal and/or Business Debt
Debt can be detrimental to your business, whether it is personal or business debt. So, it’s key that before you try and start up your business that you are trying your best to manage your debt before you start applying for any business finance.
This is because personal debt can compromise your business opportunities. For example, your ability to get a business loan where it stops you altogether or makes the amounts you can borrow much lower. Potential investors will see high amounts of debt as a sign you can’t manage your finances and are not a safe investment. It can also have a bad influence on your partnerships as some companies won’t want to be associated with a company whose owners are in heavy debt.
Timing is a big factor when it comes to any start-up business. There is a common statistic that 90% of start-ups fail and one of the biggest reasons for that is timing. There are several reasons why timing is so important to the success of your start-up.
One of those reasons is that whenever you are launching a new business or product, the marketplace and economy at a time will dictate whether your business meets the needs of the market. It is important to make sure you are launching your business at a time when the market is ready: being a little early is fine but being late is detrimental.
This is key to the success or failure of start-ups as it is one of the most effective ways to get your name out there as a brand and to build up your reputation. In a world that is quickly moving to favour all things, digital, digital marketing is perhaps becoming even more key to your small business than traditional marketing.
While you may be making efforts to market your new business offline, if you don’t make efforts to use digital marketing techniques, for example, social media, Google Ads, SEO and email tactics, then you could be missing out on a huge portion of your online target market which may be detrimental to the success of your products or services.
While these four factors aren’t the only factors that can affect your start-up, there are some of the most important ones that can have the biggest effects. So, make sure that you are keeping on top of these things to ensure as much opportunity for success as possible.