If you’re thinking about starting up your business soon, there are a few things that you need to think about first. Have you ever wondered why 60% to 80% of businesses fail in their first 10 years? How could so many businesses fail just out of the gate? The answer can be simple for the majority of companies who don’t make it. They didn’t plan ahead. The key to being successful is to plan ahead and to prepare for every outcome before it actually happens. To give you a head start with your own business, here are the main question that you should consider.
- How Does Your Name Reflect Your Company?
One thing that you should consider is that first impressions mean a lot. Think back to the first time that you met someone. What did you think of them? How did your first moments with that person shape the way that you thought about them later on? First impressions are vital. When it comes to the name of your company, think of it as your first impression. When someone hears the same, they’re going to form an opinion about what it is that you’re doing and how well you’re doing it–just based off of what the name of the company is. If you name it “Great Value” (like multi-million dollar company Walmart brand), the person is going to know right away that the product is a great value. If you name the company something generic like “Puddle,” the customer might not be sure what they should take away from the name. You have to be careful when you’re deciding on the name of the product. Don’t pick a name that sounds cheesy, instead, pick a name that will fit your brand.
- What are Your Plans for the Future?
Like it says at the beginning of this article, the key to success is planning. Now that you’ve planned out a name for the company, you need to start thinking about its future. Consider what your immediate plans are for the company. Do you want it to be a local gig? Or do you want to be an online company to reach a wider variety of people? Then expand your thoughts to reach out even further than that. What is your 10 year plan? There are companies like Bahrain Economy who can help you with the planning. Plan your company year by year and make notes of what you would do if a certain situation arises. Enlist the help of your friends to help you figure out the main plan. Have them throw out scenarios that could happen to business and decide what you would realistically do and then figure out the best way to handle the situation. If you’re prepared for it, it’s a lot harder for you to be taken by surprise.
- Have You Made a Financial Plan?
The next thing that you need to do is to find out whether it is realistic for you to start your business today, or within a year. When you start your business, you may go into debt. The key is that you want to take on a little amount of debt as you can. If you can avoid it altogether, then do whatever is necessary to avoid it. A great way to get the right amount of finances is to find a friend to partner with you. It needs to be someone close enough to you that you can bicker and work it out without becoming resentful towards them. Pick your partner carefully. Then you can pool your resources, and the debt won’t be as bad as it might have been before. You also need to plan out the finances that you will need to start the business. Put everything into perspective from paying employees to handles the resources.
You deserve to be able to start your business on your own time. It is also so important that you’re ready to have your business so that you don’t fail.