Starting a new business in the current economic environment is bold and risky. You have likely seen numerous small businesses in New York and beyond that have not survived the difficult challenges of the past year. That does not mean you should give up on your dreams of entrepreneurship, but it does mean you must take every precaution and overlook nothing that might jeopardize your success.
It takes more than ambition and a good idea to make a business work. While these may provide you with motivation, you will need a systematic approach to making your idea into a startup company. There is no coasting when it comes to building a successful and thriving business, so you should expect to work hard and make sacrifices. However, you do not have to struggle alone.
Step by step to success
Over a third of all new businesses fail within the first year, and with each successive year, the odds get worse. You may be able to improve those odds for your business if you create a solid plan that outlines your goals for the business for the first three years, your projected financial plan, market research other factors that can help keep your business on track. With your plan in place, you can move to the next steps, which include:
- Obtaining funding for your venture, either from your own resources, business loans, crowd funding or investors
- Finding a physical location from which to run your business, which includes determining if it is better to lease or buy space
- Learning everything you can about marketing, using both digital techniques and conventional methods
- Setting up and launching a website to begin marketing and even taking orders or scheduling appointments for clients
- Using social media platforms to increase your online presence
Getting potential customers to look at your website is good, but until you convert that into a sale, it does not reach your goal. Additionally, providing exceptional customer service is the key. Building your customer base is critical since many businesses thrive on repeat customers and client recommendations.
Building a team
Even if you are a sole proprietor with no employees, you may find the advice and guidance of financial and legal professionals indispensable from the moment you spark an idea for your business to the day you decide to plan for the succession of your thriving company. A New York attorney with experience in a variety of areas of business law, intellectual property rights and corporate counsel may be an invaluable member of your team.