Starting a business can be downright terrifying. There are hundreds of unknowns, from how your business will be received to making the right decisions for your brand. One of the biggest concerns amongst entrepreneurs is whether or not their business will succeed and is worth pursuing – will it succeed?
Though no plan is guaranteed to be a winner, there are simple ways to ensure that a business you’re investing your time, money, and energy in will be a success. These range from simple testing measures to advertising methods!
We’ve broken down how to ensure your business reaches success as quickly as possible.
Solve a Problem
All successful products, services, and businesses solve a problem. Here are a few examples:
- Food chains solve the problem of hunger, providing a quick and convenient way to satiate your cravings without preparing food yourself.
- Orthopedic shoe lines solve the problem of sore feet, which can make people’s lives extremely difficult.
- Stitchfix solves the problem of having to shop for clothes when you don’t have the time or patience.
Get the picture?
If your business does not successfully solve some sort of problem, you will find it difficult, if not impossible, to reach success. Start with a problem, create a solution, and BAM! You have a product that will sell.
Test the Market
Just because your business technically solves a problem, if it’s not a problem many people have OR many people are willing to spend money to fix, it’s not a successful business idea. Test your market by researching other companies who do something similar – what are their sales like? Prices? Who are their customers?
If an industry is struggling, it may not be the best industry to break into on your first go. Instead, pick something many people are using (technology, food services, etc…) to ensure a market is there in the first place.
In addition, creating a prototype for products or apps and asking for honest feedback is a great way to test the waters without investing thousands of dollars. Ask people (not family or friends) what they honestly think of your given product, having them rank different aspects of it on a scale from one to ten. (Ease of use? Aesthetic Look? Functionality?)
In addition, have them report how likely they would really be to spend their own money on it. If your audience doesn’t see your product as worth investing in, you do not have a business.
Start Advertising Before Launch
It’s never too early to start promoting your brand, even before your products or services are officially ready or launched. In fact, the only way to give your brand a chance of selling on the first day of launch is to start promoting long before.
Use social media sites like Instagram, Twitter, and Facebook to build a platform and audience for free, and use an inexpensive email service to collect contact information for a newsletter. When your product or service launches, you can announce it via email to the addresses of interested customers you’ve collected.
Not only will this save you time once your product has launched, but can also help you make back some of the money you’ve invested almost immediately. On social media platforms, be sure to track your statistics as you’re posting (click here for a great analytics analysis) and keep up with what works and what doesn’t.
Invest in it!
Last, but certainly not least, you must invest money if you expect to make money. Though investing can be scary (and you should always be cautious about it,) don’t be afraid to invest responsibly in a business you’ve researched diligently and have a solid spending plan for. You don’t have to invest millions – a good website, a bit of paid advertising, and a high-quality product can go a long way.
If you personally don’t have the money to invest, there are a variety of options, from loans to crowdfunding (i.e. raising money in the form of donations from people you know.) In addition, local colleges and universities may have resources you can take advantage of in terms of financial support for businesses.
Though investing may be the most nerve-wracking and least fun part of the experience, it’s a must-do for people who are serious about starting a business that succeeds in the long run.
If you’re on the fence about starting a business simply because you are afraid it will fail, take the leap (responsibly.) Don’t invest money you don’t have or can’t pay back, and treat the market like it is – unpredictable and ever-changing! With these cautions in mind, don’t be afraid to take the leap and try something new. After all, it may be the best decision you ever make in your lifetime!
Ensure Your Business Will Succeed!
Which of these methods are you excited to apply to your own business venture to ensure your business will succeed? Comment below.