Your entrepreneurial vision is starting to become a reality. Everything is in place to launch your new business, but you want to make sure that your startup will have longevity in its industry. It’s the perfect time for a last minute check on some essential tips that will ensure your new business has what it needs to survive the crucial first 18 months:
Choose Your Capital Sources Wisely
Instead of relying solely on your credit card to pay for an unexpected new business expense, consider taking out low-interest cash loans. Many responsible, ethical lenders can provide you with fast access to a modest line of credit to address a short-term emergency, while sparing you from the excessive interest rates that eat into your profit margin and undermine any initial business success.
Don’t Quit Your Day Job
If you have the option to start and grow your business while you receive a paycheck from a full-time job, do it. Think of your new business as your side-hustle. Work out the kinks while you aren’t dependent on the paycheck. You will find you have more freedom to make changes and dream big when your livelihood is not teetering on the financial edge of your new business. This is especially viable if you’re starting an online venture that allows you the freedom to operate on your own schedule.
Become an Authority in Your Field
If people trust you, they will buy your product. One way to create trust is to establish yourself as a leader in your field. A proven way to build authority is by educating your consumers through sharing content. Blogs, books, and videos are three popular forms of content that engender trust from customers. Another way is to seek out speaking engagements on expert panels at conferences. Take advantage of opportunities to interject your voice into your industry and add value.
Don’t Go it Alone
Unless you have had the breakthrough invention of the century, chances are there are other businesses out there offering similar services or products. Instead of being intimidated by that fact, take advantage of it. Utilize any established Peer to Peer networks or work with your competition to create one that serves all of you. This will not only generate free leads for your business, but it can also help you build credibility with your customers as they leave reviews of their stellar experience.
Don’t Forget your Purpose
There is no doubt that you will come across some tough decisions or unanticipated results as you roll out your startup. In the midst of this tumultuous period, you need to remember why you started your business in the first place. Challenging situations can cause even the most level-headed individual to allow fear and worry to drive rushed decisions. Your ability to remove the emotions surrounding possible outcomes and base your decisions on your initial purpose will be what enables your business to emerge intact from trying circumstances.
Let’s face it, “survival” is not as thrilling a concept as the launch of a new business. It is, however, what all entrepreneurs desire for their business. To make sure your startup survives, be sure to choose your money sources wisely. Don’t quit your day job if you don’t have to and don’t go it alone for no reason. Set yourself apart by staying true to your purpose and becoming an authority in your field. Then, five years from now, you can tell the story of how your startup thrived despite some initial trying times.
