4 Critical Steps for Launching a New Business
Every entrepreneur wants to create a successful business. However, to do so, you must execute an effective startup strategy, which can help to kickstart your company’s success from day one of your launch.
If you believe you have a brilliant business idea that could transform into a profitable venture, read the four critical steps for starting a new business in 2019.
Step One: Write a Thorough Business Plan
According to recent research, writing a business plan could potentially double your chances of success. In fact, 36% of companies interviewed secured a business loan, while only 18% of businesses without a plan managed to obtain a loan to finance their venture.
For this reason, you should write a thorough business plan, which will provide a written outline for your company’s future, as it will state what you need to do and the steps you need to take.
It is also essential to routinely review your business plan, as plans can change, platforms can emerge, and the market could take an unexpected turn. As a result, you will be able to quickly and easily adapt to any changes to ensure your new company’s success.
Step Two: Create and Promote Your Website
To secure a solid online presence, you must build an impressive company website. For example, if you’re starting a new law firm, don’t create a substandard site that will fail to complement your business. Instead, reach out to a reputable agency with experience building professional websites for lawyers.
However, don’t wait until the official opening of your company to promote your site, as you will want potential clients to know you will soon be open for business.
Once you have built a site, you must promote it before your company’s official launch, which could lead to a client choosing your new firm over an industry rival once you’re open for business.
Step Three: Master Various Marketing Tactics
If you have next to no marketing knowledge, you need to gain it to ensure your startup’s success.
It is crucial to familiarize yourself with the following online marketing tactics:
- Search engine optimization (SEO)
- Content marketing
- Social media marketing (SEM)
- Email marketing
- Pay per click (PPC) advertising
However, you also shouldn’t overlook various traditional marketing techniques, which can be just as effective, such as:
- Television ads
- Print advertising
- Radio ads
If the prospect of mastering the above tactics alone seems overwhelming, consider hiring a marketing agency to help you launch a successful online and off-line campaign.
Step Four: Improve the Customer Service Experience
While a detailed business plan, an impressive website, and an effective marketing strategy could be the key to your company’s success, it is the customer service experience that will determine your brand’s reputation, revenue and longevity.
Your customers must become the lifeblood of your business. If you fail to treat them well, they will not buy your products or spread the good word about your company. Every action you take must be made with the customer in mind, and you must hire dedicated staff who can quickly answer their questions and resolve their problems in a fast, friendly and polite manner.