Key Issues Entrepreneurs Should Consider Before Starting a Business

Key Issues Entrepreneurs Should Consider Before Starting a Business

Starting a business can feel both exhilarating and overwhelming at the same time. With so much to accomplish before you officially open your doors, you may want to dive right in and hope for the best. However, this approach can quickly backfire when you run into legal issues, fail to attract enough customers, don’t have enough financing, or other common problems. While you can’t avoid every type of start-up snafu, taking the time to review what you need to do before officially launching can save you a lot of headaches later.

 

Count on a Long Wait to Obtain Adequate Financing

Scheduling a meeting with a venture capitalist or angel investor is a challenge. Getting them to finance your new business is even more unlikely. Assuming that you don’t have enough funds to launch a business yourself, you have no choice but to keep trying. It’s important to attend these meetings fully prepared with a business plan, an elevator pitch for your business, and references at the very least. Additionally, keep in mind that it will take some time for investors to approve or decline your request and that you will need to remain patient.

 

Take the Time to Choose the Perfect Name for Your New Business

This seemingly simple decision can have a significant impact on the success or failure of your business. You don’t want to choose something too long, hard to spell, or that doesn’t match the purpose of your company. We recommend creating a list of at least five potential names and conducting an online search for other companies with the same or a similar name.

Conducting market research on each name is also a good idea because it tells you how prospective customers respond to the name before you officially launch it. Once you’re certain of the name’s availability, register it with your secretary of state and secure a .com domain name as soon as possible. Although you have the options of other extensions such as .net or .biz, it will be easier for customers to remember your new business with the standard domain extension.

 

Consider Working Mostly with Consultants and Freelancers in the Beginning

As a new business owner, you probably don’t have the luxury of paying a salary and benefits to full-time employees. While you may have a few people as your core team, outsourcing work such as web design, marketing, market research, and other essential tasks can prevent you from spending limited funds in the beginning. Fortunately, several online sites exist where freelancers can register for work. This reduces the time you must spend advertising and reviewing potential freelancers yourself.

 

Don’t Forget to Market Your New Business

No one can find your new business if they don’t know it exists. You will need to spend considerable time engaging in activities such as setting up social media accounts, learning the basics of search engine optimization (SEO), writing guest articles for other websites, and issuing press releases to draw attention to what your company offers. When you make time every day for networking, both online and in person, you might be pleasantly surprised at how much free attention this earns for your business.

Whatever your business launch needs are, we’re here to help.  Lowcountry Business Advisors in Greater Charleston, SC strives to use our experience and passion to help those who are starting a business achieve their goals.  Let’s meet for coffee and see how we can work together.