10 things you need to do before launching a business

Before a business is launched, there are a list of things that must be done in order to prepare the 'ground-work' for it. These things are not a secret but they are very often disregarded or avoided on purpose. 

Big Mistake!

How can you build a house without a foundation? You could, actually, but it will be destined to fall in a very short time!

Preparing the groundwork is essential. It gives you a picture of what you are going to build. The picture will give you motivation, new ideas and become crystal clear sighted about your every next move. 

Here are my top 10 tips to lay down the 'foundation' for a successful business:

1. Write a Business Plan. A business plan helps you get all your ideas in order. Write down everything, and as you are writing you will realize some inconsistencies, and come up with even more ideas. It is an important process that helps you flow. Write down your ultimate goals too and go back to update them regularly.

"If you don't know where you are going, every road will get you nowhere."

2. Find out your ideal customer. This is so important that it needs to be stressed. You need to understand whom you are selling to. You must be able to know who is your target market by determining your ideal customer. Take the necessary time to do this well and you will be grateful for it later on. This information will help you with everything you will do in the future, be it marketing strategies or product development. 

"Any customer can have a car painted any colour that he wants, so long as it is black."

3. Create your brand. It is not just about a logo and the business card. Branding means giving life to your project by giving it a history and a purpose. Now that you know who is your ideal customer, think of speaking to that person when explaining your brand. 

"A brand for a company is like a reputation for a person. You earn reputation by trying to do hard things well."

4. Make a to-do list. An action plan with things to do will help you accomplish them easily. Organize yourself and prioritize wisely.

"By failing to prepare, you are preparing to fail."

5. Invest in Photography. It is absolutely vital to have great photos if you are selling online. It is the first thing that a customer will see. If it is of low quality, nobody will even click to see more details. The money you spend to buy a good camera and a course in product photography will eventually help you get more sales. 

"There are no rules for good photographs, there are only good photographs."

6. Research. Is there anyone else doing the same thing already, or similar? You need to know about them. What is the general feel about your product in the market? Is it something trendy (that will soon pass) or something that is always in fashion? By conducting and analyzing a research you ensure that you are walking on the right path and you are equipped with the data you need to do a marketing plan.

"Google is not a synonymy for research."

7. Delegate. It is almost impossible and sometimes counter-productive to try and do everything by yourself. Don't stay wasting time trying to make your accounts when you can spend the day creating products to sell. Learn to delegate the work you don't really know well or that you don't like to do. Remember that time is also money.

"One of the biggest secrets of success is delegation." 

8. Let the world know. Learn to advertise effectively. This is when you create your marketing plan. Create a system where your clients and friends spread the word for you. Don't be shy talking about your business. Show your face, your personality and your story; people are more likely to buy from a 'person' than from a 'company'. 

"Think like a wise man but communicate in the language of the people."

9. Network. Not referring to the Internet or Social Media. Join a community, meet other handmade sellers, make new friends, go to social events. Do it in an authentic way and new amazing opportunities will come your way.

"Our lives are defined by opportunities, even the ones we miss."

10. Do not let fear hold you back. FEAR = False Evidence Appearing Real. Don't you agree? Fear is just an emotion that our mind takes on when it thinks there is real and apparent danger. But in reality, most of the time, its just inside our heads. Fear it, and move on. 

"There is only one thing that makes a dream impossible to achieve - fear of failure."

Ideally, these tips are done before launching a new business. However, if you have already launched yours without them, do take the time to put them in place before it's too late. You can even take the opportunity to 're-brand' and bring with it the excitement of something new. 

If you want to learn more and understand better each concept, make sure to join Create and Thrive Malta, an Academy aimed at helping you succeed with your handmade business and create a profitable way of living doing what you love most!

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