Most business owners think that because they have a great idea, a name and/or a product, that they are ready to start a business. In most cases, this isn’t true. Starting a business takes much more than that. As a matter of fact, it takes a lot more than that. The average startup business in the United States lives about 2-5 years. This is mainly because of shifts that can sometimes catch us by surprise. This could be the shift in your particular industry, a shift in trend or even the economy.  Surprisingly, money-related issues were the most common reasons the funded startups failed, with a combined 40% citing running out of cash or a lack of funding as a reason for failure. On the other hand, only 28% of startups without funding blamed a lack of funding or running out of cash for their shutdown. Here are 3 key components to helping you make sure that your business is ready for takeoff.

1. Research and development is key when starting a business. In fact it may be most essential to the longevity of a successful business. Not only in the startup process but throughout the existence. Make sure that you have done as much research on all facets of your business to ensure you know as much as possible. Developing a great business plan with your research is one of the smartest things any business owner can do. If you don’t know how to write and structure a business plan, hire someone that does. It will be needed.

2. Funding is needed when starting or growing a business. Rather you are online or brick and mortar you will need funding to start up ad/or grow. Establishing a relationship with a local bank is a key ingredient, especially down the line when you need additional funding for growth. Bank relationships along with establishing business credit are smart decisions to make in the process of starting and growing a business.

3. Marketing is another key component when starting a business. Learning how to brand, market and advertise your business next to your competition can be vital. Most business owners try the “do it yourself” approach when it comes to their marketing. This is mainly because of the false presence that social media puts in front of them. It’s not that social media isn’t a great tool to use for your marketing, it just shouldn’t take presence over a person or firm who has years of experience. Also, having someone with experience is good because it allows you to delegate, start to build a team and focus more on your business. Marketing Genius Marketing can assist you with all of your marketing needs. 

written by: Antonio Gadsden