Baltimore News Journal

We all know that starting a business requires time and effort, but preparation a huge component of future success. If you’re thinking to launch a business, there are several things you should consider before starting a new venture to boost your sustainability. Here are five tips, inspired by five inspirational businesses!  

Pinpoint the problem you are solving with your business. 

A lot of small businesses think “I’m just going to build my quality product and sell it.” Instead, successful businesses focus on marketing the specific problem your service or product will solve. This is how you stand out from the competition and engage potential customers who may not even know they need your product! Here’s a sample breakdown of how this mindset works: most general practitioners do not have the specialized training to provide advice on the variety of diseases endemic in countries throughout the world. That, plus the fact that vaccines differ from country to country, and not having the right ones can end up with you being denied entry, was the idea behind TravelBug Health, a full-service travel clinic in Scottsdale, Arizona. In addition, they are certified by the World Health Organization as an official yellow fever vaccination center, further adding to their problem-solving capabilities! 

Highlight why your solution is better than your competitors. 

Identifying your target market is important for any business, especially when it comes to selling products, but it must go beyond that in today’s competitive market. How is your product better than others out there? Is it higher quality? Cheaper? Or maybe you can offer a far easier process, which is more cost-effective in the long run? Here’s a good example: printing costs can eat up a marketing budget in no time, and that’s why ZoePrint.com advertises cheap printing online available to businesses and individuals nationwide. Their goal as a company has been to make cheap printing easy to obtain and accessible for small businesses, individuals, and non-profit organizations. 

Research your options for external funding and cash flow emergencies.   

We all expect our businesses to flourish when we launch them – but what if they don’t? Cash flow is crucial for any successful company, not only for managing day-to-day operations, but also to anticipate future difficulties that may require outside funding. Take the extra step and do some research into potential funders for that just-in-case scenario, so you’re not scrambling for best options. For example, will you have to replace equipment in the future? Charter Capital provides commercial equipment financing loans and leases from $10,000 to $1,000,000. In business for over 40 years, they pride themselves on being navigator, consultant, and bridge through the commercial finance market to help you identify the most appropriate equipment financing leads.

Get business insurance.

Small businesses often don’t realize how important it is for them to be covered under a general liability policy. A general liability policy protects against property damage caused by negligence or intentional acts committed by third parties. If you’re operating a restaurant, bar, retail store, or any other establishment where customers could encounter hazardous materials, then you should consider purchasing a commercial general liability policy. Not sure which coverage to choose when it comes to protecting your business? Berglund Insurance has been in the industry since 2006, and their agents have won several awards for their exceptional knowledge and skill in the insurance industry. Bergland represents a carefully selected group of insurance carriers to provide the best coverage for companies based in Utah, Arizona, California, Colorado, Florida, Idaho, Nevada, Tennessee, and Texas.  

Make a marketing plan. 

As great as it would be to be discovered online and instantly busy, it takes far more work than you might think to get your product or service noticed. So before launching, determine your assets, your skills, and the marketing strategies you’re ready to undertake. Do you have a great website? Have you built social media profiles for the company, and are you ready to update them regularly? Do you have an email marketing platform? If tutorials will help to sell your product, are you ready to create and publish videos on YouTube or other channels?  A great example to take marketing influence from is The Lash Professional. These pros utilize all the above mentioned with skill, offering video tutorials, social media updates across all major platforms, weekly blog posts, email newsletter options, and more!

Starting a new business is a challenge. The key to success lies in knowing what steps to take to ensure your venture becomes profitable. If you want to start a business, these five tips should help you get started!