You’ve come up with an idea, you’ve done your homework, and now you’re ready to take on the world. You can’t wait to dive right in and get your business up and running, but before you jump in, ask yourself – is now the the right time? Picking the right timing for your business launch could impact your success now, and well into the future. Here are some of the things to consider before bringing your business into market.
1. Get the basics sorted
From deciding on a name and logo, to applying for an ABN, necessary permits or licences, and familiarising yourself with legal and financial responsibilities, there’s a lot on the to-do list when starting a new business.
Arguably the most important thing is to survey the market and see where your business fits in. What do you plan to offer that your competitors can’t? If your prices aren’t the lowest, is your service the best? Play to your strengths and focus on what you do well. Figure out what your unique selling point is and how you can convince customers to give you a go.
2. Prepare for launch
With so much to consider in the lead-up to launching a business, planning is critical. Nobody likes the unexpected, especially if it results in lost customers, missed opportunities, or financial shortfalls.
While each business has its own unique requirements, there are things that every new business owner should consider. Before the launch, ask yourself these crucial questions:
- Have I established my target audience?
- Are my website and social media channels polished and ready to go?
- Do I have a marketing strategy ready for my first few days, weeks, and months?
- Have I mapped my projected sales against my inventory accurately?
- Do I have a system, or software, in place to manage my accounts and financial information?
3. Consider the timing
While it’s often overlooked amidst other pressing decisions, choosing the right time of year to launch can determine a business’s overall success. Consider seasons that could impact how your new business is received. For instance, if you’re launching a swimwear line, do it in the lead-up to summer when people are more likely to take notice of a new brand.
Some holidays should also be taken into consideration. For example, if you sell children’s toys, it makes sense to launch before the pre-Christmas rush. If you’re an international company, don’t forget holidays or events that could affect the market you’re operating in such as, Thanksgiving in Canada, Black Friday in North America, the Chinese New Year, and Waitangi Day in New Zealand.
Steer clear of times of the year that are particularly slow for business, such as January and February. These are notoriously bad sales months since they fall right after the Christmas and New Year break, when bank accounts aren’t as full. You want your business to have maximum impact, right from the get-go. Set yourself up for success with thorough preparation and an effective launch strategy.
For more tips and advice on starting a new business, check out these resources.