Whether you are starting a new business or wanting to expand your current business, there are a few things that you need to invest in to make it successful.
Time: Think about your goals and the mission of the business. You need to write out what will be the purpose of your brand and what it can offer customers and clients. If you find that you are offering the same thing as four other companies around your area, you may need to rethink the purpose. Now, you may be saying that there are five different coffee shops within 10 miles of my house and they all sell coffee, but do they really? Off the top of my head I know Starbucks has a Java Chip Frappuccino, and Caribou Coffee has a Turtle Mocha and the tastes are completely different. I also know Starbucks is known for its recycling and energy conservation values. Two coffee shops but two different brands.
Investors: You may need a couple of key people or companies to invest money into your start-up or expansion. Do they get a say in decisions, who to hire, a percentage of the revenue? If you are going for investors, you should have a well organized and thought out strategy to build confidence in your brand. It’s more than being passionate about an idea. You need a clear, concise roadmap. Illustrating clear benefits and payoffs is key to your success for their buy-in. If you want success, present to a businessperson and have them brainstorm potential questions investors would ask so you are not surprised with questions you don’t know the answer to.
Money: This is an obvious point, but think about everything you will need and how much you will need within the first year of your plan. Personalized envelopes, printer ink, paper, stamps, computers, desks, business cards, computer programs and folders. These are just organizing tools to start with. Calculate what expenses will be needed to keep running and if you will have extra money for business emergencies that may or may not happen.
There are many other factors to expanding and growing your business. Baker Creative has the experience. Let’s talk.