So, you’ve decided to take the plunge and jump into the world of entrepreneurship. Congratulations! You’ve got your idea and your aspirations, now it’s time to put those to action. But how exactly does someone go about launching a new business?
Define Your Goals
It’s important to have a clear idea of what you hope to achieve with your business. Think about your motivations and your aspirations until they’re clearly designed objectives. Defining your goals gives you something to work toward and provides you with information to allow you to measure your progress. This information is often referred to as ‘benchmarks.’ This important first step also provides you with a useful roadmap to your business, which you can use to develop your business pitch—a key ingredient for most start-ups.
These goals may be personal achievements, they can be based on a specific timeline, or they could be financial in nature. Everybody’s goals are different, and only you know which ones will help motivate you effectively. The process of identifying your goals and writing them down will help you focus on what you want to achieve.
Don’t get too hung up on these goals—they will help you build a strong foundation for your business, but you’re bound to experience some detours and come to new realizations along the way. Your goals can change as your business develops, and that’s okay.
Build a Community
Launching a business is tough work, and there’s no shame in getting help from those around you. In fact, nothing great is ever achieved alone. Use your connections and make use of the expertise of those around you. Learn from the mistakes of others so you don’t make them yourself and lean on your professional circles whenever you can as you set out to build your business.
It is important to build your networking contacts as you go and maintain those relationships as they will undoubtedly come in handy down the line. Don’t forget about your mental, social, and emotional needs as well—a strong community of friends and family is so valuable when you’re feeling overwhelmed. Entrepreneurship has its ups and downs, but it’s more manageable if you have the right support systems in place, both personal and professional!
Perfect Your Pitch Deck
Your pitch deck is what you will use as your main communication tool for reaching out to potential investors, showcasing what makes your business worthwhile and the potential that it holds. While this is an important thing to have as an entrepreneur as you will undoubtedly need funding and support, it’s especially important to build a strong pitch deck because it will help you to summarize all the foundational elements of your business.
In case you’re asking, ‘what’s a pitch deck?’ a pitch deck is a concise and informative summary of your business that typically includes the following:
- The key points of your business plan
- The products and services you provide
- High-level financial projections
- Your funding needs
Have you ever heard that the best way to tell if you’ve mastered a concept is whether you can successfully explain it to someone else? This is especially true when building your business. You need to develop these foundational elements until they are clear, concise, and you know them through and through. When it comes time to pitch your idea to others you will be well-versed on the most important parts of your venture, and you will be able to expand upon them when necessary.
Launching a business requires a well-rounded skillset; you’ll need to remain focused on your goals, maintain strong social and professional connections, and work through the details until you can recite them in your sleep. It’s tough work to launch a business, no doubt! But if you believe in yourself and if you believe in your idea, it will be the most incredible experience to see it come to life and to enjoy the results of your hard work.
Of course, there are many more important steps to launching a business. ACCES has a variety of resources and programming designed to help newcomers with developing a business program, identifying financing options, marketing your business, and refining your business idea. To learn more about our Entrepreneurial Programs, visit our Entrepreneurship Connections homepage or contact us at [email protected] or by phone at (416) 921 1800.