Building New

February 21, 2020 Diana Robertson

BUILDING NEW

I have an associate who recently launched a new business venture with some unique concepts. He had all the enthusiasm and tenacity in the world, however I could tell once he kicked off the project he was not prepared.

His launch to market reminded me of a quick few things one should consider when preparing for and starting something new;

brainstorming - gather people who are smarter than yourselves within your circle and discuss the idea. Discuss everything from target market, promotion, keywords and narrative to the potential uptake and desired outcomes.

Launch - when you launch, launch. Don’t draw the process out for so long that people get tired of waiting. Make sure that you have your offering, social channels and back end technology (if any) working seamlessly.

If it’s a new concept, make sure you have this clearly articulated for your audience and again run this by some trusted others to see if they understand the message. if your message introduces your product or service in a way that it’s transparency may have others stealing your idea; you will need to speak to your ideal target market, the big fish, first and get them on board so you will have less to lose once the campaign becomes public.

Don’t be desperate. Most new businesses or ventures Will take time to build, develop and promote. Having too much financially On the line and having the pressure of having to make this concept work in a short period Will only lead to you conveying that in one way or another to your target market; and like anyone who is desperate this will repel and not attract.

Working Capital. Enthusiastic entrepreneurs often don’t have the dollars and aren’t prepared to wait until they have enough working capital before they kick off their venture. To me ‘NOW’, this is a sign of perhaps not being the right time, or the time to find the right investor, but to others, this can be of no consideration. A main steady income source and a side hustle launch is always a great way to manage this challenge. You’ll still be able to eat and maintain your lifestyle as well as chip in the extra to keep the new venture moving. The alternative is devastating and will often see great ideas dying very quickly. Again remember, most things don’t happen overnight so take your time, have peace about your decisions and enjoy the journey.

Don’t be afraid to adjust the model. Now adjusting the model generally only has to happen with the idea and concept has not been brainstormed sufficiently, however it is not impossible to rethink and tweak the concept if you really need to. That then would be the time to revisit step 1.

New ventures are exciting, and it is one of the great things about living in our country that we can pursue our dreams and visions.

Take your time!