Some people think that all it takes to start their own business is a great idea and the cash to make it happen. While those may be the basic requirements when starting a new business, there are other factors that should be considered to increase the likelihood of success.
Remember the Importance of Legal Counsel
Whether you are sifting through contracts with suppliers or developing a robust business plan, having an experienced lawyer on hand to offer legal advice and vet contracts is invaluable.
“Make sure you consult an attorney to ascertain all regulatory and compliance risks – not everyone is aware that sometimes their line of business is subject to some form of scrutiny,” notes Allen Shayanfekr, CEO and co-founder of Sharestates.com.
A good business lawyer will be able to inform you of all your rights and responsibilities and keep you informed about obligations you have to employees and local governments, among other parties.
Test Your Product or Service for Viability
After you have discussed your business plan with a lawyer, it’s important to conduct market research. Testing products with consumers and ascertaining if a product or service is truly in demand can mean the difference between a thriving business and a struggling or failed one.
“Know who your customers are and how you plan to reach them. All too often, would-be entrepreneurs create companies without thinking about if there is an audience or a need,” says Brett Jacobson, CEO of Lottolotto. “If there is a demand and market, be prepared to spend twice as much and twice as long to reach them as you thought it would.”
Learn as Much as You Can
While every entrepreneur isn’t graced with all the knowledge they need to succeed, most entrepreneurs who do succeed show a thirst for knowledge. Learning about industry trends, disruptive tech and related sectors can be beneficial down the road when you try to expand or if you decide to open another business.
“Commit to mastery, to becoming a learning machine,” Ney Torres the CEO of Car Footprints said. “You don’t need only one tool or skill to build a house or building, you don’t need to be the best at all of them, but you need to understand them.”
If you can produce two separate products that are in demand, you are in a better position to succeed than if you only produce one. It doesn’t only have to be a product either. When Canadian business executive, Denis Vranich, decided to form UrbanLife Residential, a property development firm based in Hamilton, Ontario, he recognized that clients wanted to make their residences greener and energy efficient. Prompted by this knowledge, Vranich decided to grow his business to also become a licensed spray foam insulation and spray foam roof applicator.
By offering this kind of service and becoming licensed, clients were able to see more concretely that his company was committed to ensuring that their construction is energy efficient and environmentally friendly, explains Denis Vranich.
Entrepreneurs embody a passion and spark that drives them and their vision through late night product testing sessions to early morning investor meetings. But, confidence and the ability to believe in yourself and your dream, even if others can’t see it, also needs to play into this passion.
“Confidence is the key to all locks. Entrepreneurial success demands the same discipline, grit and vision needed to be a world-class athlete,” said president of Power Train, Steve Saunders. “Successful athletes and entrepreneurs do not overanalyze, nor do they have time to wait.”
Lastly, one of the best pieces of advice for aspiring entrepreneurs is to network, connect and establish connections with other successful entrepreneurs. Starting your own business is a journey that is far better with a robust network of trusted professionals and advisors.