Every startup needs business launch consulting services to avoid the dilemmas that block new entrepreneurs from growing their ventures. The business environment is changing at a scarily fast rate, hence making the consultation even more important.
Therefore, you need all the arsenal you can gather to ensure your business is ready to adapt to all these changes. Using business launch consulting services prepares startups to adapt to numerous business changes.
Here are the reasons why this is the case.
Reason 1: Expertise and Experience
The last thing you need is to venture into an industry without knowing its landscape. For example, you may be a good product developer but have little knowledge of how to run a business system.
You need business knowledge to turn your innovative product into a successful venture. Therefore, you are better placed to hire a business launch consultant for their expertise in launching businesses.
One of the crucial requirements to look for in a launch consultant is their experience in helping other startups get off their feet. Hire a launch consultant who has excellent reviews and recommendations on their services.
Going to all this trouble ensures you hire a consultant with greater knowledge and expertise on business startup issues. Their expertise and extensive understanding of market trends, industry patterns, and common challenges in the business environment mean they will get your business off the ground on the right foot.
They will analyze your startup challenges and provide practical solutions based on data and their experience. The good thing is that when they face challenges, they consult professionals in their network for the best solutions for a specific problem.
Reason 2: Objective Evaluation
According to data from the Bureau of Labor Statistics, about 20% of small businesses fail within the first year of startup. In addition, 45% of small businesses fail within the first five years. These failures can be explained by entrepreneurs getting their business plans, strategies, objectives, location, and target market decisions wrong.
Personalizing everything in your business can blind you to most realities in the business's environment. It makes you vulnerable to making biased decisions about your business.
But this is very understandable. You probably started building everything from scratch, including the products or services you will offer. So, the last thing you want to hear is someone bossing you on how to run your business better.
But again, you need an accountability partner to ensure you lay the strongest possible foundations for your business. Someone to tell you the hard truths that will prevent you from sinking the startup you have worked so hard to get off the ground.
That is where a launch consultant comes in. The consultant will cast an objective eye on your business, analyze the business environment and provide you with unbiased feedback and recommendations for success.
Reason 3: Planning and Strategy
One of the challenges you’ll face as a new business owner is creating a strategic plan. Here’s why. Dreaming and fantasizing about how you would want your business to look in the future is easy. But expressing those dreams into an actionable business plan is different.
Yet in business, even your investors are only interested in the actionable plan they can evaluate and term as feasible. A business launch consultant will help you solve this dilemma. The consultant will help you plan the vitals and create a logical roadmap for your business.
They’ll analyze the business environment using various models like SWOT and PESTLE analysis. The analysis will be essential in developing a logical strategic business plan.
Before finalizing your strategic plan, you must also conduct enough market research on your prospective customers. Your consultant will help you create an ideal buyer persona to aid in conducting meaningful market research.
You will also need the input of your launch consultant in creating SMART short and medium-term goals that build towards achieving your strategic goals.
Reason 4: Funding and Financing
Your startup needs enough funds to make it through the slippery first five years of establishment. Unfortunately, capital has never been a luxury for any entrepreneur. Therefore, it is best to start looking for business financing as soon as possible.
But as you can imagine, no one will offer you money because you have a great idea. We’ve seen it many times on the popular TV show, Shark Tank TV. It is also a common trend for banks to shy away from financing SMEs.
One of the reasons this happens is that small business owners have little knowledge of their business's financial situation and future needs. Simply put, all you know is that your business needs money to survive or grow.
A launch consultant will help put these needs into context to help you attract investors to your business.
The consultant will help you create a financial model for your business. The financial model is vital when seeking external funding. It tells potential investors about your current financial position and gives a future forecast.
You will also use the consultant's expertise in reviewing your business financial plan. They will evaluate your budget and offer relevant recommendations based on available financial resources.
The consultant will guide you in developing the perfect financial pitch to present to your potential investors so they can fund your venture.
Note: you still need to woo potential investors and give them solid reasons why they should offer you the business funding you need.
Reason 5: Time and Resource Management
When launching your business, you’ll have a lot on your plate and little time to do it, especially when launching a new product or service into the market.
During such times, you’ll succeed better when working with a launch consultant. The consultant will assist you in planning your time to ensure that no vital element of your business startup is overlooked.
You’ll also face finance and human capital resource challenges as a startup. You’ll need staff members to assist in setting up your new business and funds for the hiring process. A launch consultant will offer expert help in allocating the scarce resources at your disposal.
For example, the consultant may recommend hiring virtual assistants in certain departments. They will also advise you on the best recruitment firms to save you the time and hassle of recruiting yourself.
You’ll also need someone to advise you on the operations to prioritize when allocating your funds. For example, the consultant will emphasize allocating enough funds for your marketing activities. It would be best to create enough brand awareness early for a new business to ensure you grab a substantial market share against your competitors.
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Your business shouldn't form the statistics of the small businesses that fail within their first five years of establishment. Hire Marie, a business launch consultant who’s seen businesses like the Royal Advisory take off the ground and achieve desired growth.