Don’t let headlines like this scare you into giving up before you’ve even started. Too many people have decided not to endeavor in entrepreneurial ventures due to fear of failure. As the great Michael Jordan once said:
“I can accept failure, but I can’t accept not trying” – Michael Jordan
Fear can hold you back from greatness. Yes, there is sometimes great risk in starting your own company but there is also great reward. Even if your company fails, the knowledge you will gain from that failure will make your next brand even stronger.
SOLUTION: Accept the risk as a payment for the reward. Have a strategy. If possible, have a backup plan that makes you feel more comfortable about jumping right in. Whatever you do, don’t let the fear stop you from going for it.
Having a business plan is a given and a necessary component of any successful business. You may be excited about your brand but you need to know if it’s all going to be worth it and where this company is going in a year, 5 years, and 10 years from now.
With that said, so many businesses never get off of the ground because the well-meaning entrepreneur is too afraid to pull the trigger or doesn’t feel like they are 100% ready to jump in.
If you’re waiting for the perfect moment to launch your brand or service, you will be waiting forever. There are endless improvements you can make to any company before or during operation. If you’ve created your business plan and have the means, capital, and workforce to begin…start now.
Don’t use planning as an excuse or crutch to delay your launch date. When you’re ready, go for it.
SOLUTION: Design your company to be easily scalable. Create systems that will allow you to grow quickly in case one of your Facebook posts about your new product goes “viral”. Don’t use timing as an excuse to delay. Face your fear head-on and start pitching your message to those around you. Make improvements as you go along.
NO ROLLOUT STRATEGY
“If you build it, they will come” was a quote anyone over 35 will remember from the critically-acclaimed 1980’s movie Field of Dreams. While this may be true for Taco-Bell franchises, the average brand or store must work to find their customers. With Billions (yes, billions) of websites and millions of store-fronts it can be hard to stand out in such a crowded and loud atmosphere with everyone screaming over each other to get their name out there.
Since most business fail within the first few years, a strategy for roll-out has never been more important. It can help solidify your new brand alongside the competition. It can level the playing field and give you near equal footing with some of the top brands in your industry.
SOLUTION: Don’t just wait for customers to find your website or storefront. Have a fully-developed and well-researched strategy to give you the best footing right out of the gate. Make sure you have a website, social media pages, a blog, a way to buy your products or services online, a campaign to get customers engaged with your brand, a clear and defined message, and timetables of when to roll-out different marketing materials or approaches. Research your competition and get started!