Three Key Discussions That Will Help Ensure Your Success
I’m sure that you’ve heard the adage: “Those who fail to plan, plan to fail,” and you have a plan! But how did you create that plan? Do you know how well it is going to work, or are you leaving that to chance? Can you project the results of your plan with confidence? Are you sure you didn’t overlook anything? Most business leaders start with a goal, then break it down into steps – or action items – and then go to work trying to achieve their goal(s). But is that enough?
Sometimes, in our enthusiasm and excitement over a new idea, we can overlook critical information. In over 25 years of experience, I have seen many business owners who have a fantastic idea and a plan with goals who still cannot make that plan work profitably – if they can make it work at all. There are a variety of reasons why that happens, but the root cause is often related to the fact that we don’t know what we don’t know. The difference between success and failure could be as simple as having overlooked a single piece of information – something which you may not have thought was relevant, or perhaps might not have even known about – that is crucial to your plan’s long term success.
Whether you are starting a new business, launching a new offering, or re-branding your business, there are three professionals who you really should talk to: 1) a Business Attorney; 2) an Accountant; and 3) a Business Development and Marketing Strategist. Sitting down for an hour or so with each of these professionals can be instrumental in ensuring your success. Their expertise can be invaluable in starting a new business or launching a new product line with confidence while avoiding many issues that can arise. Here are a few questions you might wish to discuss with each professional.
- If this is a new business: What form of business is best for me from a legal perspective?
- Do I need to do to protect my Intellectual Property rights?
- What can I do to protect my idea? What are the risks and benefits of protecting it?
- Do I need any permits, or are there any trade restrictions or regulations to be aware of?
- What is my risk of being sued?
- If this is a new business: What form of business is best for me from a tax perspective?
- Can I use personal assets to fund this new business or idea?
- Do need to collect Sales Tax for this offering?
- What records do I need to keep, and for how long?
- What do I need to do to break even or turn a profit?
Business Development and Marketing Strategist
- Whom should I be marketing to and how can I estimate market size (on a budget)?
- How should I develop, package, and price my offering?
- What marketing and promotional strategies are best for my market and budget?
- Where can I connect with buyers, and what is the best way to reach them?
- What are the best distribution options for my product(s) within my budget?
These discussions will help uncover any issues that could derail your success, so that you can plan for them and be more responsive when they happen or, better still, avoid them altogether. Some good advice upfront will go a long way toward ensuring your business success