The path to launch.

Launching a business can be a daunting task. Launching and staying afloat can be tricky, especially with limited or no guidance and resources. It’s no wonder that one in five businesses fail within the first year.

There are many hurdles to overcome, and it's easy to feel overwhelmed. However, we know the struggles well, having started our businesses from scratch. We’re in our second year as an official business, but before launching Morse Creatives - I was a freelance creative and content creator for over five years - and my husband has been supporting me every step of the way.

To make things easier – and to ensure you don’t go through the same hurdles I did, I've compiled some tips on how to start a business that'll help you stay on track and get your new company off the ground. Whether you’re still in the ideation phase, preparing to launch, or looking to scale, these resources will always be handy.

1.      Business Concept & Value

So what is this business you want to start or grow? What’s the concept behind it? A business concept is your idea for a product or service you’ll offer your target customers or clients. The concept should be unique and different from the competition, but it must also be practical and achievable within your budget. In addition, you need to consider whether there's enough demand for this product or service in the market, how much revenue it will generate, and what kind of profit margin you can expect (if any).

The best way to test out your business idea is by talking to people who have bought similar products or services before--this will help you get feedback on whether there is enough demand for your planned offering before spending time and money developing it further.

Before we launched Morse Creatives, I communicated with many other bloggers about barriers they faced in the content creation community across major social media platforms. I used this as the basis for Morse Creatives’ market research. Our business concept is slightly different now (we focus on helping all kinds of creative entrepreneurs, not just bloggers), but the core value is the same.

Your business concept will guide operational tasks, while your values will drive your business throughout the years. As your business grows and evolves, its core values will remain, and your customers will appreciate that. So, I recommend you start with your business’s core values, write out the concept then move on to market research.

2.      Market and Competitor Research

• Find out what your customers want.

• Find out how much they are willing to pay for it.

• Find out how you can provide it to them.

• Make the most of your product or service by finding ways to improve its quality, price, and delivery time -- and then do so!

How do you find out these things from your potential customers? Start small and ask the people around you, the people you spend the most time with. Ask them about the product or service you’re planning to launch. Do they already buy these products/services? Why do they buy from their specific company instead of another?

You can also do what I did and join online groups in the industry you will do business. The best online market research platforms are Facebook, Reddit, Quora, and Clubhouse. And while you’re in these groups, you might notice other businesses in your industry. Study them! (Study, not stalk or imitate) Understand how their founders started in the industry, why customers love their products and services, what they’re doing right, and what they might be doing wrong.

Get a list of the top ten competitors and do a competitive and SWOT analysis on each. If this sounds like a lot, start with the top three competitors in your industry. Book a free strategy call if you need help with this process, and I’ll complete your analysis with you.

3.      Business Registration and Licenses

Depending on your state and county, the business registration may be different. The process was speedy and convenient for us in Oregon. Start with national business resources (like the USA gov business resource directory), then follow directions on your state and local government agencies. SBA (Small Business Administration) has a complete guide on choosing a business location and structure, registering your business, and opening a business bank account.

You don’t have to complete this step in one sitting and certainly don’t have to do it alone. SBA has a local directory where you can find a local business mentor.    

4.      Business plan

Unless you’re looking for funding, I don’t think your business plan needs to be extravagant. Although full disclosure, I like to create a fully comprehensive and extravagant business plan and set it aside if I apply for funding later – but that’s just the planner in me. Still, I periodically refer back to my plan when making operational changes at Morse Creatives.

No matter how you create it, it’s vital to have a document that outlines the goals and objectives of your business, as well as the strategies you will use to achieve them. It's important to understand that a business plan is more than just something you write once and then forget about it (unless you're lucky). Instead, it should be updated regularly as your company evolves, so keep this in mind when creating yours: it needs to be flexible enough to grow with your company's changing landscape but still contains all relevant information at all times. It needs big-picture value concepts that stay constant and goals that evolve.

A typical business plan includes an overview of the industry in which you operate; market analysis; competitor analysis; product/service description; management team description; sales forecast (revenue projections); financial projections. Again, this could be a very brief document or an elaborate file, depending on your goals for funding. We created a free version and paid version of our One Page Business Plan, designed specifically for creators and creative businesses.

5.      Financial Projections

This part feels much like manifestation but is more realistic and less woo-woo. I don’t mean to offend those of you into the manifestation thing – okay, I do, lol. Anyway, your task here is to make educated guesses, based on research, of where your business is heading – financially.

Financial projections are a tool for planning and forecasting. They help you to see if your business idea is viable by showing the likely income and expenses for each year of operation.

Let’s say you launch your business this month and start marketing your products and services next month. Based on your current customer base and potential future customers, how much do you think your business will make in three months? What about three years? What are the financial costs of setting up and launching your business? When you first launch, you won’t make much; you might even lose more money because of the high costs of resources, equipment, etc. When do you think you’ll be able to break even? All of these questions should be answered in your financial projects, and it’s a vital part of your business plan, especially when applying for business loans and grants.

The ultimate goal is to grow and scale your business. So, it’s best to prepare and plan ahead of time. Then, you’ll be better suited to capitalize on every growth phase every step of the way. I created a marketing plan template with some of the same processes that allowed me to transition from content creator to business owner, with steps to communicate to your target audience and address their pain points. You’ll be able to grow faster if you focus on effective marketing strategies that target your niche audience. Grab your free copy now.

A good business plan will help you start and grow your business.

A good business plan will help you get your business started by providing the following:

• A road map to follow to achieve your goals.

• The ability to answer questions from investors or lenders when seeking financing.

• A way of determining whether or not it makes sense for you to start this particular type of business now. Or whether you should start on a smaller scale and pivot later.

  • For instance, maybe starting a food truck now makes more sense, and pivoting to a brick-and-mortar restaurant later. Or start fashion consulting online and open your boutique later.

Bonus: Technology Tools

Here are some essential tools and software to help you run your business smoothly.

Before launching:

• Website (with Google Search Console linked)

• CRM – customer relationship management like Hubspot

• POS – point of sale for processing customers’ payments

• Bookkeeping software

• Social media management software (or hire us to manage your social media!)

• Content creation software (Canva, Adobe Express)

Takeaway

Although I started monetizing my content in 2018, I took four years to build the courage to start my business. It’s true what they say; the hardest part is starting. If you’ve been looking for a sign to start your business. Here it is.

Don’t wait an extra four years researching, ruminating, over-planning, and over-stressing. Be like Nike and just do it. Don’t forget to grab your free copy of my launch template and book a free strategy call if you need an accountability buddy. After you complete your research, analysis, and business plan, start implementing! Start small, start tiny, just as long as you start.