The Small Business Association reports that an average of 627,000 new businesses open each year. That is a lot of heart, hustle, and dreaming. Are you in that camp of consideration as you prepare to launch your own business?
Being an entrepreneur is an important part of the American fabric and we support many business owners in differing capacities. While a thrilling and fulfilling venture, there are a number of considerations to evaluate before taking the lead. Read below to learn more about what you should consider when starting a business.
Purpose & Mission
First and foremost, you should define your vision.
What is the ultimate goal and purpose of your company? Why does your business exist? Who are you serving, and what kind of impact do you want to have on the world? What do you want people to say about your company? What types of problems will you be solving on behalf of your customer base? That's your differentiation.
Outline your mission statement and continually revise if needed until you feel comfortable with the overarching goal of your business. Understand the impact you want to have on the world, and your customers will too.
Culture & Team
You might be the entrepreneur, but who do you envision supporting your team in terms of staff?
What type of employees do you need? How many? What skillset does your business require? People are your most important and valuable asset. Consider how and who you will hire, and outline a plan to sustain retention. Can you create a career for them with plenty of achievable growth? Employees want to feel as if they can grow with a company. Personnel is an extremely critical factor you should take time to consider.
An HR expert or experienced business mentor are great resources when building plans for employees.
Target Market
Who is your primary audience? Always know who you are selling to and what those people are searching for when concerning your industry. You should consider the market in your region, and what people or businesses believe to be true about your service or product. Do your research, and dig into demographics for a keen outlook of potential leads and customers.
For example, if you overestimate the number of millennials in the vicinity of your business and you specialize in a tech-heavy product meant for young adults, this could be detrimental to your fiscal success.
General Business Operations
Equally as important as the fundamentals of your business strategy are the foundational departments that will determine your operational success.
Fields such as marketing, finance, accounting, human resources, etc. are crucial to maintaining solid business performance as you grow. You don’t need massive departments, but you should have growth plans in each area so that your firm is built soundly during the startup and growth phases and all key areas of operation are in place for success.
Midwest is Best — Especially Minneapolis
Not sure where to start your business?
Minneapolis was recently ranked the 4th best city in the U.S. to pursue entrepreneurial startup ambitions. Inc. Magazine reported that Minneapolis boasts one of the best survival rates for startups, with a 54.4 percent rate at five years. This data reflects the third best in the nation.
One of the primary contributing factors was the large millennial population, along with extremely low co-working costs, meaning you can attract a young target market and occupy an inexpensive workspace.
In summary, strategize your dream business plan with these vital aspects in mind before starting a business, and consider opening your company in Minneapolis!
