The idea of starting a business is often followed by an afterthought of moving towards a life of financial freedom. This picture might be great, but entrepreneurship is no walk in the park; it involves multiple skills to reach success, such as patience and strategy. Ultimately, any eager entrepreneur should consider several critical factors before beginning the journey.
Corey Shader, an experienced entrepreneur who founded several revolutionary companies such as Insurance Pipeline Inc., says that any aspiring entrepreneurs should pull the trigger on developing a business after considering and understanding these five factors:
1. Do the Research
All entrepreneurs start with a good idea, but those who find success do their research. Whether the aspiring company will sell a product or service, it is essential to search on the web what other companies are doing in the same or similar business. Scouting out and analyzing competition helps show business developers what is happening on the market relevant to growth and how other companies are currently finding success. Using this type of research to build “better” is a good start to standing out from any competition.
2. Financing and Budgeting
All new businesses need some sort of funding to lift off, so entrepreneurs should look at their personal financial situation before moving forward with a startup. When diving deeper into personal finances, those who have good credit, little to no debt, and practice constant budgeting are starting off on the right foot. Having excellent credit can help to better secure loans at a low rate if needed. Practicing budgeting in personal finances is great for those first business steps of preparing budget and financial projections.
3. Expert Opinion
Before hitting the ground running with a business idea, consider connecting with and talking to an expert in the field. Gaining seasoned professional insight on a new business plan can help any entrepreneur avoid rookie mistakes and move forward with a more proactive effort. An expert can also share tips and tricks to make the entrepreneur’s journey in that specific industry a little less stressful. Reaching out and establishing a relationship with someone who has been in the line of work is also an excellent way to start networking early.
4. Location
Even though much of the business world has adapted to remote working, the location of a business can still play a significant role in a company’s success. Certain cities and areas are specifically known to produce products and services specific industries. For example, if a startup company sells market-influential innovative technology, San Francisco, California, might be a place to consider starting the business as San Francisco’s key industry is the technology and is home to Silicon Valley.
5. Hiring
Unless a one-person sole proprietor runs a startup, growth involves hiring a team. Hiring a team involves being financially capable of doing so when the time is right. Bringing on the right people to be the foundation of a company is vital since those on the staff can make or break a business.
About Corey Shader
Corey Shader is a self-made entrepreneur, consultant, investor, real estate developer, and founder of several companies, notably Insurance Pipeline. Operating primarily out of Ft. Lauderdale, Corey’s endeavors span across the nation, consulting for start-ups, and sitting on the board of digital media and senior healthcare agencies. As a consultant, Corey helps young businesses develop sales funnels and maximize profitability. Shader takes pride in challenging others to push themselves to be their very best — he believes in constant self-improvement, inspiring others through sharing his own life experiences.