What are the steps to go from a business idea to a business launch?
Launching a business is like riding a bike – once you’ve done it a few times it becomes easy, and you never really forget how to do it. The hard part of course is learning how to launch a business from scratch. There are a lot of steps that need to be taken when learning how to launch a business, and a lot of mistakes are often made a long the way.
Some of the biggest brands today had trouble launching, and it was often in part due to the inexperience of the leaders. Brian Chesky, Airbnb Founder & CEO, once said in a tweet, “If you launch and no one notices, launch again. We launched 3 times.”
Just because your business fails the first launch, it doesn’t mean that it’s time to give up, it means that you need to regroup and refocus your marketing and PR efforts. These types of rookie mistakes are so common in the business word, and unfortunately often lead to the untimely end of good business ideas.
There are several key steps that need to be taken when launching a business to make sure that it’s successful. The steps that we’ve outlined below will help you navigate your company’s launch and help it to grow and be successful.
Know Your Audience
This is an important step that a lot of people surprisingly miss out on. We often have a set idea in our minds about our target audience, and don’t think much past our gut feelings on the issue. In reality though, you should be conducting some serious market research to see who can benefit the most from your business, who’s problems will your product or service help to solve? This will help you determine your target market, and it may end up being different than you initially planned, but that’s ok. Businesses need to adapt and go where they’re needed, otherwise you could flop.
Build the Hype
You can’t have a launch without hype surrounding it. If no one knows that you’re launching a business, no one will know to look for it and you’ll end up with a lackluster launch that won’t generate any of the early adopter market business, which is crucial for businesses to succeed. Early adopters often have high social media followings and have a high rate of writing online reviews. This can help generate even more traction for your business. So make sure that you’ve reached out to people on social media, and let them know what’s coming. Syndicate press releases, grow your own social media following, all of these are important steps to take to make sure that there is enough buzz about your business so it will have a successful launch.
Have a Scalable Business Plan
There’s nothing worse than launching your business and then not being able to keep up with demand. If your business isn’t able to scale upward, you’ll end up having to turn down a lot of business, which is going to hurt your bottom line. Not only will you miss out on the direct sales, but you’re also missing out on the extra publicity and word of mouth marketing that more customers will give you. When it comes time to launch, it is better to have too much inventory than not enough.
Set a Launch Date
It’s very important when launching a business to give your prospective clientele something to look forward to. If you set a launch date, and build up the hype around that, you can pique interest. If you are able to grow enough interest and buzz, it’s going to lead to a better launch. To build the interest, reach out to social influencers, send press releases, and use online ads to boost brand recognition and reach new audiences.
Your business launch is going to be one of the most important events in your business’ lifespan, so it deserves to be done right. If you follow these steps, you can help to ensure that it will be a success. Don’t forget though, if all else fails – just launch again with renewed insight and drive.