Launching a Business Is Hard, But Very Rewarding Work!

by | Oct 25, 2020 | 0 comments

Launching a business is hard work. There are many things to consider and the process, for many, is overwhelming. The failure rate for startups averages 20% during the first year of operation. If you include the ones that never reach the launch point it’s 50%. Launching a business is hard so here are tips for getting your ‘rocket’ off the pad.

launching a business

Have a Launch Plan

The Plan should answer: What, When, How, and How Much.  Spend the time thinking and developing the Plan which must include benchmarks and goals to be reached over specific time periods.

Money, Money, Money

Make sure you have the funds necessary to launch your new venture. This is a must. If you don’t have the money – don’t start until you do! That includes all the funds relevant to the kind of business you are contemplating and is enough to cover all of the anticipated expenses – including 6 months of personal expenses.

Marketing The New Venture

There are only two endeavors that generate sales for any business: marketing and innovation – everything else is an expense. You must have a marketing budget and it should be one of the more significant expenditures in your Plan.

Spend your marketing dollars wisely and track the return value of each promotion dollar. Use both online marketing and traditional media. Segment and pinpoint your target market.

Create An Identity

You are the protector of your company’s brand. Every business, no matter size, must have a brand and that brand needs to be forged and nurtured. The Brand is the Business – they are one in the same.

You must create an identity for your new business and that identity is market driven. It is based upon a promise you are giving to new customers that your business well perform and ‘serve up’ exactly what you are marketing. 

Use Technology to Increase Productivity

Make sure you are using all of the latest technology in building and operating your new business. Only purchase what is needed to manage the business in a efficient and productive way. If necessary  (I say necessary because many of the business apps available come with free tutorials and/or host assistance) seek professional help. Keep in mind that what cost thousands just a few years ago can now be had for hundreds.

CXCustomer Experience

The most important task required for a startup is making sure your business is providing a great Customer Experience (CX). This is crucial. Place yourself in your  customers’ shoes to ensure that they are receiving what you would require as a customer. The experience must be honest, engaging, easy, and complete.

These startup tips are the ones you’ll need to juggle. They are hard, they take time, they demand great effort and thought. And are essential for success.

4M Performance takes the fear out of the future…

We provide reliable insights that you can instantly implement for your business success. These include how-tos, tips, and takeaways based on the 4Ms of business acceleration — Management, Marketing, Money, and Momentum. It’s the information you need to help boost your business to the next level. And, it’s ALL FREE


entrepreneurs memberships
Categories: Startups

By Jim Lavorato

Jim Lavorato is the founder of 4M Performance which is designed to assist businesses to survive and thrive in these uncertain times. Jim launched an entertainment-related company in 1988. He was at the forefront in cinema technology and helped spearhead the movie industry's transition to digital presentation and distribution. He also co-founded the Arboreal Group, an environmental consultancy. He has published articles on the motion picture and media industries and is a contributing editor for ScreenTrade magazine and writes a blog "Cinema Mucho Gusto". He is a certified SCORE Mentor in the SCORE Greater Phoenix Chapter and lives in Scottsdale, AZ. Learn more about Jim in his "About" page.

Check Out These Related Posts

The Perfect Pitch – Does It Exist?

The Perfect Pitch – Does It Exist?

In November 2020 I posted an article entitled, "How To Make A Perfect Pitch When You Only Have One Shot!" Since that time, I have been on the receiving end of at least 100 more startup business proposals. What I have learned is that the perfect pitch doesn't exist. If...

read more
Solopreneurship: Grows Exponentially

Solopreneurship: Grows Exponentially

Most entrepreneurs begin as solopreneurs - a person who starts up and manages a business alone. Solopreneurship is thriving. At 4M Performance over half our new coaching/consulting clients are solopreneurs. Freelancers, independent business owners, gig workers,...

read more



Submit a Comment