How To Turn Your Startup Business Ideas Into A Reality
Entrepreneurship isn’t Easy
According to Gallup polls, at least a quarter of Americans are interested in starting their own business. However, a staggering 84% of these individuals admit that they can’t take the risk of leaving behind a steady income. Moreover, an estimated 50% of new ventures don’t make it to the fifth year; you can’t blame them for their apprehension. Nevertheless, many individuals are willing to take the plunge, around 550,000 a year to be precise. Similarly, this often separates successful entrepreneurs from the dreamers. Simply put, they understand that implementing their startup business ideas requires a lot of hard work.
Lack of financing, skill, shortages, and poor planning cause some challenges for companies. They can sink even the most innovative startup business ideas at inception. At A2ZVA our virtual assistants in Austin, Texas offer a wide range of startup services that support the requirements of new organizations in any industry. We provide in-depth reports, assisting in securing critical licenses and even setting up bookkeeping systems from scratch. We have the expertise and experience to make your transition to entrepreneurship as smooth as possible. Here’s how we help businesses succeed.
Researching Startup Business Ideas
Firstly, while you might believe that you’re on to a sure thing with your startup business ideas, the market may beg to differ. Surprisingly, an estimated 47% of startups fail at lacking consumer interest. Ultimately, before quitting your day job you need to ensure that your new product or service is serving a real need. Here are some key questions to ask:
- Is your business based on a new technology or platform that is yet to be fully leveraged?
- Are you offering a solution for a pressing problem that is yet to be addressed?
- Have you developed an innovative method for performing an existing business process (more cost-efficient, quicker, more flexible)
- Are there similar products and services already on the market? If so would consumers be willing to switch to your brand?
- What makes your approach better than everyone else’s?
- What are the key opportunities and risks in your chosen industry?
At A2ZVA we provide the answers to these questions. Your VA will analyze statistics, secondary research, competitive analyses and other sources. We work at developing a comprehensive perspective of your target audience, market, and future challenges. Based on our insights you can determine your startup business ideas. This puts you in the best position for entrepreneurial success.
Develop a Business Plan
Secondly, now that you have your startup business ideas in place, it’s time to start building a workable strategy that will bring your vision to fruition. More Importantly, before you can get down to making profits there are some issues that need to be understood and mapped out in advance.
- What sort of legal structure will your business take? Are you going to work with a partner, and will your venture be a sole proprietorship or are you going to form a private company with additional investors on board? Each of these organizations will offer their own advantages; also we can help you identify which option will be most applicable to your specific operating circumstances and location.
- How many employees will you require and what sort of competencies do they need to cover? Talent shortages are one the main factors that hinder startup growth, so you need to ensure that your recruitment makes the most of limited resources and plugs critical deficiencies in your expertise as well. Your virtual assistant can help you evaluate candidates and develop a shortlist of positions based on your industry.
- What are the strategic objectives of your business? Are you looking to achieve a certain level of market capitalization? Do you want to reach specific profitability targets? Do you have a path to exit? These questions will form the basis of the day-to-day operational strategies that underlie your business. We can help you develop realistic targets based on market research and budgeting.
Access to Financing
A 2016 Small Business Credit Survey showed that an incredible 58% of new ventures struggled to obtain the necessary financing for expansion. Consequently, a lack of adequate funding often causes market opportunity loss. In the end, companies fail at making investments that secure the viability of their business in the long-term. If you’re seeking capital for your startup business idea then there are a few options available.
- You could save up the capital on your own as well. For example, having accurate budgets in place helps ensure that you can cover all initial asset purchases, leases and operating expenses for at least 6 months. Accordingly, your virtual assistant can help you prepare forecasts that would serve as a solid blueprint for your saving.
- You could apply for a bank loan. Financial institutions tend to have strict criteria in place governing credit policies for new business owners. In order to push your application over the line, you need to ensure that your documentation and presentation are up to the task. Your remote assistant can work with you to gather credit reports, bank statements, and other paperwork and they can also help you prepare a strong pitch for your startup business ideas.
- You could attempt to secure funding from a venture capitalist. Again this will require significant preparation and a solid business plan that communicates your startup business ideas in a practical fashion.
- You could crowdfund your idea through an online campaign. This is a relatively new financing avenue and your VA can research platforms that meet your requirements.
Support Your Objectives
We’ve already mentioned how vital recruitment is, for realizing your startup business ideas. Unfortunately, many entrepreneurs simply lack the resources to cover all of their talent requirements. Generally, support functions like IT, marketing, bookkeeping, and administration end up neglected in favor of clear value-adding activities. Often, these shortages are made up by the business owner himself, which can result in a lack of consistent leadership at the helm of the business.
By hiring a virtual assistant you can ensure that a variety of these tasks are handled by a competent, qualified worker that is able to provide assistance as needed during your business startup. At A2ZVA our team in Austin, Texas is capable of handling daily ledger maintenance, scheduling, client communications, basic IT support, digital marketing and payroll amongst other key tasks. With us at your back, you can start taking your business forward from day one.