We all have a plan for starting our own brand, but even the most rational and well thought-out plans can fail if they are executed too quickly. It’s important to take time in creating the business that will likely be a huge part of your life for years to come. Sometimes it is easy to get caught up in the excitement of beginning your own company. One of the most harmful things you can do for your business is to let that excitement take control over your ability to make rational decisions. The steps you take in building your brand are the most important.
Networking
It is impossible to make all of your contacts that you will need for your company in a short amount of time. You’re going to need a lawyer, accountant, employees, banker, possible business partner and more. These contacts need to be people that you can trust, and trusting is a process. If you take more time along the road of planning your company, you will open yourself to more opportunities to meet people that can help better your future business.
Financial Foundation
We tend to dance around this fact when we begin to think about the smaller details instead of focusing on the big picture: You need money to start a business. If you have enough money at any given time to fund a startup, count your blessings. For most of us, it takes time to save up and create a budget for our new company. You may even have to apply for a loan which can be a long and painful process in the current economy. It is also important to account for the unexpected in your budget. Realistically, you will want to form a strict budget and then double it for a more accurate number. All of these factors take time and can not be rushed.
Panic
Let’s think of common problems that arise when beginning a company. What if you create a name for your startup and revolve everything around this name, only to find that the domain name has already been taken or worse, there are other companies with the same name? What if you are selling retail and an unhappy customer complains that you are selling faulty material, and your products aren’t insured? What if someone decides to sue you for not giving them credit for helping you with a part of your business? All of these things can be either avoided or easily handled if you plan ahead. Before you jump into building your brand, make sure you have thought of EVERYTHING that needs to be taken care of. It will save you loads of panic and financial stress.
Time for Future
Planning ahead will allow time for planning the most important detail, your future. It’s hard to see past the first year of your business when you are busy planning every single part of the beginning. Everyone that plans the start of their company should be able to plan the continuance and possible end of that company as well. It is important to see all of the possible outcomes and know how to handle them. If you plan for a better future, your company will have a better future.
Lauren Runyon is an up-and-coming interior designer, business owner, and blogger. She is currently an Interior Design student in Gainesville, FL.
