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Charting a course through Washington’s business landscape requires more than just a good idea. It calls for developing a solid foundation first, by identifying the type of business that aligns with your long-term goals and then doing the research necessary to position your new business for success.
Decide What Type of Business To Start
The type of business you start sets the tone for everything that follows. Don’t make this decision in a vacuum. Your choice needs to align with both your expertise and market demand. Are you tech-savvy with a knack for solving problems? A tech consultancy could be your calling. Or maybe you have a family recipe that everyone raves about, making a small diner your ticket to business success.
But remember, passion alone won’t cut it. Consult industry reports, explore market trends and talk to mentors to help you validate your idea to ensure it’s viable. And perhaps most importantly, listen to your gut. Your business should not only be something the market needs but also something you can see yourself committing to for the long haul.
Determine Your Reason for Starting a Business
Knowing why you’re starting a business isn’t just about soul searching: Identifying your “why” is a key business strategy. Whether you’re driven by a disruptive idea or your goal is lifestyle flexibility, your purpose will become the cornerstone of your brand and business culture.
Having a clear “why” gives you an equally clear framework for strategic decision making, from the marketing tactics you choose to the goals you prioritize. For example, if you’re motivated by social impact, you might opt for a business model that focuses on community engagement. But if financial growth is your primary goal, your strategies will likely lean more toward scalability and revenue generation.
Do Market and Competitive Research
Imagine setting sail in Washington’s Puget Sound without checking the weather or sea conditions—you wouldn’t, right? The same logic applies to starting your business. Think of market and competitive research as your weather forecasts and nautical charts, tools to give you the directional help you need to navigate Washington’s dynamic business landscape.
Start by taking a deep dive into your target market. Who are they? What do they need that they’re not getting? Turn to resources such as Washington’s Small Business Development Center for valuable data and insights.
Once you have a clear picture of your market, leverage tools such as the Washington State Data Book for economic and demographic insights. Complement this by studying your competition: evaluate their pricing, customer reviews and shortcomings to develop your unique selling proposition.
Create a Business Plan
You’ve probably heard the adage, “fail to plan, plan to fail.” It’s one that rings especially true in the business world. And this means your business plan is the linchpin that holds your new business venture together. Not only is it a document that potential investors will scrutinize—it’s also the playbook that will guide you and your team through the initial stages and beyond.
Understanding the intricacies of creating a business plan can give you a significant edge, from the funding stage to operational execution. Your objective is to create a plan that serves multiple purposes: an actionable guide for your team, a compelling case for investors and a flexible model that easily adapts to market changes.
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