While running the business may not seem like the most exciting part, it is often the most critical for your long-term success and comes with many questions. Consider this early.
- How will you earn enough revenue to sustain your business?
- Do you understand what your operating costs are?
- Who will you employ to run the company?
- How will you manage your supply chain and distribution?
- Do you have any repeat customer mechanisms?
- Are you planning an exit strategy or a growth strategy?
It’s not enough to just have a great product.
Much of your success will depend on your ability to operate a company. Many great ideas have failed to take off because of a lack of effort in branding, marketing, and sales or because of poor finance management. You have to plan to sustain your company, not just get the product to market.