When you have financial setbacks in your past, the idea of launching a business might be daunting. However, that doesn’t mean it isn’t possible. Here are some tips that can help you fulfill your dream of launching your own thriving business.

Preparing to Launch Your Company

During the planning phase, you also need to choose a business structure. Many small business owners find that an LLC is a great fit. You’ll have plenty of flexibility, less paperwork, and may even snag some tax advantages. Plus, you reduce your liability and can either use a formation service or handle the filing yourself, allowing you to avoid costly attorney fees. Just take a little time to review laws in your area before starting, as they vary by state.

Another step you’ll need to take is creating a business plan. Your business plan helps you organize your company’s launch and prepare for the road ahead. You’ll end up with a framework that can drive your financial and operational decisions, ensuring you remain on target.

Handling Research

Research is your friend as a small business owner. Begin by doing some general market research. With that, you’ll learn more about your target customer, making it easier to position your product or service properly. Then, you’ll want to perform a competitor analysis. That lets you find out about the competition’s standing, ensuring you can find ways to differentiate yourself from the pack.

Managing Your Branding

After the initial planning and research, it’s time to establish your branding, allowing you to pave the way toward your first marketing plan. Start by defining your brand voice, ensuring that future communications will have a matching tone and personality. Then, make aesthetic decisions, including choosing a color palette, primary font, and similar visual details.

Engaging Your Community

Engaging with your local community can be the key to your success. You want to position your business – and yourself – as an asset to the area, increasing the odds that the community will be as invested in your success as you.

There are plenty of ways to engage with your community. Sponsor local events, offer support to other businesses, spend time getting to know your customers, and connect with leaders by joining organizations like the Chamber of Commerce. That way, you end up a staple in the community, ensuring you’ll get the support you need to thrive.

Managing Risk

Risk is part of the business world. It’s often associated with gains as much as it is with losses. As a result, newer business owners may not be sure about how to approach it. While avoiding risk entirely isn’t possible when you launch a small business, that doesn’t mean you want to be careless with your decisions. Usually, if you’re making research-driven decisions, the harm of a failure is relatively small, and the ROI is reasonably high, most would consider it a smart risk.

An essential part of managing risk as a business is protecting yourself from cyberattacks. Cyber threats include malware, ransomware, viruses, and data theft. To reduce the risk of an attack, secure your infrastructure, use antivirus software, perform regular backups, and train your employees on how to spot a potential attack.

Preparation Through Education

If you still have reservations about launching your company right now, another way to head in that direction is going back to school and signing up for an MBA program. You’ll expand your management, business, and strategy knowledge while honing critical leadership, self-assessment, and self-awareness skills. By the time you graduate, you’ll feel more confident about your capabilities, allowing you to move toward your entrepreneurial dream with greater ease.

Starting your own business might not be a cakewalk, but with the proper planning and diligence, you can turn that challenge into a dream come true.

Digital transformation coach Are Morch can help your hotel use value innovation and a growth mindset to create unique experiences. Contact him to schedule a consultation.

Over to you

The hotel industry is always changing, especially during a time of crisis. Make sure to future-proof your business and continue attracting new guests by investing in these solutions.

Ready to take your hotels digital transformation to a new level?

Hire a digital transformation coach for a new and bright future!

Contact Are Morch – Digital Transformation Coach today!

Related article: A Financial Guide to Buying Your First Rental Property

We are in this together!

I need to let you all know that we are in on this together.  If you need to vent, talk, cry, or just have someone to talk with, I am here listening. Since I am working part-time at the local Kroger, I will best work it out around my schedule to the best of my ability.

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Email: hotelblogger@aremorch.com

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We will get through this unprecedented event together! #hotelstrong #hospitalitystrong

For any specific information on COVID-19, I recommend going to CDCWHOAHLAAAHOA, and HSMAI. Also, follow information from your local authorities.


The hotel industry still is facing some uphill challenges. Make sure you follow their guidelines and say THANK YOU to those that now show a unique spirit to serve, and help us all get through this!! #hotelstrong #hospitalitystrong

About Are Morch

Hi, I am Are Morch. Your Digital Transformation Coach helps hotels create unique and unexpected experiences by freeing up resources to focus on new ideas through value innovation and a growth mindset.

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