Jeremy D. Rackley’s Top 5 Things You Need to Know About Launching a Business
Launching a business is no easy task, but knowing what’s ahead of you will make the whole process a little less overwhelming.
Jeremy D. Rackley of Brooklyn, New York, is the founder and managing partner of JC Marketing. He founded JC Marketing after working at Google for over a decade. Now, he runs his own company that specializes in building quality websites for their clients. Mr. Rackley outlines the top five things you need to know about launching a business.
Pick the Right Team
As an entrepreneur, building a team from scratch is an exciting but daunting task. After all, you want to choose people that you get along with, but who will also bring something to the table. Hire people who are experts in their fields. While it can be tempting to hire your closest friends or family members, it’s generally a better idea to hire employees based on their skill level. In fact, Jeremy D. Rackley prefers to hire employees that have more expertise in a certain area than he does. Further, he recommends choosing people that have a lot of experience in one particular field, as opposed to candidates who have a little bit of experience in a larger number of fields. This will ensure their work is always top quality. Finally, before you start the hiring process, consider which positions you need filled sooner rather than later. Mr. Rackley started his business by hiring a team of designers, developers, and a writer, Cinthya Garza Martinez, as he felt these were the most important roles his company needed at that moment.
Choose a Location that Makes Sense
Location is everything, which is why deciding where to set up shop is not a decision that should be made lightly. There are many factors that go into choosing the right location. First, you should consider the competition in various cities. For example, opening an Italian restaurant in a town that already has 10 other Italian restaurants may not be the smartest idea. Do some research and figure out the pre-existing competition in the different areas you’re thinking of launching your business. In addition to competition, you’ll need to think about demographics. If your product or service is targeted towards millennials and gen Z, then you’ll want to choose a city with lots of young people. Third, Jeremy D. Rackley claims that when it comes to a location, you also need to consider financials. If you plan to rent out an office or retail space, then you should know the average cost of rent in the various cities you’re considering. Further, different states and cities offer different tax breaks and loan programs to entrepreneurs. Do some research into these, as the ability to get a loan could influence your decision.
Research Demand
Third, Jeremy D. Rackley always advises new business owners to research the demand for their product or service before officially launching. Rackley spent months researching the marketing niche to figure out who his greatest competitors would be, what kinds of services were already being offered, and who his customer base would be. The demand for your business is a key part of any business plan, as is your company’s ability to stand out from the crowd. Make sure you’ve done your research in advance.
Consider Your Financial Options
One of the main issues entrepreneurs face is acquiring capital. It takes a lot of money to start a business and most business people do not have that kind of money to spare in their personal savings. Thus, it’s very likely that at some point or another when launching a business, you’re going to need to get financial help. Jeremy D. Rackley asserts that loans are a very common way to obtain capital prior to opening a business. First, create a detailed record of your company’s financials and from there, consider if a loan is necessary and if so, how large of a loan is ideal for you. It’s a good idea to try and secure a loan as early as possible. Do your research and figure out who you might be able to ask for a loan, whether it’s a bank, an investor, or a personal friend.
Never Stop Networking, Says Jeremy D. Rackley
Jeremy D. Rackley’s final piece of advice for launching a business is to never stop networking. Networking is critical to the growth of any business. That is why, even after JC Marketing became an established brand, he continues to network every way he knows how. Networking strategies vary, but they can include attending trade shows or exhibitions, joining a business organization, or entering a competition or festival for entrepreneurs. You never know who could be a potential investor or collaborator down the road. Networking allows you to build connections with fellow business people and possibly grow your business in ways you never thought possible.
Learn more about Jeremy and JC Marketing here: https://www.linkedin.com/in/jeremy-d-rackley/
