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Why Feedback is Critical When Starting a Business

In other words… reasons why you should listen to who is saying what about your business and use that feedback to your advantage!

Getting quality feedback will always benefit your business, and we believe getting feedback on your initial business idea is crucial for the success of your new business. 

Why Feedback Is Important

Gathering feedback from a wide array of groups and individuals is immensely important. These people will see things that you may be missing when it comes to starting a business. They may know things that you don’t know, or they may be seasoned in working with other businesses similar to yours. It will never hurt you to have more information and a full picture of what this business idea could look like before diving in head first.

When you’re neck-deep in finances, business planning, and team management, it can be difficult to take a step back and evaluate what you’re building. Gathering feedback from the right people can be a guiding resource that helps determine the growth and development of your budding business idea.

We know how exciting it can be to start a business–you may want to get started as soon as you can and see your business flourish. However, completing this small step could save you many headaches down the road. Asking advice from vendors, stakeholders and people who are in your target market is an important step of the business development process.

Consider asking yourself these questions:

  • Is it a valuable business that’s competitive and profitable? 
  • Is there a need for my product/service? 
  • Are the ways I’m planning to use vendors wise and effective?

Asking the Right People

First, let’s talk about who are the right people to get feedback for your business. Begin with your target market — who are the people in the demographic you want to reach with your products or services? Are they minivan owners? Are they millennial dads? Are they video game players? Are they the eco-friendly crowd? Getting really specific with this part will result in accurate feedback for you to use to improve your business idea.

The next part is simple: reach out to that specific target market. Ask them for their input, ideas, their shopping or lifestyle habits and their honest review of your business idea. Not only is this beneficial to starting a business off the right way, but it also shows your future customer base that you care about their input especially if they see their feedback put into action. This is a great way you can build strong and trustworthy relationships with future consumers.

Second, ask for feedback from vendors. Vendors have valuable experience working with many businesses — a mixed bag of both successful and failing ones. They know the industry, they know the products and services and they know the consumer. Do they think your business idea is doable? Will your business-vendor relations be easy and enjoyable due to the nature of your business? What concerns do they have? Do they have hesitations over product quantity or quality?

Third, consider asking other stakeholders for their feedback. For example, if you have angel investors, their feedback is crucial since they are the ones investing in your dream and likely will feel confident knowing that you’re doing your homework before spending their money. Involving your investors’ input, listening to their advice and keeping them happy is always a positive thing.

How to Get Feedback

It’s simple– Just reach out and ask! An easy way to get started is to post on social media sites asking for feedback on your product or services. Get connected with acquaintances, friends of friends, networking connections, etc. Everyone loves a free cup of coffee–treat them, pick their brains for all the information that they have and you need. Another fast and easy way to gather feedback is by sending out surveys to your target demographic. This will help you receive a lot of data and feedback to sift through and make informed decisions from.

Pro-Tip: Gathering feedback is critical when it comes to starting a business, so don’t skip this part. Always assume there’s plenty you don’t know about your business idea. Do your homework. It’ll pay off.

We know this can feel daunting when you’re already doing copious amounts of work when it comes to starting a business. But we promise that you won’t regret doing this step before you get your business up and running. The flip side? Starting a business in an oversaturated market without a proper business plan could lead to ending a business in a short amount of time. Do your homework, even if it prolongs opening your business. LegalZing is here to support you through this whole process–we would love to help you get a business get a business started off the right way.

Don’t keep your dreams waiting.

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Save money by paying flat rates for certain legal services that could cost more by paying hourly rates.

Letters or Phone Calls

One of our partnering attorneys can provide further help with business legal matters by sending letters or making phone calls on behalf of your business for in-state business legal matters, each on a unique business matter, with 1 follow-up communication if a response is received from a third party. Receive any combination of 20 letters or phone calls annually on separate business legal matters (limit of 5 per month). Additional communications may be obtained for a flat fee. Collection Letters and Designated Consultations are not covered under this benefit.

Collection Letters

Late paying clients are an unavoidable part of business. Collection letters from one of our partnering attorneys could help recoup payment. Your provider law firm will draft up to 15 collection letters each month. Additional letters are available for a flat fee.

Document & Contract Review

Business legal documents can be complex and confusing. Let your provider law firm help. Submit up to 20 business legal documents per year, up to 15 pages per document, for legal review (limit of 5 documents per month). Additional reviews are available for a flat fee at member pricing. *Doesn’t include documents that are related to administrative proceedings and lawsuits.

Designated Legal Consultations

Have a specific question? Receive up to five designated 30-minute telephone consultations on separate matters each year. One of our partnering attorneys will answer questions about legal matters such as tax issues, securities, intellectual property, immigration and more.

Business Advice

Call or email your LegalZing rep for quick consultations, advice or have them research a question on business matters related to your business including but not limited to: hiring/firing, small claims, customer complaints, vendor issues, city compliance, landlord/tenant disputes, verbal contracts, customer complaints, incorporation, or joint ventures.

Preferred Member Discount

As a LegalZing member, you can secure up to a 25% discount on many of our start, grow and manage services for your business.

Flat Fee Services

Save money by paying flat rates for certain legal services that could cost more by paying hourly rates.

Collection Letters

Late paying clients are an unavoidable part of business. Collection letters from One of our partnering attorneys could help recoup payment. Your provider law firm will draft up to 10 collection letters each month. Additional letters are available for a flat fee.

Document & Contract Review

Business legal documents can be complex and confusing. Let one of our partnering attorneys help. Submit up to 10 business legal documents per year, up to 15 pages per document, for legal review (limit of 3 documents per month). Additional reviews are available for a flat fee at member pricing. *Doesn’t include documents that are related to administrative proceedings and lawsuits.

Designated Legal Consultations

Have a specific question? Receive up to three designated 30-minute telephone consultations on separate matters each year with one of our partnering attorneys. One of our partnering attorneys will answer questions about small business legal matters.

Business Advice

Call or email your LegalZing rep for quick consultations, advice or have them research a question on business matters related to your business including but not limited to: hiring/firing, small claims, customer complaints, vendor issues, city compliance, landlord/tenant disputes, verbal contracts, customer complaints, incorporation, or joint ventures.

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