Starting a business these days is easy than ever. It’s a matter of having a service or product, getting a website and then off you go. The hard bit is the longevity. It is the success. It is staving off failure and ensuring you have what it takes to survive and, hopefully, one day soon, thrive. Put it this way, almost half of all new businesses don’t make it to their five year anniversary. That is something you need to keep in the back of your mind as you push forward and try and hold out long enough to see real growth. That is where we come in. We have compiled a list of advice from experts, professionals, success stories and the fallen, all of which we hope will set you up for success with your new venture.
It’s All In The Plan
A solid business plan is going to be your single best asset in the early stages. It will give you a clear structure to the swirling mess of thoughts that seem to run riot in your head. It will give you words and they can be traced and followed. A business plan is your chance to see what you have, where it is you want to get to and how you are going to get there. It should state any opportunity that your chosen market has presented, how you intend to take on and manage your competitors, and realistic financial projections for at least three years. This will give you a line to follow and something to aim for. What’s more, a business plan with this level of detail will also help you land investment. The more details you have the more professional you will seem and the more you will be able to ease their minds when it comes to the risk you pose.
Have The Right Team
You can’t do everything yourself, nor should you try, nor should you build a team of people who will simply agree with you. Unfortunately, you probably don’t possess every skill required to become a success. As such, you are going to need to surround yourself with people who will make up the complete package. A great place to start is with headhunters, experts who will be able to find you the very best candidates in all the important areas, such as finance, operations, sales, marketing and anything else you may require. These people will provide the leadership you need to make the right strides forward. They will also help you establish the right business culture.
Check Out Your Money Options
One of the most challenging aspects of starting a business – any business – is funds. You are going to need funds to launch and you are going to need funds to upscale. This is unavoidable. What’s more, your funding options will change with every stage of your business, so you need to have an understanding of what is available to you. It could be you partner up with a venture capitalist in the early stages, but then seek out a government scheme later down the line.