Summary: If you don’t want your start-up to wind up a statistic (80% of start-ups fail), then pay close attention to the steps in this article.
Below you will learn some of the most important, yet under-implemented things you need to consider when you start a business.
Step 1: Gather as many resources as you can.
One of the big reasons start-ups fail is that they are under-resourced. With not enough money, time, or people to give your business the momentum it needs to get going on a strong path to success, it is easy to end up as a struggling entrepreneur worrying about how you are going to pay the bills each month. Get as many resources into play as you can as early as possible: How much money do you have to market your business? How many people can you get involved to get the business off the ground? How much time can you buy yourself in order to create an offering and start the processes to drive sales?
Step 2: Start focusing on an offering and selling that offering from the beginning.
Many entrepreneurs’ savings will disappear long before they have income coming in, which puts them in a vulnerable position. Don’t waste time and money spending weeks and weeks on things like perfecting your logo and making your website pretty. For a business to get off the ground – and for it to work each month thereafter – it needs revenue. Focus on creating a great offering that has demand, packaging that offering, generating leads for that offering and closing sales for that offering from day one and don’t ever lose this focus as you continue with your business.
Step 3: Start putting structure into your business from the beginning.
All successful businesses have one thing in common – structure. Without structured processes and procedures that allow you grow a real business, you will remain a self-employed individual. These structures include roles and responsibilities in your organisation, financial structures and strategic structures.
Step 3: Start thinking about your team from the beginning.
Too many entrepreneurs end up as permanent one-man businesses, even though this was never their intention. Take note of everything you do in your business, write down the tasks, and start to see what you can outsource or hire other staff members to do. If you try do everything yourself, your business will not be able to grow.
Step 4: Start thinking about profit from the beginning.
While it is great to do something that you love, it’s not ok if you are not making any money. Determine your profitability goals from the beginning to make sure that you are working towards making money and not just running a business for the sake of it.
Step 5: Start prioritizing tasks from the beginning.
Don’t waste hours in your day on lengthy emails and meetings. Prioritize things like strategy, creating your offering, packaging your offering and selling your offering.
Step 6: Get a success routine going from the beginning.
To be successful in business you will need a success routine. This includes writing down your goals and taking the steps to achieve them, knowing what your daily tasks are going to be for each day and keeping your energy levels up through healthy habits.
Step 7: Make sure you have support structures in place.
Rally support around you including friends and family. Starting a business is hard and you need all the support you can get. Don’t be afraid to ask your support structure for help, advice or even money to help minimize stress.