Are you getting ready to launch your startup business but aren’t sure of how to put all the pieces together? Maybe you already have a semblance of a business plan but need to finish it off. Or, perhaps you’re not quite sure about how to market the new company to the community and potential investors. The bottom line is that there are plenty of details to attend to, but if you run through a checklist before opening the doors, life will be much easier, especially during those first few months of operation. What should you have your eyes and ears on? Consider the following five aspects of startup success and you’ll be ready to go when day one finally arrives.
Without a detailed business plan, you’re setting yourself up for disaster, or at least long-term mediocrity. Take the time to either write, or hire someone else to write, a traditional business plan. It serves two crucial purposes. First, the plan is your blueprint for daily operations and second, it serves as one of the essential documents for obtaining bank financing now or in the future.
Don’t let funds sit in a savings or low-interest account. Set aside at least of portion of your start-up nest egg specifically for investment purposes. One idea that many entrepreneurs use is purchasing growth stocks and hedging with options. With the benefits of options trading including the ability to offset losses on traditional shares for a very low cost, additionally, options allow experienced traders to leverage large numbers of shares for modest upfront expenses. As your own company grows and prospers, consider placing a fixed percentage of profits into the trading/investing account. This options-based strategy is an effective way to make sure that your money is always working for you, even while you sleep.
Many entrepreneurs are not natural promoters. Fortunately, there are very good freelancers out there you can hire to do the bulk of the task of promoting your business. Check freelance websites but be diligent about checking references, experience levels, and specialties. Some people specialize in tech, health care, finance, and other niches. Find someone who is a pro in your field, whose fees are reasonable, and has a verifiable track record.
It makes good sense to outsource functions you aren’t skilled at. Not only does this rule apply to writing business plans and promoting, but also to areas like payroll, tax filing, and cyber security. Make a short list of the things you feel comfortable doing on your own, and have time for, as well as a list of the chores you want to hire out. Never feel like hiring an outside expert is somehow an admission that you’re less than capable. The world’s largest, most profitable corporations do the same thing every day.
Make connections, join the local chamber, become a regular in online forums that serve your niche, use social media to get your name out there, print and distribute business cards to locals, and network in every way you know how. For some owners, this is a challenge. But it’s an essential skill to learn and pays huge dividends.
Picture Source: stock.adobe.com- djile
Author: Thomas Wells
Statements of the author and the interviewee do not necessarily represent the editors and the publisher opinion again.