Starting up your own business can be a pretty frightening undertaking, particularly as around half don’t make it past their first five years.
With far too many startups having to consider company liquidation in their final days, it’s important that you do all you can to ensure the success of yours. Here’s what you can do:
Come up with a plan
You should start out with a solid idea of what you want to achieve and how you want to achieve it. Writing a business plan is the best way to go about formulating that idea. Use it to set operational goals, financial targets, and strategies that will be essential for your survival.
Without a clearly defined plan, it will be far harder for you to secure funding in your early days, and you’ll also have no way of knowing whether your business is on track further down the line.
Admittedly, it can be hard work putting one together, and it will require honest, in-depth answers to some potentially difficult questions. But, there’s absolutely no doubting that it’s worth it.
Have a backup
When we say “have a backup,” we don’t mean that you should have a plan B business on the backburner. In fact, if you attempt to split your time between too many entrepreneurial projects, chances are that you won’t make any of them a success.
Rather, having a backup simply means that you should consider starting out while you still have a regular source of income, for example, a part time job. The reality is that it takes an average of two to three years for a new business to become profitable. So, ensure that you’re never left without money by keeping hold of your job, at least for a little while.
Seek out your audience
Presumably, you know exactly who your products and services are for. If you don’t, then you need to figure that out ASAP. If you do, then you need to start reaching out, whether you’ve got your business in motion yet or not.
Build connections with future leads on social media and mingle at networking events. Starting a business can be a slow process, so give yourself a head start by putting yourself on people’s radars early.
Reach out to others
Entrepreneurs are very often expected to be a great many things at once, from a marketer to an accountant and everything in between. However, just because your business is your responsibility doesn’t mean that you can’t reach out for a helping hand.
If you don’t have much experience in balancing the books or content writing, then you can always outsource those services. While this will eat into your budget, it will also ensure that everything is completed to the highest of standards. And, it will also free up additional time that you can channel into other areas of your business!
Do everything by the book
It is crucial that you comply with all relevant legal requirements for starting a business. You don’t want to find yourself staring down the business end of a massive fine or a court order.
Now, the legal requirements will vary depending on the country or region that you and your business are based in. For example, they include registering your business, following fair trading laws, and adhering to privacy laws, among others. Take the time to ensure that your business is compliant, and you won’t have to worry about difficult situations arising later on.
Give a damn
No matter what industry you’re in or the exact products you offer, caring deeply about your enterprise is a big prerequisite. If you start out on your journey with only a half-measure of enjoyment, then chances are you’re going to lose momentum sooner rather than later.
In many ways, this is actually the most important point of them all. Having a passion for what you do is essential, particularly as you’ll be investing so much time and money into your business.
Not to mention the fact that being an entrepreneur can be boring at times. There will be slow days or administrative tasks that don’t excite you at all. As such, having enthusiasm for your business overall will be a blessing, especially when you have to deal with the more tiresome aspects of being an entrepreneur.