About 20% of new small businesses today don’t make it to their 2-year anniversary. A small business owner has to be strategic and knowledgeable to ensure success.
Business ownership isn’t a race. As a startup, you can get tempted to move at a thousand miles per hour due to your newfound enthusiasm. The key is longevity, and longevity requires you to solidify your foundation.
Use this business startup checklist below to make sure your startup grows into a prosperous company that stands the test of time.
Put Together a Smart Management Team
Your startup is only as good as your inner circle of experts and advisors.
A good management team covers different areas of business so that your focus isn’t split. You need professionals that use statistics-based research to help make decisions. It’s also important to have different sets of eyes and opinions to ensure product quality.
Trust is key for your management team. You must be able to trust their advice, intentions, and ability to get the job done.
Draw Up a Masterful Business Plan
Once you’ve asked a few professionals to join your team, it’s time to put pen to pad and outline your business plan. Creating a business plan maps out the battlefield ahead and lets you examine every important detail.
Having a business plan is also critical if you’re seeking funding. Today, about 30% of Small Business Association (SBA) loans are paid to small startups.
Your plan should explain your type of business. It must include an executive summary, a mission statement, and a breakdown of everything you need to move forward. Consider hiring a company to help you formalize your business plan. You should have a rigid business infrastructure in place from the beginning. A company formation agent such as Your Company Formations can help you to register business necessities such as your tax, trading address, domain name and bank account.
Network and Learn From Others
Startup owners have to always be learning. Study your industry and area of expertise thoroughly, and consider taking courses and getting professional coaching.
Focusing on strategic networking opens you up to more business opportunities than you’ll receive trying to do it all yourself. Make some professional contacts and always take time to attend mixers and seminars.
Make Wise Investments Along the Way
Your first few years will require you to heavily invest in your business. Start by investing in a core group of professionals that can handle your most important matters.
Consider hiring an accountant, marketing team, business lawyer, and information technology (IT) pros. If you’re building an office, choose plots of real estate that are expected to appreciate in value over the years.
Avoid the temptation to pay yourself and others high salaries in the beginning. Use your initial profits to re-invest in the business until you create an engine that keeps reaping measurable rewards.
This is when fresh new ideas will begin popping out on you. You may start to explore new streams of income like an online company swag store or subscription-based memberships.
Use This Business Startup Checklist
The business startup checklist above will help you get your new company off the ground. It takes some time to learn the ropes of business, and the points in this article will give you the benefit of a solid head start.
Light a fire under yourself by staying plugged into our articles that’ll help your business grow.
