Starting up a small business requires a significant amount of time, research, and dedication to your goals. With a 50 percent failure rate after just five years in business, it’s clear that only the strong survive when it comes to business startups. Despite the hard work required, it is also exciting to watch your concept blossom into a reality. As is the case with just about any endeavor, it is wise to take advice and suggestions for how you can best achieve your startup goals successfully.
Have regular meetings at least once a month with key people involved in the startup of your new business. That may include your lawyer, business adviser, accountant, assistants, business partner and mentors. Open your mind to criticism regarding your current business plan and actions you’ve taken thus far in the start-up process. It is not smart to sail solo into a venture, especially if you plan to spend a significant amount of money on initial investments.
Computerize Action Plan
In addition to your written business plan, it is wise to create an online or software-based calendar containing entries regarding your startup action plan. This is a much more organized alternative to keeping Post-it Notes or written pages listing your plan of action. Be detailed and include any tools, help or cash from your startup budget you’ll need to accomplish your tasks. For instance, you might enter “File Fictitious Registration form—Requirements: $50 filing fee” or “Hold first round of interviews—Requirements: meeting room and hiring consultant” on specific dates of your online calendar. Set reminders and integrate the calendar with your mobile phone if possible to stay updated on your progress.
The advent and growth of the Internet has created a valuable opportunity for potential business owners. You can get an idea of how viable your business idea is before you start spending by setting up a basic website. Provide information about your upcoming offering, whether it’s a product or service. Build a customer base and gauge interest by requesting email addresses from visitors. Post polls and surveys on your website for visitors asking for opinions of your product, service or industry developments in general. Use this information to your benefit and integrate any important findings in your business plan.