It’s no myth that starting a business is hard work. In fact, it’s estimated that roughly 90 percent of startups fail! Now, while that may sound daunting, it’s not impossible to succeed as a new business owner. All you have to do is do your market research, come up with a solid business plan, and put in the work necessary for success.
To help you get started, we’ve compiled a list of tips and tricks to ensure your startup business succeeds. Keep reading below to learn how.
Create a solid plan
First and foremost, you’re going to need a solid business plan. A business plan helps you secure investors who will put down money to help your startup succeed. Without investors, you may not have the funds to open up shop. However, you need to convince investors your business is worth investing in. This is where your business plan comes into play.
A good business plan should have the following components:
- Executive summary: This is a brief explanation of what your company will accomplish and contains your mission statement and values.
- Company description: The description of your company should cover the customers you plan to serve, the products or services you intend to offer, and why your business is different from competitors.
- Market analysis: Analyzing the market is essential to survival. In this section of your business plan, you’ll compare your business to direct and indirect competitors, as well as any obstacles that may come your way.
- Description of management and organization: How you structure your business is another thing investors will look at. Here, describe the roles of managerial staff and how you plan to organize your business.
- Service or product description: You won’t have a business if you don’t have a service or product. Describe everything you can about the service(s) or product(s) you intend to sell, including where the materials are sourced, how the products are built, what your service is, and how much money they cost.
- Marketing and sales plan: To get your business’s name seen and heard, outline your marketing and sales plan, as well as how you plan to grow your business and retain customers through advertising.
- Funding request: If you need funding, explain here how much money you need and exactly where the money will go.
- Financial projections: Here, you’ll convince investors how your business will financially succeed with financial projections, such as how much you predict you’ll earn.
Hire the right people
The next step to starting a new business is hiring the right people. Your employees are the backbone of your company. They’re the ones on the front line interacting with customers and selling your product or service. To ensure your startup succeeds, you need employees who share your vision and are motivated to help your business succeed.
Vetting potential employees is crucial. Using an employment screening service will give you pertinent information, such as criminal history, driving history, credit score, previous employment and addresses, and education. With this information, you can have peace of mind knowing you’re hiring who you think you’re hiring.
Get help from others
Don’t be scared to ask for a helping hand. Going into business alone can be a lot of work. From managing payroll to interacting with customers and balancing your financial sheets to keeping track of inventory, you can easily become swamped with work.
Join a professional network to learn from similar business owners in your field on how they managed to navigate opening a business. Hire freelance workers to help you get started when you don’t have the funds to hire a full-time employee. And, rely on your full-time employee’s skills and don’t be scared to let go of the reigns to put more attention on fewer projects.
Lastly, you need to stay organized. It can be easy to lose receipts, financial documents, and inventory. Invest in the right tech tools and software to stay organized, such as cloud computing software that can digitally store documents and papers. Inventory tracking solutions will ensure no item goes unaccounted for. Physical structures, such as filing cabinets, lockers, and storage boxes, will help reduce clutter and keep everything important in place.
There’s a lot you can do to stay organized to streamline your business and run efficiently. Take the time to make sure you have an efficient system in place before opening your doors to ensure your business runs like a well-oiled machine.
As you know, running a business requires a lot of work. To ensure you’re not one of the 9 in 10 startups that fail, take the time to create a solid business plan, hire the right employees, get help from others, and stay organized. Good luck!