4 Steps That Entrepreneurs Need to Take to Get Their Startups off the Ground
We all have business ideas, but some ideas are more decent than others. No matter how great an idea sounds or how good it is, there is a big difference between having a decent business idea and creating a successful startup company. To be a successful entrepreneur, you should be able to generate a business idea and turn it into a successful startup company. If you have never started a business before, turning an idea into a successful business can sound like an intimidating task for you. It takes some sleepless nights, hard work, money, dedication, and some failure before you succeed.
More than 70 percent of businesses fail before ten years. There are some things that you need to do to get your business off the ground. Once your startup gets off the ground, you have to keep working hard to keep it growing each year. I’m here to share with you some of the knowledge and experiences that you need to know to make things easier and less stressful. Here are some of the top steps that you need to take to get your startup business off the ground.
1. Make a business plan
A good company starts with a good plan. Not all businesses need an official business plan, but if you want yours to succeed, you should spend some time planning. Before making any investment, you should first sit down and determine how much money you are willing to invest, your long-term and short-term goals, marketing plan, and other related details. Your business plan should not remain the same. You may have to change it later. Remember, pivoting is common in all startups.
Starting a business without a plan is like planning for failure. Only less than 40 percent of startups without a business plan last for up to five years. A business plan will guide your business and help you get financial assistance from banks in the form of a loan. If your startup is already running, but you don’t have a business plan, you should prepare it before it is too late. A business plan is the first thing on the list because you will need it in all the other steps.
2. Secure appropriate funding
A startup business needs adequate capital to get off the ground faster. Determine how much you need for your business and your primary source of funding. In most startups in the US, the majority of the money comes out of the entrepreneur’s pocket.
Many startups fail because of cash flow problems. Making a business plan for your startup can help you avoid cash flow problems. Your business plan should contain a financial plan that includes a balance sheet, cash-flow statement, sales forecast, and profit and loss statement. The cost of running a startup business is much higher than many people think. These financial statements will help you determine how much money you need to raise to get started.
If you don’t have enough money to run your startup, don’t worry, your dream is not yet dead, you can apply for a loan. Unfortunately, banks may not give you all the amount that you need due to the lack of assets or income to default on. If no bank can give you the amount that you need, you should look for investors such as your friends, family, venture capitalists, and angel investors.
3. Surround yourself with the right people
It is hard to run a startup alone. You need help when launching your company. Many entrepreneurs make a mistake of overlooking certain professionals when they are getting started. For your startup to get off the ground, you need some staff and a manager to help you run the company. How many staff your startup needs depends on the industry. You can start with a small number of employees, but you will have to grow your staff as the business gets off the ground. Outsourcing some non-core business activities to your remote team can help you save money and even perform better. The benefits of outsourcing non-core activities to an offshore team does not end at saving money. It also allows you to work with experts in various fields that are hard to get for a startup business.
4. Build a website
Today, very few startups can survive without an online presence. You need a website for your business. After launching your website, you can expand the digital presence of your startup by utilizing social media platforms such as Facebook, Instagram, Twitter, and Snapchat. You need to create an account for your business on all these platforms because your potential customers are using them. No matter the industry that your business is in, digital presence can help it get off the ground faster. Without an online presence, your business will grow slowly and is likely to collapse due to the lack of exposure to customers before the end of the first year.
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September 8, 2020 at 06:34AM