When starting a new business there are several easily overlooked key points to make your start-up successful.
1. Don’t give up. This may sound silly but if you start-up is being difficult and you quit and go do something else you never accomplish the first goal, which is why you started the business in the first place. All the hard work and effort are equity in your endeavor and if you are stuck, can’t beat the competition or can’t find the solution then just restructure the problem and look at it from a different way and keep moving forward.
2. Don’t Spend Money. This is often overlooked by new entrepreneurs but I see it all the time. Depending on the type of business you are starting try to keep the cost down. One way to do this is to start in your home or garage. Add a new phone line or use a cell phone for business. Don’t borrow money to do this. Trust me you don’t want to learn this lesson the hard way, like I did. So frequently I see new entrepreneurs investing tons of money in how the business looks like antique cabinets, custom cabinets, the finest this or that. Don’t do it. Start bare bones and see how things go from there.
3. Test Your idea. This is a great inexpensive way to test your idea, run it by other successful business owners. Typically you don’t want the opinion of your family members because they usually don’t have their own business or want you to get a real job. Run it by local business leaders or someone who you know who is successful in business. Don’t know anyone, get on the hone and survey potential customers and see if there is an interest in your idea.
4. Have a plan. If everything test like you thought and there is interest then create a simple one page plan that encompasses your daily, weekly and monthly duties that will be require to execute the plan as well as the expectations in sales and growth. Place this on your desk so you can see and check it daily and adhere to it.
5. From my personal experience I would also not be involved in a partnership especially with a family member or friend. These relations can sour quickly and the last thing you want is a long term disagreement that resurfaces over the next twenty years or a situation where neither party is on speaking terms.
6. If you do borrow money from someone other than a bank, have a clear terms outlined so everyone knows the worst case scenario, which is you still paying them the money back.
7. Start making calls and contacts. This is crucial. Your plan I mentioned above should be composed of weekly and monthly goals but the more important part of your plan should be your action plan. What is an action plan? This is a list of the duties you will perform on a daily basis to get action. For example, From my telephone list I will make
25 phone calls today to new clients or I will set four appointments each Monday, Tuesday and Wednesday and then set up my appointments for the following Thursday and Friday. Regardless, I will have 15 meetings each week and have 4 resulting sales each week from these appointments.