Steps to Starting a Successful Business
Did you know that approximately 543,000 new businesses get started each month? According to the Washington Post nearly half of those will fail within the first five years. This is a staggering number. Are you considering starting a new business venture and are frightened at the possibility of failure? One of the best things you can do is research what others have done to be successful in launching a new business. Here are just a few ideas compiled from the professionals at the U.S. Small Business Association, Forbes Magazine and Entrepreneur.
- Plan, Plan, Plan – “Planning carefully before launching a new business is not limited to preparing a business plan”, says Bruce Bachenheimer, clinical professor of management and director of the Entrepreneurship Lab at Pace University in New York City. While writing a business plan is certainly helpful, the real value is not in having the finished product in hand, but rather in the process of researching and thinking about your business in a systematic way.
- Know the Market – This goes hand-in-hand with creating a comprehensive business plan. Ask questions, conduct research or gain experience to help you learn your market inside and out, including the key suppliers, distributors, competitors and customers.
- Make the Right Contacts – Get in touch with people who can assist you all along the way. The U.S. Small Business Association has helped many business people launch successful businesses. They even have a step-by-step program to follow and experts to guide you. Read More.
- Cash Flow and Financing – While there is not enough room in this blog to get into the nuances of financing your new venture, be sure to have all your ducks in a row including understanding your cash flow, how to keep costs low and where to turn if you need financial help in a bind. Entrepreneur online offers that they have, “Never seen a startup business where expenses were at least 30 percent more than initially planned or anticipated, and revenues are at least that much less.”
- Have your Marketing Plan Ready to Fly – Too many new businesses are focused on the plan, financial issues or other issues to get the marketing plan set to roll the moment they are on the ground. Be prepared with a website, social media marketing, digital marketing and traditional marketing methods to kick off your new business.