Every business startup has its flaws and with a little research and some support, you can minimize your chances of failure. Starting up a business doesn't happen over night and will not be easy. Perhaps you've heard "A dream without a plan is only a wish." If you don't have a plan, you cannot even get off the ground. You don't need to start day one with a 37 page multi-year business plan. You do need to plan on how to get to that point. It may take a couple of years, but you will get there. What business do you want? Is the market around you good?
There's five simple key points that has been proven time and time again by Fortune 500 companies that started out of their living room or garage.
1. Don't Start a Business if you Don't Love it and are Absolutely Obsessed with it
If you're planning to start a business with an exit strategy in later years, you're not obsessed. If you are not passionate about what you're about to get yourself into, you will fail. Times will get tough and if you are not running on that obsessing. its so much easier to give up the fight.
2. Know How to Make Money
You've decided to start your business. Great! How are you going to make money? Ensure that you know how you're going to make the sales to create the cash flow that will build your business. What are other similar businesses doing to increase sales? How can you differentiate your business from theirs while providing a better product or service?
3. Know What You Are Good At and Stick With it
Knowing your core competencies will help you start reaching your goals. If you know what you're good at and you focus on them, you will find success much easier. Others will want to be like you. Your business will fall into place easier because while you've been working on your core competencies, you've been working on building your business!
4. When You Set Your Goals, GO BIG.
"Go big or go home" is a common saying that I've used for years. Big is a relative term, so lets define it a little. How much do you want to make this year? In five years? Do you want to have employees? Get that large corporate contract? When starting a business these could be your goals. They're quite the size when you're just starting. As you build your business, you'll find that these goals will become smaller, which will help you set bigger goals.
5. Don't Go Into Debt to Start Your Business
Nearly 90% of failed startups went into debt to start their business. If you stay debt free, it's incredibly hard for your business to fail. You owe nothing, anything you make, aside from regular expenses is profit! No digging out of the debt hole. You don't need the stress of debt weighing on you when you're stressing over how to get your business started.
Hopefully these five simple points will guide your small business startup to success. I started my business by following these and profited much easier and quicker than similar startups that did not.
Have a success story from following these rules? Sound off in the comments!
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