Twenty-eight million businesses in the United States are categorized as small businesses, and twenty-two million of those are sole proprietorships with no additional employees on payroll. That means there are a lot of startups around! Unfortunately, a large percentage of those businesses fail within the first three years of operation. How can you safeguard your startup and assure a bright future?
Be Prepared for a Slow Start
Don’t put all your eggs in the startup basket until it can support you. Keep your regular job as long as possible, even though it means you’ll be working two full time jobs for a while. Give the business time to build momentum, gather a sustainable customer base, and put the right vendors in place. Hiring an answering service is an excellent way to keep your business “open” for business while you’re busy working a second job.
Make Firm Plans, but Remain Flexible
It is crucial to have a solid business plan, including an outline for financing, from the start. However, you will need to be flexible along the way and willing to make adjustments when circumstances change. Review your business plan every month during the first couple of years. Make sure you’re on the right track, and make adjustments to the plan when things don’t go as planned.
Keep Learning Your Trade
If you’re in the business, you’re likely an expert. But the top experts in any field continue learning and developing even after decades in the business. Attend trade shows, subscribe to relevant trade journals, and use social media to learn about new innovations and developments relative to your business.
Assure your startup is a stellar success by planning wisely and taking your time getting the business off on the right path.