As a small business owner myself and having worked with numerous start-up ventures I have seen and have experienced many of the dos and don’ts of establishing a new business. Starting up a small business can be an exciting and stressful time of your life and career. If established and managed correctly, a small business can bring not only job satisfaction but also financial reward. To help you along the process here are my 3 things you absolutely need to know about starting up a new small business.
- Business Planning whether in business or general life I really believe in the 5 Ps of success principal. Proper – Planning – Prevents – Poor – Performance. When it comes to launching your new venture, do your homework first, understand your product/service, define your target markets and produce financial estimates. A robust business plan will cover all of the areas above and more and will, more importantly, give you a clear roadmap to success or identify potential areas of concern.
- Time is your friend I remember hearing this when I started my first company and remember thinking that’s fine but that doesn’t apply to me, that sounds like an excuse for people not performing well, wait and see isn’t a viable strategy is it? While I still do believe that waiting is not a successful strategy, Unfortunately, all good things take time. Solid planning and execution can fast track success but be prepared for things to gain momentum gradually, take each challenge as it comes and build your empire piece by piece. It’s very unlikely that you will become the next Google or Facebook overnight.
- Ongoing Analysis (Tweaking) No matter how good a concept you have or how well you have planned or executed, your start-up is not going to be perfect. As stated above you will need to give your venture time to succeed or fail, however, don’t be afraid to make changes. One major competitive advantage of small business is agility, the ability to adapt quickly, implement new practices or revise products. To be able to gauge the success of your venture it is imperative that you implement regular performance reporting, initially, this may be as simple as reviewing weekly sales but over time should develop into Profit & Loss, Balance Sheet and KPI Analysis.
Founder & Managing Director