Thursday, March 06, 2014

7 Essential Steps to Jump Start Your Start Up Business

Before you go into a startup please be realistic.  Over 80% (actually I've read as high as 95%) of small businesses fail within 5 years.  In order to not be in that statistic learn as much about your industry and running a business in it as you can.

1. Avoid launching a business without any glimpse that it will make money - not just in your mind but in the real world.  Try to avoid taking a noncritical view of your business. Especially, if you don't have a lot of capital to waste do your due diligence before starting a business endeavor as much as possible.

2. Test in consumer shows or trade shows in your industry - if there is a viable market for what you are offering and listen to feed back to see if people are willing to spend money for what you are offering.

3. Join an existing business, even if you are a volunteer - in your industry to see how they are run before taking your leap of faith.  Learn what makes money in your industry and how to sell products and services with the most profit margins.

3. Gain inside knowledge on your industry - so you know the seasonal shifts which will affect your cash flow. If you can learn not only the operations of a business but the sales and marketing aspects as well you will be on much more solid ground running that business.

4. Discover how the major players in your industry operate - and see if you can model some of their behavior and how you can fill a niche better than your major competitors.  Save as much money as you can before you start and get mentors in your industry.

5. Clean up your credit and try to get a good source of financing to fall back on or aggressively leap forward with whether this source is an angel investor, crowd funding source, or some reliable microfinancing sources.  Create a compelling digital footprint online including an automated email follow up system, social media presence, a search engine friendly website, Google+ and Bing Local listings, and a blog.

6. Build a good team to support - you with savvy business mentors, family who can work with enthusiasm in the business, and people you trust.  You can't build a successful business by yourself - you need a team.

7. Consider doing a business plan - and run it by your support group and potential investors. I strongly suggest this.  By taking the steps above your business plan will be that much more informed and compelling to potential investors.

These preparatory moves will save you a lot of time and headache in the future. You will be in the elite 5% of business startups that actually make it. If you need mentoring or consulting on starting up your business or Internet marketing contact me at Search Engine Plan.com


No comments: