Estimated reading time: 5 minutes
Are you a new entrepreneur looking to open up your own business?
If so, you’re in an exciting, yet sometimes stressful, time of your life. Running a small business is not an easy task.
In fact, only one-third of small businesses survive after ten years.
Before you take the plunge and open up shop, you must be prepared to ensure your startup succeeds.
Whether you’re opening a small bakery or a local plumbing business, we’re here to help.
Below, we’ll go over how to get your startup off the ground and experience success long-term.
5 Tips To Get Your Business Off The Ground!
1. Create A Business Plan
The first task you should complete when opening a small business is creating a business plan.
Without a business plan, investors won’t know where your company is headed, what your company’s goals are, and how you plan to thrive down the road.
The Small Business Administration offers a guide for creating a business plan. They suggest your business plan should follow a similar format:
- Executive summary: This is where you tell investors what your company does and why it will be successful. It also includes your vision, mission statement, employees, and information on the product or service you sell.
- Company description: Provide a detailed report on your company in your company description by providing information on your customers, the problem your business solves, and why your business will beat competitors.
- Market analysis: Arguably, the most important component of your business plan is the market analysis, which provides research on competitors in your industry and what your company can do better.
- Organization and management: Here, tell investors the legal and organizational structure of your business, including who’s in charge of what and how each team member will help your company grow.
- Service or product line: Explain the services or products you intend to sell in this section.
- Marketing and sales: Go over your marketing and advertising strategy, such as social media management, and how you plan to retain customers.
- Funding request: Outline your funding requirements if you plan to ask investors for money and explain in detail where these funds will go and how they will be used.
- Financial projections: Wrap up your business plan by going over your financial outlook for the next five years, with forecasted balance sheets, capital expenditure budgets, income statements, and so on.
2. Invest In The Right Tools
Next, you’re going to need to make sure you have the right tools to help your startup succeed.
As a small business owner, you can easily get swamped with work.
Luckily, innovative tools and technology are making it easier for business owners to manage their companies.
For example, do you plan to have a team of drivers out on the road giving sales pitches or delivering products?
Vehicle tracking solutions will allow you to keep an eye on your drivers and your vehicles and stay in touch with them to streamline operations.
Or do you own a small running store and intend to sell a variety of products?
Make sure you have a variety of customer payment options, such as mobile, card, and even cryptocurrency payments available, so that anyone can buy your products.
Other potentially useful tools for your business include:
- Email marketing platform
- Inventory tracking software
- Time tracking solutions
- Customer relationship management software
- Project management software
3. Hire the right employees
Your employees are the backbone of your company.
They’re the ones who interact with your customers, sell your products or services, and make you money.
One bad apple can spoil the whole bunch, which is why it’s essential you hire the right employees to ensure your startup succeeds.
Some tips for hiring employees include:
- Posting a thorough job description on job recruiting sites to weed out applicants and draw in qualified ones
- Conduct phone, in-person, and final interviews
- Use employment screening services to gain information on criminal, education, employment, and residential history
- Allow current employees to join the interview process to help you make the right decision
4. Stay organized
Last but not least, you must stay organized in order for your startup to get off the ground.
Managing a small business is no easy task.
You have financial statements to take care of, employees to keep track of, inventory to count, customers to please, laws to abide by, and so much more.
To stay organized, keep your workspace clean with filing cabinets and folders, use cloud computing software to store paper documents to reduce clutter, and seek help from freelancers to assist you with projects that don’t require a full-time employee.
5. Cut The Red Ribbon
With these tips in mind, you’ll be ready to cut the tape and welcome customers into your store.
To come out on top in a sea of competitors, it’s essential you come prepared. From creating a business plan to hiring the right workers, you’ll be ready to run your startup in no time.