Thinking of Starting a Business

The statistics are very troubling in that 60% of startups will fail in the first 3 years but the question is why?

From my evaluation, the more common reasons include that the business owner simply had a bad idea, insufficient working capital, lack of business skills and or a lack of profitability.

A failed business has extensive ramifications for all stakeholders and associated families  which can have long term consequences, however it didn't have to be that way. The following are my top tips on how to start up a business that if followed will significantly increase the likelihood of success.

Before you start your business

• Seek out a business mentor who has been there and done it
• Evaluate your business idea to ensure the opportunity to make a profit and grow is real
• Develop a business model for your idea to ensure you understand how you intend to make a profit
• Write a business plan to bring your business model to life
• Ensure you are incredibly passionate about what you are going to do.

Establish your business  

• If you are unsure about any item seek professional advice
• Start your business using a business check list
• Implement a financial management system including software, procedures, cash flow forecast, budget and reports
• Write and implement a marketing plan to generate leads
• Develop sales process and procedure to convert the leads into orders
• Develop delivery process and procedure that will result in meeting or exceeding your customers’ expectations.

It may seem a lot and difficult to do as a startup however it is what you must do if you want to ensure success. This is where a mentor will help show you how and provide accountability to ensure the items are done in the right sequence and when they need to be done.

If you need help applying any of these points in your own business, I’d be only too happy to help. Please call me on (0419) 834 -678 or send me an email at [email protected].