The early stages of your business are the most critical. Just because you’ve built a solid business plan doesn’t mean everything will pan out successfully. By taking these tips into consideration, however, you’ll have a greater chance at achieving your goals. Here’s what you need to help your startup succeed:
Start With a Detailed Budget and Keep It Tight
When just starting out, you may feel that as long as you secure enough money, you can turn it into something successful. The truth is, this kind of thinking can be dangerous. While you want to have enough money to get your business off the ground, keep in mind that your company is going to be in the development stages for quite some time. You may not have everything you want right off the bat, and that’s OK. You’ll get there, but only if you strategically spend the money you have. When it comes to your budget, the most important factor is detail. Make sure that you know where every dollar is going before you start spending.
Focus on What You’re Good at and Learn to Say No
So maybe budgeting and number crunching isn’t your thing, but if this is the case, you’ll need to enlist the help of an outside source. It’s perfectly OK to recognize the things you’re good at and seek assistance for the rest. It’s also OK – smart even – to focus on the core foundation of your company before taking on new projects, especially ones that may not be directly profitable. For example, a bakery owner who is just starting out may be tempted to cater a community fundraiser for a sponsorship spot in order to gain some recognition. However, if the donation is going to put a dent in the time and resources spent on day-to-day business operation, it might be best to wait until the next sponsorship opportunity comes around and when the business is more secure. Don’t feel bad for saying no. While expanding your network is never a bad thing, especially as a small business, it’s important to not take on more than you can handle.
Keep Yourself Accountable and Follow Through
So, you started out with an extremely detailed budget, but are you staying on track with it? And maybe you felt like you had the resources to spare on a new project, but are you now neglecting other parts of your business?
As a business owner, holding yourself accountable can be one of the hardest parts of the job. While being your own boss may sound like a dream, many people don’t realize just how tough it is. No matter how solid your plan may be, it’ll be worthless unless you follow through.
Stay on Track With a Business Coach!
Remember when we told you it’s OK to ask for help? ActionCOACH Tampa Bay is here for you. Our coaches know what it takes to make a startup profitable. We’ll equip you with a “roadmap” to achieving your goals and provide advice and encouragement to keep you on track. Contact us today to see how we can help your startup thrive!