Starting a new business in this economy may be tough, but it’s not impossible.
Forbes experts broke down the top 7 things you should consider and prepare before you jump into launching your startup.
1. A good sense of timing
This means both picking the best moment to launch your company, and getting your business plan completed to get your business off the ground quickly. We’re not saying to rush – by all means, take the necessary time to develop your plan carefully – but so many startups fail simply because they wallow in early development and never even get off the ground. Speak to us and make your first step toward founding or joining a growing startup.
2. The cleanest budget on the block
Having a lot of money to start means nothing – even with a million cash to start, you might spend it all and go bankrup. It is crazy important to have a super detailed budget before you spend a single penny. If you aren’t an expert at budgeting, enlist the help of someone who is. Our experience is business gives us insight into managing the boring part of a business in an effective way.
In every way, running your own business – especially during its startup phase – requires discipline in all areas. Our tips: decide ahead of time on goals for each day/week/month, rather than just deciding on what hours you will work. We can help you turn an idea or a set of skills into a thorough plan that will give you confidence and possibly even help you raise venture funds.
4. Super sharp social skills
Being tirelessly committed to leveraging your existing network and seeking out opportunities to make connections with powerful people is part of your job description. Either way, having an ability to form new relationships and nurture and maintain existing ones is important for the vitality of your business. If this is not your area of expertise or are not sure how to grow your contact, well – you found the right friends here: we host a business meet up in Holborn an have contacts in The University of London enterprise scheme. And we are all about giving away tips to those who ask.
Things change. It’s a fact of life. Investing your energy and emotions into a business plan is what a good entrepreneur does – being married to one specific method or course of action is not. You should constantly be on the lookout for ways to adjust what you’re doing to greater success, and be utterly unafraid to make those changes. The best way about doing this is getting constructive feedback early and work in a team rather than on your own.
Kind of a no-brainer, but had to throw it in here because it is definitely a thing startups need to succeed. Just how much money you need can vary – maybe it’s as little as £5k or many millions of dollars – and there are a lot of different ways to get it. Whether it’s seed money from your own pocket, angel investments, or small-business loans, figure out which path to funding is best suited for your company and pursue it. Seriously, you need money. If your idea or skills are worth it: we’ll be happy to provide you with some.
Even the most thoughtful business plans, founded on the most innovative, visionary ideas, count for basically nothing if the person/people at the helm lack the perseverance, skills and knowledge to carry the whole endeavor to successful fruition. At the end of the day, knowing how do so something is arguably more important than knowing what needs to be done. Having the experience in the industry your startup exists in, and having the energy to get your hands dirty and do the heavy lifting, are irreplaceable when it comes to making your startup succeed.
…Bonus step: 8.
If you want to exchange fresh ideas, see if entrepreneurship is the right path for your ideas, or join startup teams who have aready been vetted: