The majority of start-ups and small businesses will ultimately fail. This sobering statistic, however, should not dissuade you from following your dream. If anything, it is a challenge to be overcome, and you can overcome it. These four pointers are proven to help you build a start-up that will last.
Have a Concrete Purpose and a Passion
If you are not passionate about what your new business will be doing, that alone is a huge roadblock to success. It will take a lot of time and effort to get your start-up off the ground. This fact means that start-ups are often unsustainable without significant passion for what you are doing.
A good business plan will help tremendously when putting a finger on exactly what your company will be doing. It’s also important to provide a blueprint moving forward. Do periodic checks to make sure that you are on track with your plan and make adjustments as necessary. Make sure your business doesn’t stray too far from its core mission, values and goals.
Build a Strong Core Team
You will want a lot of support when starting a business. Perhaps no support will be as important as the core team you build in the beginning. There are a number of roles and types of employees to look for to fill these early positions. You’ll typically want someone with industry experience and financial know-how. It also helps to hire someone who is really smart and creative and someone who is very good with marketing and people.
Be sure to consider all types of people for your core team. You’ll want to put one together that will support your business through the ups and the downs. Friends or other people you know are often good choices, but they can also be dangerous. Be sure that understand the potential pitfalls of going into business with people you are personally close to.
Watch the Money
Good financial management is crucial for a budding business, as poor financial management is often what dooms new companies. Work with a good accountant or your own financial adviser to budget well. Invest in the right things at the beginning and hold off on others. Most people consider Legal advice, marketing, tech support and tax professionals to be musts. Focus on those things, and try to avoid non-essentials or overly expensive extras.
You might not have lots of financial experience, and that’s fine. Hire a financial advisor you trust. Work with that person to learn about the subject. This will help you understand what the your reports are telling you.
Look at Other Successful Businesses
Other successful businesses can prove to be excellent resources and guides for how to set up your own company. If you can connect with the owners of these businesses you may even be able to find yourself a mentor. This sort of connection is another great step that can help your business to last as well as grow.
A mentor can help you avoid pitfalls and even prove to be an invaluable business partner. He or she can introduce you to other professionals in the business. Most successful businesses also contribute to or even form charities, like Nuskin’s Force for Good Foundation. Charitable contributions can even be an important element of marketing and promotion. By making contributions you can help your business succeed while simultaneously doing good in the world.
Making a start-up that will last is never easy. But with the right people, plenty of dedication and some smart decisions, it can be done. These tips will help you get there. Once you’ve gotten your business set up successfully, you will never want to go back to being employed by someone else ever again.