These days everyone aspires to Startup a business like Staples Copy & Print, and many have great business ideas. However, you must realize that there is a difference between having a great business idea and creating a successful startup company like OfficeFurniture. Do you wish to be a successful entrepreneur? If your answer is yes, then you need to know what and how it takes to turn your ideas into a great startup company. A recent survey by a team of business analysts reveals that over 70% of business startups fail within the first two years of their establishment. This is grossly a function of not knowing the exact things that make a difference as a startup.
Here are some of the most important things to consider when starting up your business
Make a business plan
Having a great business idea is one thing but having a clearly stated business plan is another thing. A recent survey conducted in the United States shows that 80% of businesses without a clearly defined business plan fail within the first five years of their existence. A business plan is a written description of the future of your business. It is not enough to have all the ideas and projections of your business in your head; you must put it down into writing. The business plan gives an outline of the things you want to do and the steps you will take to achieve them. Basically, these plans outline the first 2 to 5 years of your business strategy. It serves as the blueprint of your business. The business plan is one of the very first things you must consider because it will help you to put the other things in order.
Find appropriate funding options
The truth is that in this 21st century, you need capital to fully establish your business. There is no magic about it. You either use your personal finances (if you have) or look for other viable ways to finance the business. The startup costs vary from business to business; therefore, your startup may require more or less funding as the case may be. For a small startup business in America with no equipment, you will need close to about $7000. This may even cost millions if you’ll be buying heavy equipment. In most cases, these initial overhead costs come from the pocket of the business owner. But one thing you must realize is that the cost of doing business is far much higher than people imagine. One of the main components of a business plan is the financial plan. It covers areas like Balance sheet, Sales forecast, Profit & Loss Statement, and cash flow statement. You need to use a financial statement to determine how much you’ll be needing to start up and how you will go about the funding. Banks will not be willing to loan large sums to new companies with no assets or income on default. Your most suitable options include Investors ranging from family, friends to Venture Capitalists.
Other important things you need to consider include:
- Surround yourself with the right people
- Build an online presence
- Become a marketing expert
- Build a customer base