So you're trying to get a new startup off the ground, and the good news is that you no doubt understand just how tricky it can be to fully set yourself up for success. With the acknowledgement that many businesses fail within their first few years, you still believe in your idea enough that you're moving forward anyway.
The big question you may face again and again in this process is whether you have everything you need to get you to that all-important next goal or milestone. The following things should help you proceed with greater confidence:
1) A strong business plan
As you no doubt know by now, you're going to need a business plan to get any venture off the ground, according to Architectural Digest. However, one thing many entrepreneurs don't do after they launch — for a litany of reasons, not least of which is that running a small business is extremely time-consuming — is refer back to the business plan afterward on a regular basis.
This should be a guiding document, rather than something you file away. It can help you determine whether you're on track with preliminary expectations.
2) A financial cushion
One thing you probably shouldn't get too comfortable with is tapping business credit on a regular basis in your early going, Architectural Digest pointed out. It can certainly be tempting, since you likely will incur plenty of costs and may not have much in the way of revenue. However, too much credit means you will be stretched too thin, and even if you get onto solid footing relatively early on, that mounting debt could come back to bite you.
3) A way to keep tabs
As your business grows and changes, you will need to be able to keep track of what's working well and what needs to be tweaked, according to Neil Patel. Unless you have a bird's-eye view of your operations and collect plenty of internal data, that's often going to be easier said than done. As such, it's wise to put structures into place that ensure you can track key performance indicators.
4) Strong relationships
There are all sorts of relationships in business, and yours will need to be solid for you to succeed, according to Traklight CEO Mary Juetten, writing in Forbes. Relationships with mentors, suppliers, customers, employees and more will all be critical to manage as you get going, and you must be prepared to keep all those plates spinning.
5) A stronger team
It is, however, easier to manage relationships when you have a team you can trust, Juetten added. For that reason, you need to hire people who work well together and fill positions at every level of your organization so that you can grow as effectively as you want.
When it comes to having all the right employees, that should certainly include a leadership group that you feel comfortable with, and YES Partners can help you find the people you need. To see some of the roles that we have already successfully placed, click here.
Finding people is easy, but finding the RIGHT people is not. YES Partners helps companies FIND the right people for all company functions, across many industries.