Is there a cheat sheet for starting a business? Well no, but there is plenty of advice out there which can help you move forward. Essentially, you need to pick and choose the advice which is most beneficial for you and your business structure (the first step, create a business structure). Of course, necessarily knowing what the best advice to follow is isn’t necessarily easy, especially if you’re a first-time business owner or a budding entrepreneur.
So, for this reason, here are all of the things which you need to ensure your small business is successful in the first one hundred days.
1 – Don’t Quit Your Day Job
Losing your main source of income is bad any day of the week. But, it’s even worse when you have a growing business to support with this paycheck. Being over eager and quitting before you’ve accomplished enough to support yourself is always a bad move, so something that should be avoided at all costs.
Having to juggle a job and your business at the same time will also sharpen your focus. And it should help you to determine whether or not you are truly focussed and motivated for the task of growing a business. So, don’t quit your day job just yet.
2 – Consider the Help
If you are in a position to hire anyone in the first one hundred days of your business then it needs to be properly considered. On the one hand, it could help to bolster your business exponentially. While, on the other, it could drain what meagre finances you have available. For this reason, it needs to only be a ‘best case scenario’ type of action. Otherwise, you might be draining the lifeforce of your business before it even gets a chance to properly lift off.
One aspect of help that you should seriously consider is legal advice. It doesn’t always come cheap, but having the right corporate solicitors in Manchester can be an invaluable business asset. If anything does go wrong then they can be invaluable as dispute resolution solicitors.
3 – Join a Community
Having like-minded individuals surrounding you is always a positive element, but especially as a new business owner. It can feel lonely, hopeless and a little bit stressful to grow a business from scratch. For that reason, having the resources to consult and gather opinions from people just like you can be invaluable. It could be just the boost your business needs when it is placed in a difficult position.
Whether online or offline, having a supportive community behind your back in the first one hundred days of your business can only be a good thing.
There are a number of LinkedIn groups that could also be good for you as an entrepreneur.
4 – Assess the Competition
A comprehensive competitor analysis is vital when it comes to the first one hundred days of your business. Test them as a customer, review them on their business practices and set up, then determine what makes them successful/could be improved upon. Not only can you then take some of this away for your own business, but it gives you the opportunity to work on offering what they actually may be missing from their offerings.
5 – Test and Tweak Your Business Concept
If making sales in the first one hundred days of your business, then it needs to be tested and tweaked to produce optimum results. Failing to sell means that you need to reassess your tactics and improve them. After all, if you can sell – either a product or a service – then you are unlikely to be able to survive past the one hundred day point. Let alone two hundred, five hundred and so on.
A business is only so good as what it sells. So, get your product to a profitable condition and then learn the best way to sell it.
6 – Walk, Don’t Run
One of the biggest things to take into account in the infancy days of your business is that you need to learn to take as small steps as possible. Doing something that is beyond or out of the budget of your business in the early days could be great for growth, but it could also be a big mistake. So, for the most part, it needs to be considered carefully and only pursued if the business implications are only positive. Any negative outcome needs to be completely avoided.
On the whole, there is no definitive checklist for being incredibly successful in the first one hundred days of business. However, there are plenty of ways that you can certainly set yourself up for success in these initial days and learn to profit from it in the long term. Success isn’t the same for everyone though so be aware that following someone else’s business model to a tee won’t always be a good idea.
Ultimately, success is what you make of it. So start strong and the rest of your time as a business owner should follow suit.