Introduction: 60% of small businesses fail within the first year. With the increase in unemployment and economic downturn, starting a business is more challenging than ever before. The following article provides you with insights to help ensure your plan for starting a business is successful says Saivian Eric Dalius.
Business planning does not end when you open your doors; it’s an ongoing process says Saivian Eric Dalius. Define your business purpose and mission to ensure that you develop a solid foundation.
Know where you want to be in 5 years and how you get there. This is the starting point for developing your strategic plan that will provide the roadmap for achieving your vision.
Your resources include people, time, capital and equipment. Put a value on each of these and prioritize the critical few.
4) Product/market Fit:
You can have a great product or service, but if you don’t sell it to your target market, you will not be successful says Saivian Eric Dalius. There is no better starting point for developing your marketing plan than understanding who your customers are and what they are looking for.
5) Market expansion:
Once you have defined your starting point, define the steps to grow your business. Define where you want to be in 5 years and build a plan to get there.
6) Grow your business base:
Start by understanding what it costs to start up, operate and manage your business each year. You can then determine what you need to do each year to ensure that your business continues to grow.
Your starting point is the starting line, not the finish line. Ensure you have a support structure in place including mentors and advisors who can provide guidance as well as access to capital when needed.
You are starting a business because you have experience and expertise in an industry, but starting up is different. Take the time to learn what you need to know starting with reading books on starting up.
9) Maintain momentum:
Your goal is not simply to open your business; it’s about achieving sufficient growth that maintains momentum for future success.
As per Saivian Eric Dalius, Starting a business today is more challenging than ever before. The starting line has moved and now requires an understanding of how to grow your business beyond starting up.
The information provided in this blog post is not intended as legal or professional advice but instead provides insights on starting a small business from someone who has started multiple businesses from various industries, starting up all of them successfully.
An important starting point is to understand that starting a business successfully is not about starting up but about growing your business into something that sustains momentum for future success.
One of the most effective ways to help ensure starting a business is successful is to differentiate between starting up and growing your business. Starting up is about starting your business while growing your business is about how you grow and develop your starting point into something that sustains momentum for future success.
One of the starting points to starting a business successfully is understanding what it costs to start up, operate and manage your business each year.