By Richard January 25, 2014
Wow! Money in the bank! And a legal business!! GO for it…… Our next step to success is startup. For our new readers this is the second giant step in starting a business which is part of our steps to success series. I highly recommend a quick review of the previous blog “1-2-3 Go” and at least a quick review of all of the previous blog titles in our steps to success series.
Follow these steps in the sequence laid out in the steps to success series. The five giant steps are feasibility, startup, rollout, launch and new business. People who do not follow this sequence almost always fail! Only about 5% of new business startups are successful the first year, this process will increase your new business startup success to a 50% chance of success! The other 50% depends on the value of your product, market acceptance, your business savvy and luck!
Implementing infrastructure, vendors, suppliers, back of the house and hiring personnel should be done with businesses priorities in mind. There is no set way to go; every business is unique with different needs, requirements and rollouts. I suggest an action plan to by priority and needs by time line.
Your place, if you are working from home to start it simplifies matters in the beginning. But somewhere along the line you are going to need some space. I suggest you interview several commercial realtors to make sure you are comfortable and confident working with them. The other key element is making sure they will be with you from first contact up to and attending the closing, this is crucial!
Personalize, connect and build relationships. This phase of your new business startup is a key time for connecting and building business relationships through personalization. First impressions are critical! So do your research first and take a moment to frame out the conversation you’re about to have. Personalize your key vendors, suppliers and major customers. This will bring you to the top of list and put you in the spotlight so you’re just not another name, number or click. Being connected is paramount, so you are in front of the line and have immediate access. Price is important but service and fulfillment is crucial, you’re strong personal relationships will solidify this. Relationships you build are intangible assets, with huge benefits and ramifications in the future, it’s hard to succeed in business without them. Do two to five interviews with each major vendor depending on how critical they are to your business. Make your selection, and then call the others back informing them of your decision, let them know you will probably be calling them in the future as your business expands. You always need
Second sourcing and backup, things change quickly in the business world. Regular service and pricing reviews are a must, vendors rarely inform you of price decreases.
Don’t lose control of your professionals, venders and suppliers. Some people feel they just have to be dominant, controlling and overbearing in their client relationships. Don’t let them push you around! Remember to PERSONALIZE your relationships and if you’re uncomfortable with them initially the situation will only deteriorate as you go along, so end it NOW. If a relationship turns bad make the change at your convenience. Don’t hire friends and family; hire the best for the job after several interviews. Don’t fall into the trap of being detached, distant with a sterile flippant or clinical rapport, nobody likes this. It isolates people, you’re trying to build a team, so PERSONALIZE and build pleasant business relationships.
Keep your startup reasonably lean, stretch your people to see who is really with you, you can always increase staff and remember it is tough, interruptive and demoralizing letting people go.
Startup time is as little as one day and up to 18 months, figure six months to a year. In essence startup is your business without sales or customers. It is highly critical for your success that this foundation is in place and a solid working machine with no missing parts! From here on it gets complicated! And you won’t have time to fix, or repair! If this is not solid you will lose your way and probably fail! Do it right now, this is probably your only chance!
Nothing succeeds like success! Over the next couple of blogs we will introduce several highly successful professionals working locally in our community. These on the ground, hands on experts will provide us with fresh cutting edge, real time knowledge, information and a forward view which is imperative for success in today’s highly competitive and transactional 21st century business environment.
Luck and success,
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