How To Build Your StartUp On A Strong Foundation
Your startup needs a strong foundation to increase its chances of surviving. Upfront investment in your startup increases your chances of building a thriving business that your community embraces. Successful small business owners wish they would have done the following before launching:
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Invested more in marketing.
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Hired qualified help.
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Consulted with an expert.
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Understood the financial aspect of the business.
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Networked more and collaborate with peers.
Don’t Skip Steps
Making the decision to start a fire of excitement, impatience, and nervousness. Don’t let the excitement keep you from doing the necessary work. First, vet your idea. Is it practical? Review your idea with family, friends, mentors, and industry experts. Next, do the proper planning. Lastly, execute your plan with a pace that allows you to correct as you go. Starting a business can feel like a maze and skipping steps will show up in your business foundation.
A Strong Foundation Starts With Certainty In Your Purpose
Know your mission, vision, and guiding principles. Your branding starts with how you want to change the world and in what manner. Why are you in business? What problem are you looking to solve? How will it change the world, market, or community? What core values define how you conduct business?
SWOT Your Business and the Outside Environment.
You have a greater chance of succeeding in a business if you had either success OR failure with a past business. Business owners must be strategic and open to internal and external feedback. A SWOT analysis is a tool that allows you to assess you and your business as well as the outside elements that can affect your business. It forces you to think strategically. A SWOT takes your strong foundation and puts it on solid ground.
Fill The Gaps
Hyperfocus on the risks and potential threats to startup. What skills and experience are you missing within your organization? What are the risks and threats that have crippling impacts or may occur? Check for gaps in your finance, skills, knowledge, and training—for example. Consider the following to fill your gaps:
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Do more research.
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Join an industry association.
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Attend workshops and training.
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Consider a partnership.
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Delay opening until you are prepared.
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Find an investor or get a business loan.
Small businesses are critical to the US economy. Small business account for 99.7% of companies that employ people. Give your business a chance by building it on a strong foundation.
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