Even a basic start-up requires a legal company structure. A practical business advisor familiar with the basics will accelerate your progress.
- Premises to operate from (maybe your home office).
- Your business model.
- A business plan and budget must be in place.
- Bookkeeping system.
- Working capital must be in place even for a start-up.
- Website and company URL,
- Your “elevator speech”. And other essential marketing collateral.
- Contact management system (CRM).
- Project management system.
- Start networking and building your contacts; everyone has something to teach you.
- The basics have outstanding customer services and experiences from day one.
- An accountant to set up BAS and taxation requirements.
- Understanding outsourcing possibilities is a good idea at any time.
- Don’t promise things you can’t deliver; people trust actions, not words.
Basics to aim for beyond the start-up phase.
It is not only that you lose by sticking to outdated methods; it is also that you are missing opportunities. The significant advantage small businesses have is agility, and they can move quickly and adjust to prevailing circumstances. In addition, the start-up today has many benefits created by digital technology. It is particularly so in reducing the cost of starting any project.
- Automate your business to improve efficiency.
- Build your value chain and manage it.
- Upgrade your lead generation and nurturing process.
- Build your sales funnel (pipeline).
- Benchmark key operating activities to improve performance.
- Use metrics and dashboards to help you manage effectively.
- Go social to take your lead generation to the next level.
When to expand from the basic start-up
Understand the right time to expand geographically, add another product line or pursue another market segment? The answer is not yet, mostly in the timing, not until your business has most of the basics in place. Other considerations will be having the additional working capital and other resources needed beyond the basics.
When you pursue a significant new initiative, it divides all your resources. Speed and focus are the advantages of start-ups. The doubling of complexity can be overwhelming. However, the business also risks slowing its core business. You will constantly need to readjust your priorities in the early stages of all projects. The balancing act is quite a lot to manage and can add additional pressures you will not welcome.
Your capacity to dominate because of size, pricing, or position in the marketplace can make all the difference to the outcomes you are achieving. A combination of basics in personality, negotiating skills and bargaining power should be something you work on improving, not watering down. While digital technology can help, it is never the complete answer.
“If you’re on the wrong road, you don’t need the motivation to speed up. What you need is practical information and knowledge to turn around”. Peter Sergeant
“Repurpose what you already have for a new lifestyle business”. Peter Sergeant