Need Business Advice for your New Start Up Business Idea

Need Business Advice for your New Start Up Business Idea

04 Feb 2020

There are many reasons some start up businesses can fail within the first five years: starting a business is hard. Fact, if the foundation isn’t solid then everything that you do can be negatively impacted. So starting out with a well thought out business plan can make all the difference. Below are a few top tips to help with your business growth

Conduct market research.

What are your competitors doing? What are their price points? What makes you different/better?

Connect with your target audience.

Get comfortable with the idea of creating several versions of your business plan—one for investors, one for venture capitalists, one for business partnerships.

Be sure you can back up your product / service or business claims you make.

What are you offering that sets you apart? If you say your product will take the market by storm, you have to support this statement with facts.

Under promise and over deliver.

Be realistic with financial forecasts and cashflow projections.

Provide reviews and client case studies.

Have others done something similar that was successful? Have you already created a prototype? Include all the variables that can have an impact on the result or outcome of your idea.

Discuss bonuses for investors and shareholders

Some investors will insist upon a hands-on role; some would prefer to be involved as little as possible. All investors want to know when they can get their money back and the ROI. Create a brief description of options for investors, or at least mention that you’re ready to discuss options with any serious prospect.

Set a clear action plan of what needs to be done and by when.

Write your ideas down and what needs to be done with a clear timeline and costs / finances needed to achieve your end business goals.

Leader @ Institute of Sales Management


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