It can be difficult when setting up a business to know where to start. There is often so much to do that it can seem a bit overwhelming. Business coaching for startups can help you avoid this by planning to build your business with purpose and realistic expectations.
It is important to focus your efforts on the right actions. Initially, you ought to be checking out your competition, examining the legal implications for your business, weighing up your financial situation, assessing any risks and identifying sources of support.
Here is some more information on what your key priorities should be when starting up:
If you are not able to provide a more valuable or cheaper product or service than your competition, you might need to reassess the situation. Either that business area is wrong for you or you need to identify a Unique Selling Point (USP) that differentiates you from others.
It is important to know who to target. This will determine the decisions that you take. Understand who your customer base is and build your business accordingly. With a defined target market, this will mean you are better placed to acquire new and repeat business.
Being able to stand out is not easy. However, identifying your business purpose is a key first step. Also, make sure you understand your own motivations for starting up and whether this fits with your wider personal purpose. Clarity of purpose will guide your key decisions in a way that benefits the business.
You may not have much capital when you start your business. Therefore, you need to plan how you are going to fund your start-up costs. You may have to rely on family or look for potential investors. Alternatively, you make use of a business loan to get things going.
You also need to understand when any taxes and fees require payment. Late filing of taxes, for example, can lead to penalties which will impact your growth.
A professional business plan is vital to provide a direction of travel for your business. It is particularly important when you want to recruit, raise funds, or generate growth.
Key elements of the business plan include your mission statement, a description of your product or service, analysis of the market (threats and opportunities), and a detailed financial plan.
A good way to get ahead is to learn from others who have gone through the same process. Networking with other business owners or contacting leaders in your sector can help you to learn from their approach.
Making use of key professionals can ensure you operate in the best possible way. You may require legal advice, for example, to advise you on the correct structure for your business. They can help you understand the risks involved with a new business venture, and ensure you are protected against any liabilities.
An accountant can help you identify how to increase your profit, and will advise on key issues such as tax, dividends etc.
Finally, if you employ a coach, this could also benefit you. A coach may give you specific advice, guide your decision-making, be a sounding board for your ideas or hold you accountable to ensure you continue to take the actions necessary to be successful.
If you feel that you could benefit from working with an experienced Business Coach to drive your growth as you become established, please contact me for an introductory chat about how I can help you to achieve your goals.