Starting a new business is both exciting and scary. You know you believe in what you’re developing, but you want to make sure that belief will translate to your target audience. A plan can help boost your chances of success.
But when you’re creating your business startup plan, it’s important to make sure you take the right approach. Conducting thorough research and setting reasonable, achievable goals can make all the difference. Here are a few tips to help as you work to create your business startup plan.
Know Your Business
The first step in building a successful startup is knowing exactly what you’re building in the first place. This starts with getting to know your industry and researching the market for your products or services. From there, you can start jotting down where you want your business to be in one, two, five, and even ten years.
Build a Support Team
You don’t have to hire employees to surround yourself with people who will help you along the way. Friends, family, and colleagues will likely be more than happy to cheer you on, and some may even offer resources. As your business starts to grow, make sure you bring on people who are aligned with your mission and come with strong references.
Set S.M.A.R.T. Goals
It isn’t enough to set goals. You position yourself for success by choosing the right goals. You may have a vague idea of what you want to achieve with your business, but by coming up with specifics, you’ll develop a blueprint with the actions you need to take each day. Using the S.M.A.R.T. goal-setting system, you can boost your chances of hitting those milestones.
S.M.A.R.T. is an acronym that means you set goals that are:
- Time bound
Many business owners make the mistake of setting vague goals that take years to achieve. Build a high-earning business, for instance, can be a goal that sets you up for failure. Instead, ask what you need to do to get the results you want. If it’s to build a great product and generate a strong customer base, break those down into time-bound actions you can take. For instance, “contact ten prospects a day” or “generate a list of leads by Friday.”
Ready to get started? I’ve created a S.M.A.R.T. goal planning sheet that you can download for free. The sheet is designed specifically for the unique needs of small business owners like you. Download your copy today.