Entrepreneurial success is not guaranteed. Most studies show a vast majority of new businesses fail within two years of inception. Yet, there are measures you can take to make sure this doesn’t happen to you. Let us look at three of the most important ones.
Building a Strong Team
If you want things to be done professionally, your best bet is to hire professionals. Likewise, if average or below average is enough for you, any person with a bit of experience will do.
If you are building a house, you can gather a few friends, watch one or two DIY videos on YouTube, and do it yourself. But the result will be neither as good nor as safe as if an architect or construction firm steered this process. If you are the victim of an accident involving a vehicle, you could handle everything on your own and hope for the best. But if you want meaningful representation that will compensate you for what you have been through, contacting a reputable car accident lawyer is a much better decision to make.
Even though this might sound like common sense, many starting entrepreneurs fail to recognize the importance of building a strong team. Instead, they treat their businesses as personal affairs and work with friends and relatives. While this might be a good idea at the start as you are moving forward with people you trust, if these individuals are not qualified for the positions they hold, the firm will ultimately not survive. Worst of all, important relationships in your life will often be broken.
Doing Things by the Book
Similar to your team, for your firm to thrive in a competitive environment, you must start on the right track. This process entails a variety of things, including:
- Doing your due diligence on the type of business entity you will register. Whether it is a sole proprietorship or a limited corporation, make sure you choose the right one based on your specific circumstances and needs.
- Working with a qualified accountant. A CPA with experience is not free. But one without it will cost your business a lot more long-term.
- Drafting employee contracts. As with business entities, there is a long list of staff contracts to look into. Remember that at the beginning, you don’t need to only hire full-time employees. Rather, you could start by hiring part-timers and freelancers and, as the business grows, offer them full-time contracts.
- Save on fixed costs. If you don’t need a big office, don’t get one. Unless you are the founder of a luxury brand or your clientele is made of wealthy individuals and corporations, starting by spending big in office space is, oftentimes, not the best decision. The same goes for utility bills, employee perks, and traditional advertising.
By taking these and other things into account, you will be giving your enterprise the best possible chance to succeed.
Thinking Long-Term
Life is a journey, not a destination. When you are driving at night, your headlights only allow you to see a few feet in front of you. Yet, in the end, you usually make it to where you want to go. It is not the result that matters but rather the process.
Like these, there are dozens of other sayings and common expressions that highlight the importance of staying in the present and doing what you can with what you have right now. Still, if you do not have a plan or vision of where you want your company to go, chances are you will never get there. Instead, your business will drift from one place to the other while you get older and your financial resources diminish.
Of course, nobody is a fortune-teller, and not even the most successful people can predict with certainty what will happen. But this doesn’t mean you should sit back and let the chips fall where they may. Instead, you should ask yourself the right questions and do your best to find the most suitable answers to them.
Where do you see your business in five or ten years? Based on the information you have, is there a viable market you can tap into? What growth opportunities can you see long-term? Is your enterprise in an industry that is thriving or one that will quickly be left behind? As an entrepreneur, it is not only your duty but also your right to know these things. Both you and your business deserve it.
If you want your starting enterprise to prosper, make sure you build a strong team, do things by the book, and establish long-term goals. These are key elements that will help your company flourish regardless of industry or market conditions.
