The Start Up Journey - 5 Tips To Building A Solid Business Foundation

Starting a new business from your own ideas is exhilarating! Just like the rocket ship above you can feel like your blasting into a new journey filled with excitement and freedom. As fun as the journey can be it’s important to make sure that you are building your future business on solid ground. According to the SBA, “there are over 28 million small businesses in the United States and only about 50% of them survive."

That is sobering news!

But the good news is that it is avoidable if you build your business on a solid foundation. Here are 5 tips to help you do that:

Tip 1 - Create a plan for your business

We all know the famous saying failing to plan is planning to fail. It’s important to create short-term and long -term goals for your business. Check out these business planning tools to help you get a jump start on this important task.

Tip 2 - Obtain capital to run your business

The first few years of running a business can be pretty meager and if you don’t have the startup capital to help you survive those lean times then things will start to tank fast. In my opinion, the best way to cash flow your business is with good ole fashion cash that comes from you saving BEFORE, DURING & AFTER your business has legs. I am a fan of Dave Ramsey and his debt-free school of thought. If you can put your mind to cash flowing your expenses for your business and stay away from debt you will be a much happier camper. Yes, it is challenging but in the words of Dave “Live like no one else so later you can live and give like no one else.” Check out these creative ways to bootstrap your business and the Entreleadership website on tips for running a successful business.

Tip 3 - Don’t Scale Too Fast

There are many horror stories of startups that were hot and on their way up and then quickly crashed. You don’t want to add your name to that list. Check out this article for helpful tips.

Tip 4 - Put a system in place to manage your accounting

The key to financial health for your business is the ability to know your numbers at all times. If you use professional software like Quickbooks Online or another cloud-based system then you will always have those numbers at your fingertips. Additionally, it’s important to get the experience of an accounting professional to help you get everything set up and either manage it for you or train you how to do it for yourself.

Tip 5 - Work with a business coach

First let’s start with defining what exactly is a business coach. According to Brian Tracy who is recognized “as the top sales training and personal success authority in the world today business coaches are typically experienced entrepreneurs and business owners themselves who decide to use their talents for building and growing a business to help other business owners reach their goals.” Now that we know what a business coach is here is why you should work with one:

“Statistics on business coaching have proved that using a business coach can increase your profit margin by an average of 46 percent, according to a practice development company. However, further statistics reveals that 42 percent of businesses of don't use a business coach.” source streetdirectory.com

So there you have it. 5 tips to help you get off to the right start on your startup journey!

Best of luck and Keep IT Sunny!