Creating a start-up from scratch requires so much more than a great idea. You’re going to need drive, determination, and the right amount of capital to see it through. Building a business from the ground up is easier when you have the right approach and everything you need.
Failing to have everything in place can lead to some overwhelming situations, and as around 20% of all businesses fail in their first year, so you’re going to need to build a strong foundation if you want to avoid that fate. So, what makes a start-up successful? And what do you need to hit the ground running?
Let’s explore if you have what it takes to build a successful start-up.
The right amount of capital
Not everyone can dive into their bank account to fund their business start-up, most of us have to source the capital in other ways. One of the most tried and tested ways of building up your business funds is by investing in a stocks & shares ISA. These clever little accounts are a simple yet effective way to build on your savings tax-efficiently. UK savers can invest up to £20K each year and as you’ll be investing in a wide range of stocks, shares, bonds and trusts, you’re in better control of your money and they’re more likely to deliver on the value you need quicker than a traditional savings account.
A robust business plan
All great business ideas begin with a solid business plan. This important document will include your mission statement, an executive summary of your business, what products/services you’re going to offer, standard information about your company, as well as marketing analysis, marketing plans and your growth plans. If you’ve never written a business plan before, don’t panic. There are plenty of online resources that can help you.
A strong, personal support network
While you might be eager to hit the ground running with your professional networking plans, you should also consider the importance of a strong, personal support network. Surrounding yourself with those who are supportive, knowledgeable, and positive can improve the dynamic of your start-up before you’ve even found your first customer. If you’re searching for employees, ensure you’re building the right kind of team around you and work to create an employee-centric culture.
A good balance between work and play
Even the best and most hard-working of entrepreneurs take a day off from time to time. If you’re working long hours and stretching yourself too thin then how can you be expected to rise to the challenge of running a successful start-up? By taking regular breaks and time off from your project, you’ll be able to return to your start-up, refreshed and ready for action.
A steady income
While many people start their own business because they’ve had enough of working for others, you shouldn’t be too quick to quit your job. A steady income during the fledgling stages of your start-up means you’re more financially prepared and stable.
So, have you got what it takes to run a successful start-up? Follow these points above to get you off the ground.