Essential Pre-Startup Checklist for Business Success

Starting and running a new business is never an easy task. There are just so many things that can go wrong, causing you to lose not just your startup capital but also peace of mind. In fact, research has shown that 20% of businesses don’t make it past their first year, and only a few make it past their fifth year. However, once you can get your business off to a good start, with the right skills, and good luck, running a business can be fulfilling and quite successful.

There are business startup checklists that show you the things you have to do in order to run a successful business, but in this article, we have put together a pre-startup checklist, things you should do before even considering starting a business. Once you get this right, you are on your way to business success.

1.      Check your entrepreneurial spirit

The hard truth is that not everyone has what it takes to be an entrepreneur. Most people are simply cut to work a regular 9 to 5. This is just a plain fact and not meant to be judgmental in any way.

The spirit of enterprise is the major ingredient for business success, and in most cases, this is not something that can be learnt. Of course, there are a few successful people that have made it in business through sheer grit and hard work, but if you look closely, these individuals are surrounded by the right kind of people.

Before jumping into business, take some time to measure your readiness for running a business. You are more likely to succeed fast in business if you have the entrepreneurial spirit.

2.      Check your level of resilience

Having resilience is not the same as having an entrepreneurial spirit. Resilience means that you are able to withstand the severe pressures that you are bound to face when you do business.

●       Do you have what it takes to endure failure and bounce back even when it seems as if nothing is working?

●       Do you have the toughness to deal with stubborn suppliers, contractors and bad employees?

●       Will you be quick to explore other options and bounce back when your idea fails?

Entrepreneurs experience all these and more in their first few years of doing business, and if you are the kind of person who folds at the first scent of failure, then running your own business is the wrong kind of business.

3.      Check your skills and experiences

There are a number of steps to succeeding in business, but unless you have the relevant skills and experiences, you may still find it hard.

Before quitting your day job and going into business, ask yourself if you have the relevant expertise, skills and credibility to run the type of business you have in mind.

If you have been working in the same industry for a number of years, chances are you have the skills and experience to successfully operate a business in that industry. But where you are venturing into something totally different from your field of expertise, it is important that you from the very beginning hire the right people who have the relevant skills and expertise for your kind of startup.

Another great idea is to belong to a network of professionals in your chosen field. These people have been in business for a number of years and can share experiences, give you insights, and generally help you avoid pitfalls that could cripple your new business.

4.      Check your finances

It takes money to make money. It has always been that way since the beginning of enterprise and will always be so.

Before jumping into starting a business, you should first check if you are financially prepared to do so. Most people start their business with personal savings, loans from friends and family or by releasing equity on their property. But unless you have unlimited sources of such funds, it will never be enough for a business.

After a while, you may want to consider other sources of funding for your business, such as looking for venture capitalists and angel investors or exploring the available government-related funding for small businesses.

That said, it is a good idea to have some money saved up before quitting your job and going into business. This is because your new business will likely not begin to show a profit for a few months, and you will need your saved up money for personal use, and for day to day business expenses. Lack of adequate capital is one of the reasons businesses fail, so you should take adequate steps to avoid this.

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Created on Jul 29th 2019 08:35. Viewed 537 times.

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