Have a great idea or service you can provide to the world and want to know how to start your business in a month or less? Well, while some would say this is impossible, in the era of technology, startups have been able to make a grand debut in just a month. Here are some tips to help you get your business jump-started in 30 days.
Come up with an Initial Business Plan
50% of startups and small businesses are projected to fail within the five years. With such high pressures and disadvantages, you want to make sure that you are fully equipped for survival mode right from the beginning. In order to succeed, you need to come up with a solid business plan. Even on a tight budget, you can execute a killer marketing strategy for your company.
Research your competition, audience, and trends to help you start the process. You will want to take all of these into account and write them down. The more thorough your research of the market in your niche, the better you can plan yourself for success.
Next, you’ll need come up with goals and phase each goal out with the right marketing strategies to help achieve these goals. This is going to be an important part because you need to have an initial plan in order to measure your progress.
Establish Your Source of Finances
Next, you need to know how you’re going to fund your business. Having an idea just isn’t enough, you need to make sure you’re planning your financial sources for the project. You can acquire two types of financing: equity and debt.
Equity financing is the most popular in the industry these days and allows your startup to get started with their process. Equity financing sells the idea to consumers and gives them a share of your company. These kind of finances don’t need to be paid back, so the money is free for the small business or startup to do whatever they want – within reason of the agreement shared between your business and the equity shareholders.
Many companies are starting crowdfunding campaigns through popular websites like Indiegogo and Kickstarter. These companies have innovated the way startups can start businesses. The general public can choose to invest in your product, usually for the first wave orders of the product release. This means you get advanced funding from customers who believe in your product.
Debt finances are a contract between small businesses and a creditor. Usually, the contract is set up, where you are required to pay the loan back in payment installments over a course of time. Just like any other loan, these start-up business loans are tacked on with interest rates that really accumulate. This can be difficult for startups and small businesses, but after getting initial venture capital, it can be a good option for them to achieve higher amounts of financing.
Measure Your Progress and Adjust Your Goals
After you establish your funding sources and get your business plan in order, it’s time to execute. Planning the phases and milestones for each accomplishment will allow you to see your progress in your business. Don’t fret if you haven’t reached your goals, just use it as a way to scale your progress and goals to better situate yourself for success.
Measuring your progress and success is better than leveraging your “failures” of not reaching these milestones. It can deter you from wanting to pursue the business, so make sure you keep your progress in mind and not what you haven’t accomplished.
Your Business Startup in Only 30 Days
With these tools, your business can be up and running in only 30 days. Take each step with precaution and analyze everything. The key factors to the success of your business are all within the first few months of starting it. It lays the foundation for the company to either thrive or fail.