So you’ve finally managed to get up the courage to leave your job and start a small business. Congratulations. You’ve already done what so many people dream of doing. You’ve taken a leap of faith. You’ve conquered your fears about what may happen and you’ve tried to make your dreams come true. Now what?
Unfortunately, starting a new business is not just about taking that first step. It’s also about what you do on a day-to-day basis. Your business is only going to keep doing well as long as you pour time and effort into it. The moment you withdraw that time or effort, the business will also start to plummet, slowly at first and then consecutively more. Here’s a guide about what a new business owner needs to do in the first 90 days, because that time is particularly important:
Come Up with a Plan
Since you’ve already left your job and started a business, chances are you already have a plan, even if it’s a tentative one. Does this plan answer the following questions?
- Do you know where you plan to start your business? Do you have a location in mind, even if it’s a modest one, like your garage?
- Do you know how many employees you need to have right away? Would you like to employ more in the next 90 days?
- Do you know what volume of the product you’re going to be dealing with?
- Are you going to make the product in a factory? Or are you buying from the producer and selling to the consumer?
- Do you have a marketing or sales plan? Do you have a sales team?
It’s important to know what you’re doing with regard to every aspect of your business. Make your plan as detailed as possible. Write it down if you can. If you have to spend a few days just planning, it will still be worth it.
Get to Know Your Competition
You must already have an idea of who the players are in the field you’re trying to get into. For example, if your idea is to import clothes from Sweden, you probably already know who the big clothes importers are from that country.
If you don’t, then you need to figure this out asap. You can search the internet or call up friends you know in the industry. Try to get answer to the following questions:
- What volume of clothes is being imported from Sweden by each competitor?
- What prices are they paying their suppliers and charging their customers?
- How many employees do they have?
- Where are they located?
It’s a good idea to do all this after you’ve already come up with a business plan so that you don’t get completely swayed by what everyone else is doing.
Keep Your Eyes on the Prize
Why exactly are you starting a small business? Every business owner wants to make a profit as soon as possible. This is your final aim. Along the way, you may also want to create a nice environment for your employees to work and fulfill a certain need your customers have.
But profits are definitely up there in terms of desired goals. And in order to make a profit, you need to manage your finances. You need to keep an eye on how much you’re spending on the various aspects of your business. You don’t need to cut costs and create a low quality product or provide low quality services. But you shouldn’t spend more than you need to either.
Outsourcing your accounting needs can help you keep track of money coming in and money going out. Your financial team can also give you the type of advice you’ll need in the first 90 days. This will help you to make sure your money is distributed correctly in the various aspects of your business.
Contact us for more great tips on what you should do during the first 90 days of your business.