Few things are as representative of what makes our country unique and exciting as starting and building a successful business. It’s a brave, rewarding venture, but it’s not for the weak-hearted.
Running A Marathon, Not A Sprint
At the WT Enterprise Center, we are committed to providing individual coaching and business-building training programs that teach best business practices, foster competitiveness and empower entrepreneurs to become self-sufficient.
There is no “magic bullet” that can guarantee you will be successful as an entrepreneur. However, there are a number of things you can anticipate and address that will improve your chances of achieving the success you desire.
Below are 10 challenges we encourage you to consider and plan for as you begin your venture.
1. Completing a clear and actionable business plan.
A properly drafted business plan is essential to establishing what you want to accomplish, how it will be done, and how much capital you need to achieve initial success. Without such a plan, you are simply risking your time and money, and possibly your chances for success.
2. Hiring the right people.
Ultimately, people are essential to your ability to grow your business beyond a simple one-man show. This means building a team with the right skills, experience and temperament to meet all the other challenges.
3. Producing meaningful financial reports.
Many entrepreneurs worry they are too busy to produce a proper operating and cash flow reports. This is a problem because it is unlikely a business will be successful without meaningful financial reports.
4. Building a brand.
In today’s hyper-competitive world, advertising is only the beginning point to generating customers and revenue. Proper branding is everything. Focus on every aspect of your marketing strategy and tactics to get the biggest bang for your marketing dollars.
5. Complying with Regulations.
New entrepreneurs have to learn and become compliant with everything from fire codes and building codes to tax codes and environmental requirements. Navigating these requires developing an eye for the details within the fine print.
6. Maintaining quality control.
Your most expensive effort is getting a customer. Keeping that customer by delivering a quality product is a cheaper strategy than continually seeking more customers, and happy customers are your best advertising.
7. Staying competitive.
The very nature of the free enterprise system encourages competition, and you have to not only achieve initial success – it is vital to keep an eye on what your competition is doing.
8. Keep your personal life in order.
Most startups demand 25 hours a day from their founders. That means you have to work diligently to sort out your priorities, including your health and your family.
9. Managing cash.
While you must be profitable over the long-term, keeping cash flow positive is an essential survival requirement. Some steps you can take to keep on track managing cash are:
- Knowing when you’ll break even
- Keep your eye on cash-flow management
- Collect receivables immediately
- Be smart about hiring
- and Make the best use of technology.
10. Responding to the unanticipated.
No matter how well you plan, the nature of a startup is that you will be surprised by many new challenges and unknowns. The true test of the entrepreneur is to respond to them in the proper manner.
At the WT Enterprise Center, we understand how challenging it can be to start a new business. But did you know Amarillo is one the top cities financially to start a new business?