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Top 5 Essential Business Strategies for Startup Success

Business startup tips

Starting a business is an adventure filled with challenges and opportunities. To navigate this complex landscape, certain strategies are indispensable for success. While there are many things that you will hear and read about as necessary for startups, some items are less likely to come up, however, throughout our years of experience, these things can be game changers! Here are the top five best practices for business startup.

1.) Creative Financing: Think outside the box when it comes to funding. Exploring diverse funding sources can provide the financial backbone your startup needs without over-relying on traditional loans. While bank lending is an essential part of business finance, too often companies overlook some other exceptional ways to enter into business with less financial debt.

  • Explore Crowdfunding: Research platforms like Kickstarter to gauge interest and raise funds.

  • Seek Angel Investors: Attend industry networking events to connect with potential angel investors interested in your sector.

  • Leverage Government Grants: Investigate government and industry-specific grants available for startups.

2.) Borrow More Than You Need: It's wise to secure more capital than your initial calculations. This extra cushion can help you manage unforeseen expenses and take advantage of opportunities without constant financial stress. The reality is that the small amount of monthly payments you will need to make to ensure a cushion in your business is well worth the protection.

  • Create a Detailed Financial Forecast: Outline your expected expenses for the next 12-18 months to understand your borrowing needs.

  • Consult with Financial Advisors: Seek advice on the right amount to borrow and the best financial products for your situation.

  • Implement the 75%/125% rule: After you have developed your projections, reduce your anticipated revenue to 75%. At the same time increase your projected expenses to 125%. Then borrow off of those numbers. If in this scenario your projections are realistic and still show a profit than its time to launch!

3.) Pre-Sell Before Launching: Validating your market by pre-selling your product or service can provide early revenue, reduce risks, and give you a clear insight into demand. Getting early buyers tests your concept, proves market need and reassures lenders. It's a must to pre-sell.

  • Launch a Beta Product: Offer early access to your product or service at a discounted rate.

  • Host Pre-sale Events: Organize events or online webinars to showcase your offerings and secure early sales.

  • Leverage Social Media: Use social media platforms to create buzz and encourage pre-orders.

4.) Assemble a Skilled Team: Identify key players for your marketing, operations, finance, and sales teams early on. Having the right talent in place is crucial for smooth operations and strategic growth. Not all of these individuals need to be on payroll, however, if you haven't identified who these people are and put strength into these key areas then you are starting off with gaps.

  • Define Roles and Responsibilities: Clearly outline what you need in terms of marketing, operations, finance, and sales.

  • Recruit Strategically: Think outside the box with this. You do not have to pay a full time employee for this at start-up. Look into consultants, free classes and support, interns and other ways to get these roles filled. The key is having strength and guidance in each of these 4 key areas.

5.) Pre-Planned Activity Calendar: Before you even start, organize your week in advance with all key activities and goals clearly blocked off. Time management is critical in the early stages of a startup to ensure focus is maintained on priority tasks. Having a time block from the beginning will ensure everything that is key happens.

  • Utilize Project Management Tools: Adopt tools like Asana or Trello to organize and prioritize tasks.

  • Block Off Time for High-Impact Activities: Dedicate specific times for strategic planning, team meetings, and personal development.

  • Regularly Review and Adjust Your Calendar: Set a weekly review to adjust your plans based on progress and feedback.

Implementing these strategies can significantly increase your startup's chances of thriving in today's competitive market. Remember, success in business is part strategy, part perseverance.


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