10 point checklist for a successful start-up or micro business in 2020

, 10 point checklist for a successful start-up or micro business in 2020

Whether you have just a business idea, or are actually starting, or you have started and want to grow the business…  this is the definite checklist to be successful. This list is taken from national statistics of start-ups and micro businesses that have been successful.  (A micro business is usually defined as one with less than 9 employees or members of staff).

To know how these various issues apply to you and your business, talk to various mentors, and, or, experienced business people. Do not try to do all this on your own!!!

1. Be committed, develop the mindset of an entrepreneur (not an employee)

It is your business, your plan, and 100% your responsibility

Only you can make it happen. Don’t blame other people for anything not working.

2. Confirm why you want to build the business, with timescales

If it is just to make some extra cash, that’s OK

If it is to create a full time income, write down the earning amounts  and time scales

3. Create (and keep updated) a written business plan

Whatever stage you are at with the business planning or startup or operating, have a short, written plan. Maybe only 1 or 2  pages.  Not sure how to do this, ask the Hub for a template.  

4. Have enough cash available to fund the business

Top, top priority. Might be just a small amount to fund a small business, but it is essential to have enough funds to start a serious business. Talk to experienced people about funding, not just ‘lenders’.just 

5. Have one, two or three mentors

Ask at least 3 or 4 experienced business people about your business and your plans, you will get good advice and tips from each one.  Check your ideas with multiple contacts.

6. Have the right ‘team’ of people around you  

Develop a number of business contacts and associates who understand you and your business, and can offer, advice, information, support.

7. Seek advice from the ‘right’ people

Difficult to know who are the ‘right’ people.  Don’t just take the advice of the first people you talk to in a particular area. He or she will be trying to sell you their own product or service. Hence why you should talk to lots of people.

8. Create a working marketing plan

Almost certainly you will need help to create this. 

9. Be adaptable, and be prepared to change when situations require

Over 50% of all business plans with targets are unrealistic. Be prepared to modify your ideas, take on new complementary activities and keep adjusting your ideas until you get one that is actually working

10. Keep learning, checking, testing…

Most business services (e.g. web sites, social media, marketing) keep changing over time and, the requirements of your business keep changing. Essential to keep learning, going to new events, meeting new people, checking what successful people in your business area are doing.

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