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If you want your startup to be as successful as possible, it is vital that you first understand the basics behind businesses. Too many new business owners think they know everything there is to know and simply dive in, head first, without thinking about everything that could go wrong.
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With most startups failing within the first five years, it is pretty clear that more research and knowledge is needed before those startups are launched.
Here is a handful of the most basic business theory so that you can feel a bit more confident about the journey ahead.
First: Have a financial planWhile we're at the topic of startups collapsing within the first five years, did you know that most of them fail due to a lack of money? They may have had enough when starting up but they failed to plan for all of those unexpected expenses - and their businesses suffer because of it.
If there is anything you should spend a bit more time on before launching your business, it's mapping out a sustainable financial plan. Read up on everything you can, set aside money for emergencies, and allow your business to have a solid foundation before you start.
Sure, you won't be able to make much money unless you start those sales - but if you start spending money too early, you might not be able to make up for it with your first sales. Have a look at Qdos Accounting for more information and safeguard your business right away.
Next: Build a customer profileSometimes, it's easy to get carried away with the idea of a product or a service and believe it is for everyone. We might fall so much in love with our own business that we simply forget that the customers you've set your eyes on may not feel the same way - and it could prove to be detrimental to your startup.
Building a solid customer profile is something that requires time and knowledge. If you've never done this before and never attended a business school lecture in your life, you might want to consider handing this one over to someone who knows what they're doing.
A professional will be able to map out exactly who you should propose your products to, how you should target them, and where you're most likely to find them. It's the kind of stuff that ensures your business the best possible start.
When you have taken care of this, you should focus on talking to an attorney as well as an accountant to take care of those dry aspects of your business and make sure that everything is in order before you launch.