Have you just commenced a startup business? That is, a brand new business rather than one you inherited or bought; a business you started from scratch using your craft or from a new idea, or a business based on a product you invented?
To a large extent, all startups of any kind of business in any kind of industry are the same. They have one, or at most, 2 key individuals with the idea and the drive, full of enthusiasm and energy, probably not many staff if at all, and most of them family and friends. Typically, you would have shuffled together some (but not enough!) working capital, leased new premises and bought new equipment. The sense of newness is exciting and the startup begins breaking through walls.
In time, it finds its market and settles down. The passion and excitement may still be there but there is no longer a sense of newness, things start to feel normal and the days are spent doing pretty regular things.
If you have survived this phase, typically over the first year, celebrate!
But don’t get settled because most startups close their doors within 2 years, mainly because after the gains at startup, they fail to establish a sustainable business.
So, if you are in that position, what do you need to do to establish your startup? Read More