BUSINESS STARTUP ADVICE – Relevant for every Business Startup.
A PRODUCT OR SERVICE MAY BE LESS THAN 25% OF THE INGREDIENTS NECESSARY TO START OR GROW A SUCCESSFUL BUSINESS.
if you are starting a business, the actual product or service may constitute less than 25% of the elements and activity necessary to make a business successful. It may be the best product or service in the world!, the 25% ! But, the rest may include: market research, the ‘need’ in a market, the product or service delivery, marketing, the web site, business targets, management accounting, funding, finance management , selling, business operations and planning.
This is adapted from a principle published by a leading British entrepreneur.
Comment. So many people identify a product or service and assume the rest will happen. .Statistics show that about 40% of the startup businesses in the Uk are not viable businesses, or they are businesses that will never make the money hoped for by the person setting the business up.
To address this issue and give your business a reasonable chance of being successful, use a startup checklist. Also, seek assistance from someone who has current business startup experience, who can offer advice specific to you and your business.
Note, it may only be one item from the Business Startup checklist that is not addressed adequately, that might result in the failure of the business. More typically, there are three or more issues that are not addressed adequately. These could include poor marketing or inadequate funding or lack of business experience, or , the market potential for the product or services….. or , there are no business targets, or the targets are just unrealistic!
If you know someone who is thinking about starting a business, recommend that they adopt the same approach. And then address all the issues in a brief Business Plan.
Request a copy of the Business Startup Checklist and: Email: info@startupassist.uk