Thursday, December 8, 2011

10 check list for New Business Start Up

Below is a 10 point check list for a new business start up

1. Define your DPP (Desire, Passion & Purpose)
Follow your Desire, Passion and Purpose. To do what you love is an important factor for starting a business. It is very important that you thoroughly enjoy what you do. SO define your dream and passion and find the real purpose as to why you want to start your own business. 

2. Don't leave your day job: You are transitioning.
From working with clients we encourage you to start your business when you are still working as you still need funding to build your business from scratch. When you start a business you need to buy some essential equipment etc, and your business will take some time before you can actually make a profit. Working full time when starting your business means there is regular income to support  and fund your business. Once your business is growing and well established then you can make the decision to leave your full time job and transition to your business full time.

3. Seek Support from Family or Friends
When you are starting a new business you don't have to do it alone. Get support from your partner, family or friends. Know your stakeholders and align them with you and your business.  A family member or friend will encourage and support you during your new journey and their support will be particularly important at the start of the business.

4. Leads Generation
You need to be proactive and get your clients on board before you start your business and don’t wait until you have a business and start looking for clients! Taking this proactive approach will generate income the minute you open the door to your business.  No Customer = No Business.

5. Write an actionable business plan
A good actionable business plan will lead you forward to success. It will give you a clear direction where you want to be in your business. Know your Vision, Mission and the culture you want to have in your business. Set business goals with time frames on the following areas:
6. Do research
You will be doing a lot of research throughout your business plan and you will not stop researching. Every business owner needs to allocate time for this. You need to know what the latest news is in your industry and gain information on how to grow and develop new products for your business.

7. Get professional help
Don't be shy to ask or get help from experts. Sometimes investing money on these experts such as an accountant, solicitor and business coach could save you money and time and just because you run a small business, does not mean you have to be an expert in every field. The bravest thing you can do is to admit that you don’t know what to do it and you need help. In fact you will waste more time and money if you try to do it yourself if you do not have the qualifications or the skills to even do those tasks.

When you start a new business, spend less and only buy things that are essential to your business start up. You'll be surprised at how much you will spend. So, control your budget by having a start up budget planner to keep track of your spending. Just remember this scenario, when you start a new business you are digging a hole into your savings as you are spending money on the business and the hole will get deeper if your are overspending. That is the reason why you need to get clients on board before you start the business so you can have the income to fill the hole that you have been digging. Your goal is to make sure you can fill the hole as soon as you can. If the hole is filled and levelled this means you are breaking even and if you are well on track and the hole is overflowing, then that is the best news ever, you are finally making a profit.

9. Branding yourself & your business
If you are new, how you 

present yourself and how you're perceived is going to be critical factor in your success. Your brand is literally your essence. It builds on who you are and what you stand for. Make sure everything you do is consistent from your business logo, business cards to your website. So understand your personal and business branding.

10. Legal Stuff
Get the business legal stuff sorted at the beginning to avoid any future complications. Pay attention to the following areas:

These 10 check points will be a great start for your new business start up. We hope you can implement them in your business and remember always, ask for help from your peers and don’t be afraid to hire professionals to help.

Want to learn more about  how to start your own business of the dream  the ArtSHINE way? 

It’s as simple as 1... 2... 3...

2: Come along to the next “Goal Setting” workshop. E-mail Quantum Compass

    (insert link: ) for details of the next half

     day session near you.

3: Contact Vinh for a no cost, no obligation coaching session.  

1 comment:

Anonymous said...

Thanks for the update We hope we can implement them in our business.

Thanks for sharing


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