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It seems as if everyone wants to start their own business. Yet there are lots of statistics highlighting startup failure, especially in the early years. And of course all the chatter about what business owners need to do to insulate themselves from failure…yada, yada, yada. Still, gloom and doom never stop the purpose-driven person, right? After working with countless businesses from newbie startups to the well-established ventures, it’s clear there are winning strategies to succeed. Below are 4 tactics that will help you become a more effective entrepreneur.
1. Successful Entrepreneurs Put the Proper Plans in Place. Planning is the key to a successful venture. Most small business owners have a business plan that serves as their startup checklist. Successful business owners create a strategic plan that adds the “meat to bone” of a three or five-year plan outlined in the overall business startup plan. The strategic plan is the growth center of the small business. It allows you to see where you need to make adjustments in real-time to keep the business on the growth track.
2. Successful Entrepreneurs Assemble the RIGHT Team. Every small business owner needs a B.A.I.L. Team. This is an acronym for Banker, Accountant, Insurance Professional, and Lawyer. Building relationships with bankers and financial professionals ensures you have access to funding when you need it. The accountant, insurance professional, and lawyer need to have experience or expertise within your particular industry. For example, if you are a creative, your lawyer will need to have experience within the intellectual property arena, your accountant may need to have expertise in dealing with royalty income from international sources, etc.
3. Successful Entrepreneurs Consider Various Financing Options. Most small business owners consider the most detrimental financing options: self-financing and debt financing. Since the average entrepreneur is first-generation, they are swayed by what this guru or that guru is proclaiming are the success steps. There are several business financing options outside of self-funding or traditional financing. Other options include community development financial institutions, partner financing, business grants, factoring or invoice financing, and crowdfunding. Doing your due diligence and exploring the right option for your brand will help orchestrate success down the road.
4. Successful Entrepreneurs Put Agreements in Writing. Any time there is an agreement to do A in exchange for B, it should be in writing. Not only for legal protection but also an agreement in writing allows you to confirm your understanding of the terms and conditions of the exchange. A well-written agreement should include terms and conditions, deliverables, how you will deal with intellectual property, confidentiality, the relationship between parties, which state law will govern the contract, and how disputes will be handled, among other factors.
LeTonya Moore is a business and tax resolution attorney assisting clients in the areas of asset protection and tax resolution. She’s the author of “Stop Brand Stealing Thieves Now: Brand Protection Playbook” Follow LeTonya on Twitter @WhoIsLeTonya
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