So, you want to be an entrepreneur. Good for you! Get ready to work. You may be in the early stages of planning your startup, working towards securing funding or ready to launch your company. What are the steps that need to be taken to set yourself and your business up for success?
Business expert Jeff Kohl advises there are four main areas for concentration. Kohl is the area manager of BBSI’s Las Vegas branch. BBSI partners with businesses to develop a blueprint for success that includes areas such as payroll, human resources, risk management and business management coaching.
- Budget – When creating a budget, Kohl suggests, if you have never made one, partner with those who have such as consultants, CPAs and other entrepreneurs. “Entrepreneurs are often unrealistic in the costs they think will be generated and they overestimate earnings. It’s important to understand it will take time to see a break even.”
When it comes to hiring, how do you justify the costs and when? “The timing depends on the role you need. If it’s sales, no one should be able to sell your company better than you. If it’s a technical role that you don’t possess, and it is critical to your business, I suggest making those hires (or using contractors) as your budget allows. Hiring is driven by how you build your business and, many times, to create growth, it’s an investment you have to make,” explains Kohl.
- Research – Do a lot of digging. Kohl says, “You need to find the answers to these questions: What does the current industry look like? Who is in the business? Who is your competition? How successful is this industry? How is the industry perceived, and, more importantly, how would you want to be perceived?”
- Experiment – Kohl encourages getting outside feedback through a focus group or opinion panel, “It may be hard to hear tough criticism, but this is the best way to improve your idea. If you have an actual product, find out where you can create a test market to see if it sells. When you first take a product to market, you are going to be asked questions you hadn’t thought about, and you are going to see what the demand is like.”
- Disrupt – Look around at your competition to nail down how you are different. “Don’t be afraid to be a disrupter, that is the sole way you can set yourself apart from your competition. Demand that you aren’t going to be like everyone else. If you can’t figure out what you can do differently, that may mean hiring someone that can help create a unique hook. Someone who has been fired from a corporate job for being unruly or insubordinate is just the person you need on your startup team to take creativity to the next level,” explains Kohl.
To reach the BBSI team in Las Vegas, call 702.832.2120, e-mail Jeff.Kohl@bbsihq.com or visit https://bbsilasvegas.com/ and Facebook. BBSI partners with growing businesses by delivering the resources of a large corporation to small and mid-size companies.