Getting a start-up success strategy is one thing all successful entrepreneurs must do to put themselves on the winning side of the business. Is there a single, cookie-cutter approach that applies to all start-ups? No, not really. But there are basic elements that are proven building blocks for a successful strategy that is uniquely shaped to the particular characteristics of a specific business.
It takes money to make money in business. You need to know exactly what your fixed costs, like rent, are as well as the variable costs that occur for manufacturing and promoting your product.
Key Activities & Resources for Start-up Success
Outline activities that must be executed in order to successfully get your product or service from point A (conceptualization) to point B (in a customer’s hands). This might include things like labor, marketing, printing, packaging, and shipping, etc. Listing activities allows you to further break down components into a detailed fixed and variable cost analysis.
Identify your revenue streams. You may have more revenue sources than just sales. For example, will your enterprise rely on funding partners? Map out all of these streams and the details of where your profits originate.
Once you identify revenue sources, there may be some streams that will be offset by expenses like processing fees for credit cards or third-party fees for online sales through a platform like Amazon or eBay.
There is no one-size-fits-all start-up success strategy. However, an accurate financial map makes the winning difference for all entrepreneurs. To get it right, contact us and trust your numbers to professional bookkeepers. We have the expertise to make your start-up success even easier to achieve.