Three key things to be mindful of in the first 5 years of Business (mini post)

Us entrepreneurs are a funny breed. You could say we’re contradictions. To start a business, you need to be willing to throw caution to the wind. But, to make it last, you need to plan everything down to the fine details. So, we need to be spontaneous, while also making detailed plans. Sound difficult? That’s because it is.

But, if you’ve got the spontaneity sorted, the planning aspect may not be as tricky as you’re thinking. There are countless guides online which can help you develop the skill.

 

In life, it’s useful to have a five-year plan. This way, you have something to aim towards. This would also be a good place to start with your business. From the off, you should think where you want to be in five years time, and how you can get there. To help you decide, here are some of the things which should feature.

Your finances

Obviously, finances should be top of your five year agenda. Any startup will struggle to break even in the early days. You could even operate at a loss for some time. But, that’s okay, as long as you have a plan to change things. Within five years, you’ll have plenty of time to iron the creases and turn a profit. Make sure it happens by turning to services like EzyAccounts Bookkeeping. With help from methods like these, you can keep a balance on what you’re earning and spending. Over time, you can make sure profit comes your way by judging dips and trends in your financial reports.

Your product

If a product doesn’t change, it’ll soon fade from people’s minds. They’ve been there and done that, after all. To make sure that doesn’t happen, include your product in your five-year plan. Take some time to consider where you’d like it to go, and how you can get there. It may be that, when you start earning more, you can include additions which weren’t possible before. Or, maybe you’d like to delve into add-ons and extras to keep interest strong. Either way, your product needs to change!

Your premises

And, of course, you need to consider your premises. Your bedroom may serve the purpose in the early days, but that’ll soon change if your startup gains momentum. Make sure you know roughly how you would like to increase your space. It may be that you want to rent an office or buy a warehouse upfront. Estimate how much you’d need to earn for this to be possible. Then, use your financial plan to judge how long that’ll take.

Conclusion

This is by no means a comprehensive five-year plan. You could also include things such as selling capability (online shops, overseas shipping, etc.), and team size. Bear in mind, too, that a five-year plan isn’t set in stone. Return to it often, and alter it to suit your needs. This is merely a guide, to ensure you’re moving forward and always thinking about where you would like to be.

 

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