Many entrepreneurs open their businesses with little experience on what to expect.  There are many things that factor into the success of a start-up company.  As a small business owner being able to compete with larger corporations is one of the biggest challenges that face a fledgling company.  There are steps you can take to give yourself the best chance at success.  It’s important to realize that owning a start-up will require a lot of work.  Being organized and knowing where to focus your time and effort can go a long way towards the business growth.  Here we’ve outlined some of the key points you’ll need to focus on in the early stages of your business.

1. Product

The first thing you need for a successful company is a great product.  Regardless of what industry you’re in, having a great product or service is the only way to flourish.  It’s important to focus on something that clients really want or need.  Having differentiators that separate you from the competition is what will drive business.

2. Name

This may come as a surprise, but having a great brand name can make or break your company.  Having a catchy brand name that resonates with customers can widen the exposure of your company.  It’s important to take time choosing your company name and consider marketing campaigns that can be built around it.

3. Business Plan

In order to stay organized and focused on your goals, you’ll need a solid business plan.  It’s important to account for all aspects of your business from finance to marketing.  You’ll want to include emergency and back-up plans to ensure you’re prepared for anything.  There are templates one can use to develop their plan. Also, meeting with experienced individuals in your industry is a good idea as well.

4. Use Your Resources

Taking advantage of all of your available resources is instrumental in building a successful start-up.  Whether it be people you know or government programs, knowing what resources are available to you can make things easier in the early stages of your business.  There are many programs available for women and minorities that should be looked into if you qualify.

5. Network

Getting to know local business owners and effectively networking will be instrumental in the growth of your company.  Developing partnerships with businesses that compliment your own will help to build brand awareness and provide your new business with additional support.  Strategic partnerships help in marketing, advertising and acquiring inventory.

6. Build A Great Team

The first hire you need to make is a great human resources director.  They will be largely responsible for building the rest of your team, so it’s imperative that you choose the right person.  Hiring the right mix of experienced workers and innovative young talent will determine the fate of your business.  It’s important to know who and when to promote and just as important, when to let someone go.

7. Proper Layout

Whether you’re running a restaurant, retail store or doing business out of a traditional office, the layout of your location will have a major influence on sales and productivity.  If you have a store front, you’ll want to ensure your layout appeals to your ideal customer.  If you’re in an office setting, supplying an adequate number of conference rooms and break areas will greatly influence employee engagement and productivity.

8. Relax

With any new business, there will be a lot of stress on the founder.  In the early stages, you’ll have your hands in every aspect of your company.  Making appropriate hires and being able to delegate responsibilities will help you to focus on the direction and goals of your business.  It’s also important that you take time to relax.  Being refreshed and energized will help you to be a better leader and give you the clarity to develop and grow a successful business.

9. Funding

When building a new company, it’s a safe bet you’ll have plenty of expenses.  There will be times early on when unexpected expenses will pop up that could threaten to crumble your dream.  It’s important to have a plan.  Quikstone Capital Solutions has a successful track record in helping start-ups get on their feet and establish lasting companies.  If you’re looking to fund your start-up or continue to grow your small business, consider a merchant cash advance from Quikstone Capital Solutions.