Business Startup Cheat Sheet 1 PDF

Business Startup Cheat Sheet
How To Get Funding For

Your Startup
Start A Business People Want
The biggest mistake that people make when they start their own business is they start the
business THEY want. That’s great if you want to follow your dream but you may fall into
difficulties if nobody else understands or is interested in your business.
From the moment you launch your business depends on how your customers think about
your product.
● Do they know about it?

● Do they like it?
● Will they buy more?
● Will they recommend it to their friends?
Many of the owners of failed startups did not reach out to their target market. They
pursued their dream without assessing customer opinion.
An even better solution would be to find a profitable market, learn all about it and THEN
build a product that fits their needs exactly.
Business Startup Cheat Sheet Copyright SGI Consultants Ltd | 2015 Page 2
Profitable & Sustainable Market
You may have a wonderful skill or produce a great product but if the only people
interested in it are your friends, family and people you know it’s likely the market is not
big enough for you to create a sustainable business.
Serving this market part-time (as a hobby) or even for a short period (over summer or
christmas) is fine.
However if you are trying to start a business that will be around for the next 5+ years
then you must choose a sustainable market.
A sustainable market is one where there will be consistent demand for your
product/service. A sustainable market must also be profitable and attainable.
A profitable market is a market where there enough buyers who can afford your
product/service
An attainable market is a market you can realistically reach with your available resources
and compete with existing businesses.
With all that being said, you do not have to appeal to the mass market.
One of the biggest advantages startups have over large businesses is their ability to focus
and capitalize on niche markets. A niche is best explained a sub-market within a market.
The internet and global shipping have transformed how you can serve a niche market.
What you consider a local niche with only a few thousand people can become a “Global
Niche” connecting you with potentially hundreds of thousands of people.
Test The Market
Before you fully launch your business, test and find out if you actually have a viable
business by launching a Minimal Viable Product (MVP).
Instead of just selling your items, question your customers. Find out what they like about
your product, what features they would like to see. Use this information to build a
customer centric product that provides value to your target market.
Fail Fast, Don’t Die Slow

Wouldn't you prefer to know if something doesn't work within a couple of weeks rather
than it taking years?
Many entrepreneurs have multiple business ideas. Commit to one idea at a time and fully
test and document the results to determine success or failure.
If it doesn't succeed move on while you still can and put the past mistakes behind you.
“Free” Works
The “Power” of free is dominating the digital economy. It has revolutionised the music
and literacy industries. You must be prepared to give something away for free to gain
new customers.
This is applicable with any industry, there is too much choice for consumers, you have to
draw people to your business. Giving something valuable away for free is the most
powerful way of doing this.
Assess Funding Options

Don’t go into the funding cycle with any preconceived ideas. Not every business will
become an overnight success and will attract interest from a Venture Capital Firm.
If you need large sums of capital to launch your venture, go back to the drawing board.
Find a starting point instead of an end point. Scale down pricey plans and grandiose
expenditures.
Simplify the idea until it's manageable as an early stage venture. Prove your business
model on a shoestring budget. Show your worth before seeking investment. If your
concept is successful, your chances of raising capital from investors will dramatically
improve.
Start Lean
The Fuel for the Engine is Cash. Without it you cannot get your product in front of your
target market for them to buy it. Spend your money wisely and make sure the money you
spend adds customer value and/or sales.
Forget about fancy offices, fast cars and fat expense accounts. Your wallet is your
company's lifeblood. Find out exactly what your customers want and value most and
concentrate on this.
Anything that doesn't provide value to the customer is waste and should be eliminated.
Keep Business Plan Up To Date

The root cause why 80% of startups fail is because they did not plan properly. Bad
planning affects every part of your business.
Ensure you research your market and competition thoroughly and map out your strategy
using this information.
Keep your business plan up to date by entering actual information against your plan then
revising your targets.
Conclusion
If you start your business using the business success formula as a guide path and follow
the seven simple tips in this cheat sheet.
There are three main things to remember.
The size and attainability of the market is important for the potential of your business.
How well you serve this market determines your success.
The engine of your business has to be optimised to generate profits.
Get In Touch
We help entrepreneurs to start, grow & improve their business.
From developing your idea to rapid scale-up; We’ll make

starting your own business easy, fast and successful.
Book A Free Consultation & Find Out How We Can Help You
here
[email protected]
https://www.facebook.com/startgrowimprove
https://twitter.com/sgi_consultants
+4420-7193-6584

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Business Startup Cheat Sheet

How To Get Funding For

● Do they know about it?

Fail Fast, Don’t Die Slow

Assess Funding Options

Keep Business Plan Up To Date

There are three main things to remember.

How well you serve this market determines your success.

The engine of your business has to be optimised to generate profits.

From developing your idea to rapid scale-up; We’ll make

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