Business Start Up Success Checklist and Score – Find Out How Likely Your New Business Is to Succeed
The figure gets bandied around that 80% of all new businesses fail within the first year.
This is such an incredible waste of time and money – for both the individuals involved and the community at large.
The key to success lies in planning. 10 minutes now will give you a realistic assessment of how well prepared you are to start your new business.
Answer the questions below and then score yourself our of 100 to find out if you are likely to be in the 80% of failures or 20% of succeeders.
Disclaimer – like all general tests and rules this test has general application and should not be seen as a replacement for specific advice on your circumstances.
- Are you clear as to the reason for your business (beyond just making money)?
- If you are clear as to the reason, is this tied to something that matters to you and that you care about?
- Do you have tangible, specific, measurable and timebound outcomes that you want to achieve?
- Have you documented a Business Plan (even if it is only 1 or 2 pages long)?
- Have you developed a budget for your business?
- Are you confident that you have enough cash to cover your initial costs (including marketing costs) before you turn cash positive?
- Do you have a formula for developing systems for your business?
- Do have a step by step marketing system that you intend to follow?
- Have you identified and documented your target market (i.e. typical customer)?
- Have you researched your competition?
- Have you got clear as to what makes you unique (your ‘Unique Selling Proposition” or USP)?
- Have you developed an effective tagline for your business?
- Have you considered the benefits of using a business name (instead of the name of you and other owners)
- Have you developed marketing material?
- Have you developed a website or do you have a website in development?
- Are you clear as to how you will get leads for your business? (A ‘lead’ refers to somebody who takes some form of action towards becoming a customer but hasn’t yet committed to paying you. This can include traffic to a website; calls to your phone number; people walking into a retail store; etc)
- Do you have a system for converting leads into customers?
- Are you clear as to where you need to focus your time and efforts to produce the greatest benefit?
- Do you have one or more assistants who you can delegate things to?
- Have you considered the benefits of outsourcing some or all of your personal or professional jobs to an overseas provider at less than $5/hour?
- Personal development. eg Do you engage in some form of learning for at least 30 mins each day?
- Do you have an attitude of being willing to spend money on things that are going to add greater value to your business than what you spend?
What’s Your Start Up Score?
Grab a calculator and work out your Start Up Success Score by converting correct answers to a percentage. (See instructions below*)
Starting or Running a small business is not easy, which is exactly why we created the Small Business Authority Powered by Distil – to help help make small business life simpler through providing a One Stop Shop service which can help you with all the above areas.
But often small business owners just need a little advice or somebody to act as a sounding board. Thats why we offer a 20 minute free Small Business Success Consultation.
Rest assured that these are not sales focused consultations. They are run by staff who have previously operated their own successful small business and who will listen to your situation, answer any questions you have and give you their best input into your small business.
However, please note that the Consultations are limited to a maximum of 20 minutes.
To book a free Small Business Success Consultation or find out more about how we can be of assistance, contact us.
*Instructions for Calculating Your Start Up Score?
- Step 1. Enter Number of Correct Answers in calculator
- Step 2. Divide by ’22’
- Step 3. Multiply by 100