Prevention. That is the key to sustaining good health not only for your body but also for your business. Statistics have shown that startup businesses often fail within the first three years of existence. With these odds, why would anyone put themselves in such a sad situation?
I’ve found the short answer to that question is hope, but hope by itself is not a strategy. Though every idea has the potential to make money in the market, passion and excitement will not protect you from the daily blisters that come with entrepreneurship. Business owners, especially new startups, need to understand that they are stepping into a leadership role, and a leader must have team members to carry out the sunny vision of hope.
The best chance for success starts with building a reliable team that will work together as your first line of defense to block loss and protect you from preventable situations. Take it from someone who has been through the ups and downs, worked with hundreds of business owners, sought formal training, and did the research to find solutions that solve issues for startup businesses.
The most important lesson learned was don’t wait to create a great support system from the inside out. From the beginning, I recommend forming a Business Quad Squad (an attorney, an accountant, a banker, and a marketing expert) to protect, grow, measure, and fund your exciting business idea. Check out this interesting article on why an attorney is actually your friend.
If you’re in business or thinking about starting one and this article got you to thinking about prevention so you can have peace of mind and well being. Don’t hesitate to take action. Attend a SALT Shaker Wednesday Workshop or contact us to learn more about the BQS concept.