It’s never been easier to start a business, and with the growing access to funding portals, it’s never been easier to raise capital. Having said that, never has there been more competition than there is today. With that in mind, we want to offer four secrets to pushing your early-stage growth company ahead of the growing and bustling crowd.
1. Crafting a Lean Business Plan
Remember those big, bulky, text-heavy business plan documents? We have happily moved on to a time when those are no longer necessary. As such, avoid having a document such as this. Investors and partners now opt to look only for a framework of your business. They will delve into the essentials of the business within the context of your product, solution in the marketplace and financials. Forget the big document, just be sure you can fill in those blanks.
2. Incorporating a Business Entity Early Through Online Services
Create a C-corporation online and do it quickly. Not only can this be done at low cost, it also saves time waiting for an outside attorney. It’s a great idea to do this before you decide to raise capital and bring on partners.
3. Establishing Your Brand Social Media
The obvious benefit here is cost – it’s nearly non-existent. Building an online image is a process and this should be started even before you develop your product. By doing this you can track early customer feedback and find where to make appropriate pivots in the marketplace (if necessary).
4. Measuring Progress With Data & Analytics
First, set your milestones and aim for them pragmatically. You don’t have to be heavily funded to get access to comprehensive data, customer analytics and metrics. Measuring early not only impresses potential investors, it’s also the first step to having a better control over your business.