Start-Up Phase

1 | Funding & Financial Management

As a start-up, your business may not have a long track record of financial success, which can make sourcing venture capital, angel investors, or grants challenging. Your cash flow management is also crucial during this phase when your expenses may be high and income uncertain. Additionally, you may lack the budgeting and forecasting skills to plan adequately for future expenses, profitability, and scaling needs. NYSBDC advisors excel in assisting start-up business owners to address these funding and financial management issues.

2 | Business Planning & Strategy

In the start-up phase, you may need guidance on shaping a business model that is sustainable and scalable for the future. You may also need help in refining ideas around your target market, customer base, and market fit. Furthermore, the start-up phase is the time to set clear goals, milestones, and key performance indicators (KPIs) to measure the progress and success of your business. NYSBDC advisors assist in all of these business planning and strategy areas and shine in helping clients create business plans to take to lenders, investors, potential partners, etc.

3 | Product Development & Technology

In the start-up phase, it’s important to ensure that your product solves a real problem and meets your customers’ needs. Additions to your team may be necessary to acquire the technical expertise for developing your product. Gathering and implementing customer feedback to refine your product also becomes crucial at this phase. NYSBDC advisors can guide you as you navigate these product development and technology issues.

4 | Sales & Marketing

Building your brand identity, including logo, website, and online presence, for visibility and credibility is a priority in the growth phase. You’ll also want to learn about strategies to attract and retain customers, like SEO, social media, and content marketing. Ensuring you have a sales funnel, outreach strategies, and effective selling techniques are key to building initial revenue streams, too. With the help of an NYSBDC advisor, you don’t need to figure out your approach to marketing and sales alone.

5 | Legal & Compliance

Your choices around your business’s legal structure (LLC, corporation, etc.) affect your tax, liability, and fundraising options. Developing contracts for clients, employees, and investors is essential to protect your interests. And if your business involves intellectual property, you’ll need to look into securing trademarks, copyrights, or patents. NYSBDC advisors will happily work alongside your legal and tax professionals to ensure you have excellent information for your decisions on these matters.

6 | Operations & Team Management

In the start-up phase, you are likely trying to find the right talent on a limited budget and create a cohesive team. Looking at workflows and processes to manage your costs and scale effectively should be a priority. You may also be attempting to balance multiple roles and responsibilities without having the support you need in place yet. All of this can be daunting, so lean on the expertise of NYSBDC advisors as you complete these important tasks.

7 | Networking & Mentorship

Once you are in the start-up phase, your relationships with other founders, industry experts, potential partners, and clients become increasingly important. An NYSBDC advisor can help you identify opportunities for crucial connections and mentorship and provide critical insights and support as you negotiate this people-powered aspect of your business.