Start-Up Phase
As a start-up phase entrepreneur, you have so much to think about, plan, and implement. Our expert advisors can make this process easier. Read topics and questions to consider below, get in touch with your closest SBDC regional center, check out resources for start-up phase entrepreneurs and find upcoming educational events on our calendar.
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.
Questions to Consider:
- How much funding do you need to reach your next milestones?
- What are your options for obtaining this funding?
- How can you develop a clear plan for managing cash flow and understanding when you’ll break even?
- How can you create a budget and financial forecast for the next 6-12 months?
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.
Questions to Consider:
- Have you created a full business plan you can give to potential lenders, investors, partners, etc.?
- What problem does your business solve, and is your business model sustainable and scalable?
- What are your specific short-term and long-term goals, and what KPIs will you use to track progress?
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.
Questions to Consider:
- How clear is your strategy for achieving product-market fit?
- How often are you iterating on your product based on customer feedback?
- Do you have the technical skills needed to develop your product?
- What challenges do you face in scaling your product or technology infrastructure?
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.
Questions to Consider:
- Are you building a recognizable and consistent brand for your business?
- What marketing channels have you identified and how effective have they been?
- Do you have a structured sales process to help you convert leads into paying customers?
- How will you measure effectiveness of your efforts?
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.
Questions to Consider:
- Have you chosen the best legal structure for your business (LLC, corporation, etc.), and do you understand the tax implications?
- Do you have contracts in place for key relationships, such as clients, employees, and investors?
- How have you protected your intellectual property, and do you need help securing trademarks, copyrights, or patents?
- Are you up-to-date with any regulatory or compliance requirements for your industry?
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.
Questions to Consider:
- Do you have a hiring plan?
- What kind of team environment do you want to foster?
- How can you streamline your daily operations and set up workflows to manage tasks efficiently?
- Are there operational bottlenecks that could prevent you from scaling as your business grows?
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.
Questions to Consider:
- Who are your current connections in the industry, and how can you expand your network?
- Are you leveraging mentorship opportunities to get advice from more experienced entrepreneurs?
- What professional communities or events could help you gain insights or potential partnerships?
Resources for Businesses in the Start-Up Phase
Upcoming Events and Webinars
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Events
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