Startup Growth Series: The First 90 Days
The first 90 days is crucial if you want to set up your startup for success. Let’s talk about what you should do and focus on for the first three months.
Starting off your brand new startup can be an unsettling time. With concerns over how people will perceive your company and how well you are going to do in your first 90 days, it can be scary.
With a little over 50% of small businesses failing in their first four years, it’s easy to see why as a startup you could be a little fearful. Understanding that failing isn’t a bad thing is an important mindset to get behind.
However, there is no need to worry, the more excitement and velocity you have behind your startup, the more chance you have of success.
This article will take you should focus on for the first three months of your brand new business.
Let’s get started.
Why Velocity Is Important
When you launch a business, the momentum and velocity you start with is what carries your business. It’s why you see all the time that companies with huge launches and a lot of immediate velocity accelerate to greatness.
By hitting the ground running, the momentum that you feel pushes your business forward, especially through challenging times and obstacles which as a new business owner, you are going to encounter.
Never be afraid to fail, you’ve got to hit the ground running.
Understanding Why Failing Isn’t Bad
When you want to start your own business, statistics of failure can be enough to put you off the idea altogether. One of the biggest aspects to understand that failing isn’t bad.
Founders of businesses that have previously been successful have a 30% chance of success with their next venture. Founders who have failed at a previous business have a 20% chance of succeeding.
Even when you fail, you learn important lessons. Have no fear of putting yourself out there and failing.
Important Steps To Take in Your First 90 Days
The first 90 days are crucial to build velocity and to have success, here are some of the most important steps you should take in your first 90 days.
Get Your First Customer
Until you’ve gained your first customer, you aren’t in business. This needs to be your number one priority if you haven’t got one yet.
Reach out to all of your contacts who are warm to your ideas. People who know you will want to help you succeed, and they will give you the necessary business or referrals.
Master The Art Of Selling
Whatever the business, there is always something that someone needs to purchase. What that also means is there is always going to need to be someone doing the selling.
It’s a business skill that is often downplayed by new start-ups who lack sales experience. You should weekly be setting aside time to apply and learn new selling skills for your business.
Don’t get sucked into the hype trap that marketing is going to do all the selling for you. Marketing a service or product works separately from sales.
Marketing helps to drive interest in your company; sales skills help you close that interest into a paying customer.
Think About The Long-Term
It’s so easy to get caught up in the excitement of new prospects for your business. Somebody reaching out to you from a website for a feature or for new business may seem like a great idea, but do you think about the long-term impact?
If you focus on what your goal for your company is not just immediately but the what you are trying to achieve that is the secret to creating meaningful success. It’s not just the ‘how’ you do something, it’s about ‘why’ you are doing it.
Ask yourself that question before making any business decision. ‘Why are we doing this?’
Sometimes thinking about the long-term impact can have major positive effects on your business.
Stay Healthy
The health of your business is equal to the health of yourself. Not just in the first 90 days, but for your whole businesses life. If you aren’t looking after yourself as an entrepreneur, you’ll find your business may suffer.
Some factors can block you from living the right way:
- You don’t have the same routine as before
- Maybe you can’t afford to eat healthily
- You don’t have enough time to go to the gym
All of the excuses in the world won’t take away the fact that your energy and strength is one of the most important factors to the success of your business.
It may seem counter-intuitive to take off time from your new business, but when you are in the right zone and healthy, that’s where some of your best ideas can come from.
Talk to Everyone
When starting out, you can have reservations about sharing ideas and being open to people about your business. Actually speaking to everybody you can about your industry is a great way to get exposure but also to help you expand on developing your industry.
Speak to all of your competitors, potential customers, and suppliers and as many people who will talk back to you about your business. By learning from their failures and successes, you can better shape your own business for success.
At the same time, you can even build some powerful bonds and business partnerships.
Enjoy The Process
When you are knee-deep in problems in your first 90 days, with the whole weight of the world bearing down on you, it’s easy to forget to enjoy the process of running your own business. Your energy, enthusiasm and general happiness for your business are infectious.
Enjoying what you are doing will inspire positivity for yourself and others as you work towards your goals. Find your motivation from enjoying the work you are doing and realize that nothing in the world can prepare you for the entrepreneurial rollercoaster.
Just as you think you’ve got it nailed, you’ll find another hula-hoop pop up out of nowhere. Embrace the rollercoaster and enjoy the process of problem-solving.
Time to Hit Your First 90 Days Out Of The Park
When you’re at the beginning of your businesses journey, it’s easy to let yourself get overwhelmed. These simple tips will help you to stay at the top of your game and begin your journey by winning.
For more tips on how to master your business, check out the blog.
