Starting a business involves plenty of risks, and when doing so during a global crisis, the risks are exponential. Now is also a great time to start your own business. I recommend getting three things right; establish a solid safety net, setting up the business correctly, and focusing on surviving the early stages. 

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Safety Net

Start with creating a safety net. A safety net allows you to generate income while your new business matures. Here are a few pointers;

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• Doing freelancing work

• Securing a part-time job

• starting a side hustle 

• Securing consulting work 

• Seek support from your partner. 

Setup

Set up your business as lean as possible, without compromising on critical success factors such as marketing, etc. 

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• Choose a co-founder carefully. 

• Invest a minimal amount in Reach & Development (R&D)  

• Keep operational expenses as lean as possible.

• Tackle regulatory requirements from day 

• Don’t compromise on Marketing spending.

• Leverage free services and resources 

• Keep budget to breaking even realistic. 

• Set a clear target to achieve 

• Host a launch party 

Early Stage

Once you have set up your business, now is the right to focus on how you will generate revenue quickly and set the trajectory towards profitability. 

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• Start generating revenue from day one.

• Don’t operate in isolation; join a coworking space or lab.    

• Focus on quarterly goals and priorities for the first 12 months

• Don’t rely on predictions and forecasting, instead use Innovation Accounting for establishing value and growth hypothesis.

• Getting to sustainable profitability is very important. Don’t lose focus on this. 

• Run the business like an established business. 

Set up your new business at Johnson Corner and increase its chance of survival through collaboration and support from fellow entrepreneurs.