{"id":14665,"date":"2015-06-22T15:36:38","date_gmt":"2015-06-22T19:36:38","guid":{"rendered":"https:\/\/www.wework.com\/creator\/?p=14665"},"modified":"2020-03-30T18:38:46","modified_gmt":"2020-03-30T22:38:46","slug":"plan-ahead-3-ways-to-make-your-startup-more-resilient","status":"publish","type":"post","link":"https:\/\/www.wework.com\/ideas\/professional-development\/plan-ahead-3-ways-to-make-your-startup-more-resilient","title":{"rendered":"Plan ahead: Three ways to make your startup more resilient"},"content":{"rendered":"<p>You have the perfect product or service in mind. You have an idea of what your website will look like, who your ideal customers are, and where you\u2019d like to see your business go. Congratulations, you\u2019ve officially begun your startup!<\/p>\n<p>Unfortunately, what many startup founders miss is that it takes more than just great ideas and flexible working hours to create a business. Most importantly, there are plans: ones that can help ensure the success of a company long before any roadblocks start to form.<\/p>\n<p>To guarantee long-term growth, consider the following three plans as you\u2019re putting together your company.<\/p>\n<p><strong>1. Market Planning<\/strong><\/p>\n<p>You\u2019ve become familiar with your target market, or you at least have an idea on the type of people who would benefit from your product or service.<\/p>\n<p>That\u2019s a solid start, but you need to plan your business around your knowledge of your market\u2019s projected growth. Your market plan should include:<\/p>\n<ul>\n<li><strong>Target customer personas<\/strong><em>. <\/em><a href=\"http:\/\/blog.hubspot.com\/blog\/tabid\/6307\/bid\/33491\/Everything-Marketers-Need-to-Research-Create-Detailed-Buyer-Personas-Template.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Customer personas<\/a> allow you to create an actual visual image of your potential customers. This allows for more personalized marketing strategies and helps you put a face to the individuals that you\u2019re trying to reach.<\/li>\n<li><strong>Detailed demographics.<\/strong> Along with creating a customer persona, understanding the demographics of the individuals you\u2019re targeting is crucial. Taking into consideration things like geographic locations, buying habits, and online preferences will prove that your market plan is comprehensive and effective.<\/li>\n<li>To develop personas and demographic fact sheets, you\u2019ll need adequate research. Take the time to create focus groups, to ask questions, and to study how businesses similar to yours went to the next level.<\/li>\n<li><a href=\"http:\/\/articles.bplans.com\/making-a-market-forecast-estimate\/\" target=\"_blank\" rel=\"noopener noreferrer\">Professional market research<\/a> and analysis can be expensive; however, you can start on your own. Research past data that\u2019s available for free online to look at how your market has changed over time. Then, put together predictions for the future and address how your startup will adjust to those predictions. One helpful resource for understanding expected market growth is the <a href=\"http:\/\/www.bls.gov\/ooh\/\" target=\"_blank\" rel=\"noopener noreferrer\">Occupational Outlook Handbook<\/a> by the Bureau of Labor Statistics.<\/li>\n<li><strong>Comprehensive marketing plan.<\/strong> From your research, think about how you\u2019ll reach your market, what marketing strategies you\u2019ll utilize, and which networks will be best for reaching your target.<\/li>\n<\/ul>\n<p>Understanding your market and its outlook ensures that you are able to develop a strategic plan that will grow and adapt as your customers and potential customers do the same.<\/p>\n<p><strong>2. Disaster Planning<\/strong><\/p>\n<p>Business doesn\u2019t always go as planned. To make your startup as resilient as possible, start by addressing potential challenges and disasters up front so you\u2019ll be better prepared to face them.<\/p>\n<p>Disasters to consider in your plan include:<\/p>\n<ul>\n<li><strong>The loss of a major client.<\/strong> Would your startup survive if your largest client backed out?<\/li>\n<li><strong>Physical damage. <\/strong>It\u2019s hurricane season: what would happen if your office flooded tomorrow?<\/li>\n<li><strong>Theft of equipment or ideas.<\/strong> Have your employees signed the necessary documents to certify the security of your ideas?<\/li>\n<li><strong>Legal issues.<\/strong> Has the entire process of developing your startup been legitimately and ethically carried out?<\/li>\n<li><strong>Unexpected competition.<\/strong> Would you be able to compete if a similar startup opened up in your area?<\/li>\n<li><strong>Internal conflicts.<\/strong> These could reflect negatively on your business. Is that hot-headed employee a constant concern for you?<\/li>\n<\/ul>\n<p>How would you handle these and other situations that could have disastrous consequences for your just-starting business? In many cases, simply being aware of potential disasters before they happen could make all the difference.<\/p>\n<p>For example, signing up for the proper kinds of insurance can drastically minimize the impact of damage caused by natural disasters\u2014just ask the businesses that survived <a href=\"https:\/\/www.bdo.com\/services\/consulting\/forensic-insurance-recovery\/overview\" target=\"_blank\" rel=\"noopener noreferrer\">Hurricane Sandy and Katrina<\/a>. Likewise, having your employees sign legally binding documents that protect your <a href=\"http:\/\/management.about.com\/cs\/ipandpatents\/a\/NDA062199.htm\" target=\"_blank\" rel=\"noopener noreferrer\">intellectual property<\/a> will minimize (or at least give you cause to dispute) theft of your startup\u2019s ideas and plans.<\/p>\n<p>Make sure your disaster plans outline not only steps that you\u2019ll take to remediate negative circumstances, but also the players you\u2019ll have on hand to provide assistance. Being prepared is your best defense.<\/p>\n<p><strong>3. Scalable Planning<\/strong><\/p>\n<p>You know where you are at the start of your business, but how will your startup scale going forward? Where will you be in five to 10 years? What about beyond that time frame? Now is the time to plan scalable business strategies.<\/p>\n<p>Your scaling plan should include:<\/p>\n<ul>\n<li><strong>Key players.<\/strong> What positions do you need to get started? Which will you need as you grow? It will also be helpful if you actively seek out employees who want to live and work in your area for an extended amount of time, or who are very passionate about your industry.<\/li>\n<li><strong>Capacity evaluation.<\/strong> What\u2019s your current business capacity? At what point\u2014revenue, number of customers, or other marker\u2014will you need to bring on additional team members? It\u2019s important to keep track of where you are in terms of your business capacity so you don\u2019t overwork the employees you have.<\/li>\n<li><strong>Partnerships.<\/strong> What businesses would be good partners moving forward? How can other providers support your growth plan? Try to establish friendly and mutually beneficial connections with other businesses early on in you startup\u2019s creation, as these will help you gain wider brand exposure and continue your growth.<\/li>\n<li><strong>Location.<\/strong> Can your current location handle a growing business, or will you need to expand in the future? If it\u2019s possible to do a majority of your work online, it may also help if you rely on <a href=\"https:\/\/www.themuse.com\/advice\/10-reasons-working-remotely-is-even-better-than-you-thought-it-was\" target=\"_blank\" rel=\"noopener noreferrer\">remote teams<\/a> during your business\u2019 early years.<\/li>\n<\/ul>\n<p>Once you\u2019ve formed these three plans, you\u2019ll be on your way to creating a resilient and well-prepared business. But make sure to evaluate your plans from time to time and make adjustments as necessary; adaptability is key for any plan (business or otherwise) to be a success.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You have the perfect product or service in mind. You have an idea of what your website will look like, who your ideal customers are, and where you\u2019d like to see your business go. Congratulations, you\u2019ve officially begun your startup! Unfortunately, what many startup founders miss is that it takes more than just great ideas [&hellip;]<\/p>\n","protected":false},"author":911,"featured_media":14670,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[43902],"tags":[],"class_list":["post-14665","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-professional-development"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.4 (Yoast SEO v25.3.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Plan ahead: Three ways to make your startup more resilient<\/title>\n<meta name=\"description\" content=\"To guarantee long-term growth, consider these three plans as you\u2019re putting together your company: market, disaster, and scalable.\" \/>\n<meta name=\"robots\" content=\"index, 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