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3 Secrets to Building a Successful Startup

Startup

So what makes a successful startup?

Well, first, it begins with the idea, the vision, and the right entrepreneur—someone who has both passion and grit. Someone who can fuel a small business revolution.

Building a startup requires more than just drive. It demands tenacity, quick thinking, patience, methodical execution, and the ability to take risks. It’s an uphill battle, but it’s a rewarding one.

If you’re crazy enough to take on this challenge, you’ll never regret it—but you’ll definitely need some tips!

Startup Tip #1: Bring on the business plan.

Some people launch a business with a leap and a prayer.

We prefer a more strategic approach.

This is called “intention” and it’s important to utilize this when launching a successful startup.

A business plan covers all aspects of your company—your vision, goals, employees, operational necessities, and projected revenue. This plan serves as a tool to raise money, attract talent, and measure performance. It lays out your ideas on how to make your business successful.

It also prepares you to land new clients. Potential customers—especially in the B2B space—may have reservations about working with a new company. Being able to articulate your plan on a high-level demonstrates that you’re building a long-term business model.

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Startup Tip #2: Find a financial fairy godparent.

Now you need money.

Say hello to your new best friend: The accountant.

A good accountant will go far beyond just crunching numbers. They’re your financial fairy godparent—knowing all, seeing all, and advising you based on experience.

An accountant gives you the financial know-how to make your startup thrive. They will advise you on how to incorporate, what to expect from taxes, your business plan, cash flow, budgets, and what technological solutions to utilize.

And they’re invaluable when it’s time to find financial backing.

Investors and banks expect hard numbers that illustrate your company’s strategy, current spending, value, and projected revenue. Without that data, you’re running a marathon in spiked heels. A good accountant can walk you through the entire process, consult on your presentation, provide critical data, and fine-tune your pitch.

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Startup Tip #3: Believe in the cloud.

Running a successful business demands efficiency.

Enter: The cloud.

The cloud gives you the technology infrastructure you need on a budget. It makes your business-life so much easier through:

  • Automation – A game changer for startups. It offloads tasks that normally eat up all of your time.
  • Easy integrations – Most cloud-based technologies will integrate with other solutions, which allows your data to flow between systems.
  • Digital paymentsDigital payments enable you to pay and get paid efficiently in just a few clicks.
  • Document management – Your company’s stored files and documents are protected by the latest in security protocols.
  • Mobility – Startup-life is always on-the-go. And the cloud will allow you to run your business anytime, anywhere.

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Are you ready to begin your startup revolution?

March 13, 2018
Kate Wilson
Social Media Manager, Bill.com
Kate is in charge of all things social at Bill.com. When she's not writing every type of content imaginable, she's drinking strong coffee and debating the use of the Oxford comma with her coworkers.