When to Act Without a Business Plan

Runners line up at the starting line of a race waiting for that starter pistol to go off. If they start too soon it throws all the runners off. Hesitate after the starter pistol is fired and you could lose the lead.

Now apply this analogy to making a business decision.

Are you waiting too long after the "starter pistol" goes off or did you start running before it was time? The most effective business boss is someone who is decisive and gets the ball rolling by acting quickly rather than waiting for everything to line up perfectly.

Being decisive is not about being reckless. All of your decisions should be well informed.

When is it a good time to act in starting your business?

Renting Space

Every business needs a work space even if you're just starting out working from home. When your business takes off and you're ready to expand you'll need more space. If you are investing in a franchise business than location is key. You need to put together a list of requirements to make your business a success.

How many parking spaces will you need for staff and customers? Is foot traffic important to your business? Do you foresee expanding in the near future? How much space can you effectively use? What is your budget for renting space?

Once you have definitive answers and you find a space don't waste time; sign the lease.

It might need some cosmetic improvements or better air conditioning but if a majority of your requirements are meant secure the space before it gets away from you.

Hiring Staff

If you are interviewing for a staff position and have 12 applicants, interview all twelve applicants. Maybe the first person to come through your office is the one you'll ultimately hire but you deserve to hear from everyone.

Once you've completed all interviews, make that offer. Just because you've found the perfect match for your company doesn't mean some other business isn't interested in the same person. After all, if they are the best they will be in demand.

On the plus side, we're living in an age where instant communication can happen any time of the day or night through texts and e-mails. You should have all of those contact information for any applicant.

Marketing Campaigns

Your marketing strategy will be crucial to determining the success of your business. You should be presented with many options along with a clear understanding of the potential return on your investment. After you’re presented with the plans it's vital to put them into action ASAP.

You don't want to waste time mulling over plans when there are sales to be made and customers to attract. 

Advantages of Co-working Space for Startups

Where should you develop your startup company? Should it be in a traditional office? In a loft or garage? Or at home? The choices are numerous.

We all require the social interactions and energy that an office can bring us, however many start-ups simply don't have the budget to rent out office space. But there is another option.

With an eye on their wallets, many startups are turning to co-working spaces to develop their companies.  These offices allow freelance contractors, micro-businesses and startups to share an office, with fully functioning conference rooms, photocopiers, and most importantly access to other entrepreneurs and peers.

For contractors and startups, co-working can provide a great opportunity to work with peers, develop a support network, have office space to show off during sales meetings, and all without the cost of a more expensive lease.

Here are some advantages to a co-working space for your startup:

1. Saving your money.

It can be costly to rent an office for a new startup – especially if you’re bootstrapping. You not only have to account for the rent but all the utilities and extras that you will need as well.  This can take a large bite out of your company’s budget. 

 Co-working office spaces reduce your need to sign an expensive lease or buy office equipment, such as photocopiers and fax machines, as they are shared at a fraction of the price.  Rent is cheaper too, as you will be sharing the cost between all of your co-workers.

 2. Networking, collaborating, and making friends.

The most praised benefit of a co-working space is the ability to network and build strong relationships with the people you work alongside. You will learn about your co-workers’ background and skills, sharing business experiences and even new ideas. 

Working with other entrepreneurs and freelancers will put you in proximity with individuals who could help your business. You could meet new clients, prospective investors, or you could even meet your next partner.  

3. Creative collaboration and problem solving.

You will be working side-by-side with a broad group of entrepreneurs in the office. If you ever have a challenging problem that you can’t solve, you can easily have a conversation with someone who may have faced the same issue.

You can discuss your ideas with others who have different skillsets and possibly can provide you with an alternative view. The combination of different experiences, approaches and personalities often provide new ideas and solutions that you simply couldn't have come up with on your own.