Building a Small Business From the Ground Floor
By Jim Rudman, CEO, Ashton Tweed
The life sciences industry is filled with start-up activity and small business mergers and acquisitions. To have a successful start-up or small business, it is important to premeditate each step of the building process. These basic building blocks create the initial foundation for your company:
Build the Team
First and foremost, you must identify your needs. Form these needs into concrete roles and match people to these roles based on their personal strengths. In the early stages, it is important to hire people based on company culture, values, and chemistry. You want to find others who genuinely believe in your business, so hire people who share your vision with you. Also remember that not all of the best candidates are actively looking for jobs. In order to access passive candidates that may currently not be looking, consider using a recruiting firm who has a much larger professional network in your industry. Make sure the team you assemble knows the business as well as you do and set clear expectations for them.
Build the Brand
What do you do differently than your competition? Being able to answer this question is key to establishing your brand. Carefully select a name and logo that not only ensures that your business stands out visually, but also conceptually. Create a distinct voice for your brand that conveys what you stand for as clearly and concisely as possible. The brand’s personality should not only be marketable, but should communicate the values and goals behind the business. Make sure your customers know what great products and services you offer and why.
Build the Plan
Start by writing a summary of your company, the problem you are addressing, and the solution you are offering. Then research your target audience and be certain that they need your product. Lastly, figure out how much money you need to get started. With this basic information, you can start to devise strategies for execution, deadlines for your goals, and budgets. It’s also important to try to predict outcomes and have regular checkpoints to assess and potentially revise your plan. Remember to stay flexible and seek advice from mentors, experts, and team members.
It takes a village to raise a successful business, but it all starts with the right building blocks. Need help building your team? Contact Ashton Tweed today.
Share your insights! Contact jamesrudman@ashtontweed.com to contribute your life sciences article as a guest writer.
