Project Management Tips for a New Startup business

Lots of entrepreneurs underestimate the usefulness of project management for their startup business. Of course, securing funding is also a part of project management and online personal loans are always an option. You will have to take some risks with your startup such as planning, budgeting, delivering value, project execution etc. But, a project manager that properly takes care of the project management will ensure that the business is strong enough during the early days.

Entrepreneurs need to think very carefully about what works for their startup business and what does not. Choosing the right approach is going to be one of the most important things in the whole process.

Turning your startup into a successful business

Business success is not a random thing, it doesn’t just happen because we want it to. It happens because of the people behind the business. To start building your empire, these are the steps that need to be taken.

Set realistic goals for your startup

Every business, regardless of industry, should not just be setting goals – they should be setting appropriate goals. If your goals are realistic, setting and then achieving them will give feelings of accomplishment, well-being and general happiness. Begin by laying a strong foundation.

  • Identify your clients
  • Develop a solid project plan
  • Be proactive and spontaneous
  • Ask yourself these questions:
  • What is the most basic purpose of my long-term goal?
  • What actions do I need to take for long-term goals?
  • How to build upon the actions?

Whatever direction you want to take your business, and ultimately your life, set goals that you can realistically, and want to, achieve.

Project management is about turning setbacks into successes

As an entrepreneur, your life is what you make of it. If you don’t properly prepare for your startup, project setbacks are going to be a common occurrence. Stakeholder concerns, arguments within your startup team, deadlines being missed, budget problems… these issues are going to make it hard for you to run your project smoothly.

If you can anticipate issues, before they become issues, you can turn potential setbacks into an opportunity for growth.

Self-evaluation

Along your startup journey, you will have to take some time to review where you going and where you are. Why are you building a startup business? 

  • Is it for financial freedom?
  • To fulfil a dream?
  • Because you are passionate?
  • Something else?

When you can answer that question, get ready to ask yourself another, for example:

  • What skills do you have?
  • Are you one responsible person?
  • Where does your passion lie?
  • Do you have the energy to work on weekends?
  • Are you clear in your directions?

Ideally, you will be able to answer all of these confidently. Asking yourself goal-oriented questions is one of the most important project management tips for a new startup business that you can take on board.

Plan your milestones

A milestone marks a change in development. It will help you to communicate what is happening with your project. A milestone can help your team focus and keep stakeholders happy and confident in the progress of their investment.

It is important to set appropriate and meaningful milestones: a sales or subscriber target rather than ‘Josh created a new logo for the business’. The former can be a part of a branding milestone but is not significant enough on its own.

Discuss with your team the importance of the milestones that you set, this will help them stay motivated and focused.

Communicate regularly with your team

In project management, effective communication equals better project management. Daily communication helps to keep project requirements under control.

Set your project’s time frame, scope and budget

Time-frames are important for getting your project into the real world.  You have to have a system whereby you can set estimates for your project and its milestones. Compare how much time is spent on each milestone by using Gantt chart software – many of which are free. 

Scope is crucial when it comes to project management. The project scope needs to be decided on very early. It informs on specific requirements that must not be missed in order to complete the project on time and, equally as important, under budget.

Budgeting creates a cost baseline for the startup project. Most businesses that fail do so because of a lack of funding. Use project management tools to help you create accurate estimates, by calculating cost variances.

Create a team that isn’t going to sink your business

Building the wrong team is another top reason why startups don’t make it. Despite the numerous articles on the internet, there is no such thing as a solo entrepreneur (also known as a solopreneur) – you cannot do it on your own, even if that means hiring freelance specialists.

In the end, project management for a startup can mean micro-managing, at least until things are up and running. Another option, if you are able, is the hiring of a project manager.

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