In the late 90s,  any dot.com could quickly raise $20 million and then spend the next two years frittering it away on silly stuff.  How else do you explain the huge growth in $1,000 office chairs.  Today's survival rates for start-ups can be grim. But those that survive follow a time tested approach to gaining traction.  Here's my prescription for success:

Business plan –Put everything down on paper, and develop a simple financial model.  Avoid exponential sales forecast – unless you have the next Facebook or Google. Work out what your company will do, the market you will target and how you will reach them. Speak to other professionals in your industry and find trusted advisors to help you understand your market and how to run your company. 

Funding Requirements – Prepare a financial plan to determine your start up costs and the working capital you will need to support increased sales. You may have basic office needs or you may need specialized equipment. If you require start-up costs beyond your own funds, it may be time to seek funding, such as a SBA bank loan or perhaps a partner.  Forget Venture Capital at this stage. Build in a reserve of 50% for funds needed to start up, and 25% for investor funding to cover unanticipated cash needs.

Expense Control – penny pinching is in. Operate like you have less than a one week cash run way.  Eliminate any unnecessary expense and police every spending request – before you are committed.  Barter services and use equity to get things done for minimum cash.  You don’t need an office lease, or a coffee machine yet.

Manage your IP.  Think ahead by registering your company, and reserving your website domain name. Reserve the same names on the leading social networks and blogs, and on Google Maps if you have a physical location. Don’t forget trademarks and copyrights, and other contracts such as reseller agreements.

Marketing and Sales. This has to be a priority.  Fight the urge to focus on product fine tuning – it won’t matter in the end if you cannot build a market.  Get the best advise on reaching your market.

Trusted Advisors.  Build a virtual board of outsourced experts – such as a part-time CFO - who can advise you on finance, marketing, legal and e-commerce issues.  Hire them as needed or just in time, or find retired folks willing to provide some help.

Time Management.  Keep refocusing.  It’s easy for time to run away as you start to juggle multiple priorities.  What is most important for the future of your company today?  Do that.

With a business plan in place, funding, simple solutions and a team of advisors, you should give your business a good start in life.