Starting a New Project?
Let’s face it. Starting a new project can feel like trying to untangle a giant knot of Christmas lights. Whether you’re a startup founder, a solopreneur, or someone just trying to juggle the million things a small business throws at you, how you start your project is key to keeping things under control. Starting a new project (aka project initiation) is not just about diving in headfirst. It’s about being thoughtful and strategic. Here’s a simple, three-step approach to set up your next project for success.
Step 1: Identify Potential Projects
Ask Yourself, “Is it Really a Project?”
Before we jump into the nitty-gritty of getting your project off the ground, we need to clear something up. Not everything is a project! Sometimes, it’s just day-to-day, ongoing work—like managing your social media or running payroll. Projects, on the other hand, are temporary efforts with a clear beginning and end. They’re designed to achieve something specific in a limited timeframe.
For example, building a house? That’s a project. Developing a new software app? That’s a project, too. Designing a new website? Also, a project. What about updating your website regularly once it’s launched? Nope, that’s just part of your day-to-day (or week-to-week or month-to-month) business operations.
Why does it really matter? It’s still work that needs to get done. The reason is that if you try managing everything like a project, you’re going to end up spinning your wheels. You’ll become exhausted, overwhelmed, and probably very discouraged very quickly. In fact, overwhelm is one of the number one reasons people come to me for help. And that’s why one of the first things I do with my clients is to separate their true projects from their day-to-day, ongoing activities. It’s one of the fastest, most effective solutions I can provide.
Step 2: Select the Mission Critical Projects
Prioritize Choosing the Right Projects
Here’s where things can get tricky. Just because you have 20 new ideas or potential opportunities bouncing around doesn’t mean you should chase them all at once (even though I know how tempting that can be). You’ve got limited time, resources, and energy—so picking the right project is crucial. You need to choose the project that aligns most closely with your long-term strategy.
In other words, which projects are mission-critical? (And by the way, if you don’t have a long-term strategy, you should stop immediately and take the time to develop one now.)
But how do you choose just one or two or three projects – how do you prioritize? And why limit yourself?
Let’s answer that second question first. Why limit yourself? Because if you’re like most startups, solopreneurs, or small businesses, you don’t have unlimited resources. It’s that simple. When you try to do too much, you lose focus, and things fall through the cracks. Ultimately, you accomplish very little.
Now back to choosing the best projects. You can identify projects with the highest potential for success in several ways. First, you can evaluate each opportunity by listing its pros and cons. Next, you could do a SWOT analysis. Or you could use an automated tool to objectively analyze each potential project that comes your way. (Try SelectWise. It’s an MVP tool I created for my clients and is coming soon. Follow my LinkedIn business page for updates.) Automation provides consistency and helps remove bias from the analysis.
Pro Tip: Instead of immediately moving to set up a project any time an idea or opportunity presents itself, keep a “Potential Projects List.” Then, once a month, sit down with your team or Board of Advisors. Review your opportunities and prioritize each project based on your project selection method.
Step 3: Organize Your Project Components
Complete a Project Charter to Make It Official
Now that you’ve prioritized your projects, it’s time to develop a Project Charter. Think of this as a high-level overview or pitch for your project. It’s not a detailed roadmap (that’s the project plan’s job). Instead, it organizes the different components of a project to give you and your stakeholders a snapshot of the key details that establish the project scope.
A Project Charter provides value in getting your project off on the right foot. For example:
- It helps you stay focused on what really matters in the project.
- You can share it with your team, investors, or advisors to show how this project fits into your big-picture strategy.
- If you’re looking for funding or partnerships, it’s an excellent way to communicate your vision.
- It acts as a handy guide for setting up a detailed project plan later on.
Here’s what you’ll need to include in your Project Charter:
- Project Name: Every project needs a name. Make it something clear and straightforward.
- Project Description: A brief explanation of why this project is important and how it ties into your overall business goals.
- Goal & Objectives: What’s the ultimate goal of the project? And what are the main objectives you’ll need to accomplish to achieve that goal? Keep it concise, specific and measurable.
- Initial Requirements: What criteria or conditions must be met to achieve the project goal? These are not tasks. Think of requirements as a checklist of specifications or “must-haves.”
- Scope: What will (and won’t) the project include? Defining this early helps prevent what’s known as “scope creep,” where the project starts to expand beyond its original goals.
- Estimated Budget: How much is it going to cost? Include key expenses, but don’t get bogged down in too many details at this stage.
- Estimated Timeline: Lay out the key milestones and deadlines from start to finish. This doesn’t have to be set in stone, but it gives everyone a sense of the time frame.
- Project Team: Who’s responsible for what? Outline key roles, even if your team is just you and a couple of freelance helpers.
- Project Manager: If you’re delegating this project, name the person who will manage it. This gives them the green light to take charge and move forward.
- Signature Line: This is for the decision maker with the authority to give the project a green light and for the project manager to show their acceptance of the project.
Pro Tip: If you’re like me and prefer to keep things simple, a basic Project Charter will do the trick. It doesn’t have to be fancy—just enough to get everyone on the same page and provide some structure.
Here’s an example:
Let’s say you’re planning a new social media campaign to boost holiday sales. Your Project Charter might look something like this:
- Project Name: Holiday Social Media Blitz
- Project Description: This campaign will focus on increasing product visibility and driving online sales during the holiday season.
- Goal & Objectives: Increase year-over-year holiday sales by 25%.
- Leverage social proof and customer testimonials to amplify holiday promotions.
- Optimize the website and mobile app to enhance the holiday shopping experience.
- Launch holiday-specific loyalty rewards, discounts, and incentives.
- Initial Requirements:
- The campaign must include Facebook and Instagram ads.
- Graphics used throughout the campaign must be holiday-themed.
- Promo codes must be provided to add an incentive for the target audience.
- Scope: The holiday marketing blitz is focused on social media only –no email or print campaigns.
- Estimated Budget: $5,000 total, which includes $2,000 for ads, $500 for design, $1,800 for campaign management, and $700 for data analysis.)
- Estimated Timeline: July 1st to December 31st. Milestones include:
- Three campaigns are planned and ready to launch – August 15th
- Campaigns 1 and 2 are complete – November 15th
- Campaign 3 is complete – December 15th
- All campaign data is ready for analysis – December 20th
- Project Team: Two social media managers, one freelance graphic designer, and one marketing analyst.
- Project Manager: Cindy Kjos, PMP®.
A Project Charter is a quick and easy way to get the project rolling without diving too deep into the details.
Wrap It Up with an Approval
Once you’ve nailed down the Project Charter, a signature gives the green light for the project manager to move forward and start the next phase of your project lifecycle — planning. That’s where you’ll create a much more comprehensive and detailed project plan that includes everything from task breakdowns to risk assessments. But let’s not get ahead of ourselves! (Stay tuned. We’ll discuss planning next.)
For now, give yourself a high five. You just officially set up a project. Nice work!
