A journey of a thousand miles begins with a single step. This true in every endeavor we take, especially with startups. Arguably, the initial phase of building your business is the most challenging one. Many young entrepreneurs assume that there is some sort of a streamlined and logical path one can take in order to reach a profit, which couldn’t be further from the truth.
By spending some time in a certain market space, everyone learns sooner or later that there are no corners to cut and that there are some definable Do’s and Don’ts everyone should respect. Below I will list them in no order of importance, respect them all with merit:
1. Define your purpose - Knowing your purpose is essential to life in general, but in business this is the hard truth. Start with the simplest thing, form your mission statement and goals regarding it. How do you want to look in the eyes of your consumer? What will they think when your brand comes to mind? Such things could make or break your sales.
2. Hire enthusiasts - Money is a great motivator for most people and the biggest factor when most of us choose our place of work. However, if your employees only have a monetary interest in coming to work, you could be breeding disinterest and complacency within your workplace. Treat this like a disease, and the best way to do that is with prevention. Only hire people who share your ideas of success and growth.
3. Secure your funding - Countless startups fail because of draining their money before the revenue stream starts kicking in. You will knock on countless doors, try clutching deals left and right before you find that arrangement which will harbor success. Be patient, test the waters, and find connections. You will be surprised how much you didn’t know about your space and what you can you achieve in that sense.
4. Think positively, always - Thinking the battle is lost before it has begun will only ensure you are missing even easy shots. Your mindset will define the way you and your employees are treating your business. This is key for startups or any small enterprise in general. You won’t have the luxury of hiding inside grandiose offices and secretaries. Your image is everything, treat it accordingly.
5. Focus on your consumers - People want to feel taken care of when they spend their hard-earned money. Always ensure your customer’s voice and concerns are heard and promptly dealt with. A great way to do this is to get a Tool Free number where you can provide such services. For example, sites like simple1300numbers.com.au offer affordable and reliable services for this.
1. Overinvesting - You don’t need the best tech, the finest office or anything else a top-dollar purchase can achieve. If you could afford every cutting-edge gadget or tool necessary for your functioning you wouldn’t be in the startup business, right? Measure what’s necessary or you’ll be looking into an empty piggy-bank.
2. Ignoring competitors - Your rivals within the space are probably more experience and connected than you. Don’t disregard them, because they won’t return the favor. Startups fail because they don’t adapt, and the market is a living entity, demanding such maneuvers.
3. Leaving the driving seat - This is your business. It’s made out of your own money, blood, sweat and tears. Hiring people to the thinking for you can be beneficial in the short-run, but always have in mind that you care the most about this startup and it should always be you at the front lines. Never lose control.
4. Ignorant to marketing - Getting your products out there is the surest way someone will buy it. Corporations spent billions of dollars on marketing and market research every year just to make sure they stay in the minds of their customers in the right way. You obviously don’t have this privilege, but regardless, never cut on your marketing budget.
5. Losing your objectivity - Work creates friends and enemies, we’ve all been there at some point. However, you are the owner, the pillar of security for all involved. Detach yourself from favoritism and treat everyone based on their merits and nothing more. Of course, I’m not saying you should be employing people lacking in basic human qualities, just remain professional, that’s all.