Starting your own business can be challenging to say the least. Most young entrepreneurs, can easily find harsher adjective to describe that initial climb that comes with taking matters into your own hands and forging your own future. A startup requires not only great attention and work but also a fair dose of luck.
Just because you are a couple of months in and you're not swimming in cash or press reviews doesn't mean it's going to be like that forever.
In this post, I will be looking at some tips and pointers that can be vital to the success of a startup. Even if some of them appear mundane, trust me, they can make a big difference—whether you are thinking about founding a startup or already dealing with the pressures of owning one.
Persistence
Most people envision starting their own business in just a couple of frames. In the first one the startup is born, and in the second one profits are rolling in. That's not the case in 99% of cases. Some startup owners may get disheartened easily and give up on their vision and dream prematurely.
Just because you are a couple of months in and you're not swimming in cash or press reviews doesn't mean it's going to be like that forever. Persistence is an amazingly powerful tool when fuelled by motivation so make sure you arm yourself with plenty of that.
Don't just sell it, SELL it
A product or service idea can be so vivid in your head that it seems perfectly laid down and makes so much sense. However, your customers won't see it like that most of the time because they can't see inside your head. That's why it's your job to make sure they fully grasp the concept of what you're offering them. Whether we're talking about commercials, signs, events or other promotional initiatives, you have to make sure that people are hooked on what you're selling and that they will come to you, not the other way around.
Spend wisely
As a startup, there are so many areas that are in demand of your precious and limited monetary resources that hiring someone that's bad for the job can result in a major setback. This can be easily avoided by doing your homework and looking carefully into the people that you are considering for hire. A little bit of extra work now will save you a lot of effort and headache in the future. Do your future self a favour and thoroughly interview and analyse your future employees.
Know your customer and don't get into a rut
Just because you set out with a business in mind doesn't mean you have to stick to it and ignore everything else. While it's very important to know exactly who and what you are as a business, you shouldn't look down on the idea of expanding.
The more "higher-ups" there are in an organisation, the more diluted a business idea can become.
Either from the start or in the near future following the creation of the startup, you can incorporate new elements to your business which will ultimately bring in more profit. That is also based on your clientele and what you can offer for whom. Knowing who your customers are give you a tremendous advantage in a competitive market. Depending on who your customers are, the aforementioned service expansion can take place or not.
Don't have too many bosses—employees don't like them
In a startup, there is no need for a high number of leading positions or a lot of bosses, so to speak. The more "higher-ups" there are in an organisation, the more diluted a business idea can become. If you keep it lighter and have just a couple people in charge, the communication flow throughout the company will be much smoother due to the reduced number of filters.
Make your people enjoy coming in
Sure, your employees will come in each day for the pay check, but that's not enough to keep them from leaving. You also need to make sure that they are working in a good working environment. It's only a matter of time before an employee cracks when working in an environment where tensions are high all the time and the overall vibe of the workplace is sad, awkward, scary or any other negative attribute you might find.