How To Make Your Startup A Success
Every business entrepreneur wants to believe their startup will turn into the next Facebook, worth a massive $435 billion, or WeWork, an organization that rents out co-working spaces, which is estimated to be worth $10 billion. However, with thousands of new startups launching each year, you need to ensure that your company is in the best shape to face the competition and go the distance, growing into a successful business long term. Follow these helpful steps to make sure your startup is a success, from tips for remaining flexible in the face of the unexpected to how to hire the best candidates to ensure your business remains innovative and creative.
Go with your gut
Quite simply, to build a successful business, you need to have a true passion for your idea. So much so that you will willingly give up your evenings and weekends to get it off the ground, that you will approach strangers and ask them for money, pull in favors wherever you can, and give your life over to making your ideas into reality. If you are lackluster about your concept, then the chances are high that your target consumer will also be, as well as any prospective financiers. Follow your gut instinct and let your passion lead you (within boundaries) to help build a brand that you believe in and one that makes you proud.
Surround yourself with a good team
For your startup to become a success, you need a solid team around you that will work hard and commit to your vision. You need trustworthy employees who are honest with you and work at establishing good communication channels so that you can act on any feedback you get from them. Hire a team with diverse talents so that you can capitalize on their range of skills. It is a common mistake of business owners to hire in their image, surrounding themselves with a workforce who think and speak as they do. Instead, stretch beyond your immediate comfort zone and inner circle and hire people who are not like you and who can offer different skills and experiences. Doing so will allow your company to grow and be able to pull on a greater range of skills and ideas to work with, thereby encouraging greater innovation and creativity, as well as being able to tap into the needs of a more diverse customer base by having a wider understanding of what they may want. Be sure to incentivize your employees by making sure they feel heard, recognized and supported at work. You could try giving more freedom to your employees to decide when and where they work as 9-5 hours do not suit everyone, as well as allowing them to choose their amount of vacation time. Follow the lead of big businesses such as Netflix, who has introduced an unlimited vacation policy. This gives a boost to morale and incentivized employees to work hard and encourages them to remain loyal to the company, thereby reducing sick days and increasing productivity.
Make sure your finances are in place
Finances are the making and can be the breaking of a new business. You should try and start your business on as small a budget as possible, so as not to overload the pressure on yourself and allow your startup to find its feet and begin earning money. Make sure you budget correctly. Don’t be vague with figures or guess at them, take your time and work out an accurate and realistic budget and stick to it. Try to save some contingency money because when things go wrong unexpectedly, you will need backup funds in the bank. If you have a bad credit rating there are a number of options to clear it, for example, find out more about taking out a new loan to establish or re-establish your credit rating. Doing this will make yourself more likely to be accepted for a bank loan in the future.
Prepare for the unexpected. Be flexible and adapt as necessary to changes in plans, whether that’s a speaker not turning up to a gala fundraising event or a website hitch on the day you launch your product. By making sure that you remain calm, you will be better placed to make sensible decisions to lead your business out of the crisis zone. Be open to new developments in your industry, and with technology. For example, if a new software comes out that could replace your existing model you may at first be unwilling to try it, after all the software you currently operate on works okay so far. However, with a little patience and time spent learning the shortcuts, you could find yourself with a far more user-friendly and productive piece of kit that can help your business run even more smoothly.
Learn from your failures
Not every startup will earn millions, and some will, unfortunately, fade away or fold. The key here is to learn from every failure and not let it discourage you. Instead, you should see failures as a way to grow and improve. Without failing sometimes, it would be impossible to gain all the knowledge and skills you need to make sure your next project is the success you dream of.
Look after yourself
While starting up a successful business can take a lot of time and energy, as mentioned above, it is also vital that you enjoy it. If it’s all work and no play, then you will be more likely to flounder at the first hurdle, having no personal reserves to keep you going. Looking after yourself may not feature in your business plan, but it’s essential to keeping you on top form. Take time out regularly and spend some quality time with friends and family, focusing on other things and banning all talk of budgets, deadlines, and spreadsheets for a whole day. Find time for self-care because not only is this valuable to your physical and mental health but taking time out can also pay in terms of giving you renewed focus once back at work. Nurture your relationship if you have a partner because you will need their support on the hard days and during the tough times ahead, as no startup is ever completely smooth sailing.