7 Startup Tips to Keep in Mind
Survival of the fittest. Ever heard this expression before? Having a successful startup is nothing short of persistence, perseverance and a whole lot of guts. But I don’t need to tell you that.
I’m sure you can write books on your entrepreneurial experiences. And if you’re just starting out, believe this, you have a very exciting journey ahead of you.
Having said this, let’s get stuck into some of the main mistakes to avoid.
1. Failure is an option
That’s right. Failure is actually your key to success. How else will you know what works and what doesn’t. How you approach the failure and turn it into something positive is entirely up to you. Learn from it, change what needs to be shifted and move on.
2. Slow Product Launch
From experience I would say launch as quickly as possible. Iron out the finer details as you go along. The more you delay launching, the more you allow product scope to creep. This basically means that you could end up launching to the entirely wrong audience, because you’ve been trying to perfect the business model.
3. Hiring Staff
We’ve noticed that by far most startups hire too soon. We know you need help, that there aren’t enough hands for everything. In the early stages it may make more sense to hire a sub-contractor or outsource tasks to the likes of a Virtual Assistant.
4. Remember your Marketing Budget
Most startups come from a technical background and may not be naturally inclined to marketing. Don’t forget your marketing budget! Irrespective of where your skill lies, if people don’t know that your product exists they won’t buy it. There are so many resources out there when it comes to assisting you with marketing, you have no excuse not to have a marketing budget.
5. Don’t forget your due diligence
Have you done your research to see if there is a market for your concept? Is your concept sustainable and scalable? By doing some preliminary due diligence you can ascertain whether there is a market and could potentially save you your life’s savings and loads of time.
6. The Ching ching
Not having sufficient funds could mean that you don’t flaunt your product to it’s full potential. With the same token, spending too much money is a big no-no. Only spend what you have. The same goes for your salary. Paying yourself too much or little is a mistake. Maybe look at paying yourself a percentage of revenue until such time that you can pay yourself a full salary. Have a healthy expectation when it comes to money matters.
7. Get connected
Get yourself out of your office and in front of your customers, potential mentors, a business coach, networking sessions and fellow entrepreneurs. The amount of tips, advice and outreach you can gain is huge! It will be exciting for you to share your product idea with others and get their input. You’ll come back to the office feeling re-energised and ready to face the next step, whatever that may be.
What is your story when it comes to your startup? We would love to hear from you!