So you want to initiate a startup? Of course you do, and yes you might be well warned that many startups have failed in their first year but then, you also know that many others haven’t. Indeed there are now thousands of startups in the UK doing better then they ever dreamed might be possible!
So what exactly is it that you are waiting for? Procrastination is just another barrier between you and your dreams. Here now, are ten tops tips to help you start your startup journey, and to do so fast.
1. Start up
It seems obvious doesn’t it? But unless you actually do it, there will always be a prevailing attitude of waiting for the perfect moment. The reality is, there is no such thing as a perfect moment to start to a business, and delaying your start is only another barrier to your success. Push the barrier aside, register your domain name, and get cracking!
2. Prepare to work hard
The startup will not work unless you do. As its critical component, you must commit to your vision and drive it forward. No one else will.
3. Consider getting a partner
If you are phased by the workload facing you, or by the proposition of the unknown, then look to pair up with someone else who is either like-minded, or has a skill sets that you don’t. Done correctly, it is beneficial to chop up the workload and have greater responsibility for fewer tasks.
4. Embrace your entrepreneurship
An entrepreneur will have an attitude of being able to sell anything, if they really have to. You might already know what your product or service is, so start with this but remain prepared to evolve. The reality of your successful business might be very different from the picture you have in your head right now. So don’t get bogged down by the intricacies of your startup’s product or service, after all, do you want to make money? Or do you just want to create a ton of products that might look good but nobody actually wants?
5. Know your forte
Utilise professional expertise whenever possible. This means that you shouldn’t waste time being involved in processes which others are better suited to. For example, it is inefficient for you to incorporate your company if a lawyer or accountant is better suited to do it. Professional expertise can also be utilised in the form of help and advice, which will often deliver to you best practices you can take forward.
You might be a startup of one, but you can still outsource business processes if you find they are too time consuming. For example, utilise remote phone answering services which will direct your calls and take messages, or even answer certain emails, such as organising replacements with a customers who might have placed an incorrect order.
7. Keep lean
The process of employment can often be a slow one, from candidate selection to fulfilling the commercial and financial requirements of each contract. Unless it is critical, it might be better to hire contract staff, short and longer term to assist you. For example, a marketing consultant to assist full exploitation of a market niche you have identified.
8. Invest in marketing
It is vital you put time and money into positioning your product or service in the market. How you do this will affect the reception of your startup, and to ignore this will cause a big barrier to the speed you get going at, or even worse, cause you to fail.
9. Know your customers
Commit to this component of the marketing mix as if your business life depends upon it. If you are able to establish what your customers’ desire, need and want from your product or service then you will be able to decide how to best to engage with them.
10. Finally, finding financing
Investors invest in the person that is driving the startup. So focus on the product or service, and automate as much of the other business processes as possible and make a case for them to part with their money. If you spend too long looking for an investor instead of getting the startup going, then you will only slow yourself down and decrease your appeal to them.