How To Put Your Start-Up On The Path To Success
Starting your own business is a commendable act - but it is also a risky one. After all, a recent study found that 20% of businesses fail within the first year of opening, with figures likely to rise given the current economic climate.
However, there are also many benefits associated with running a startup. For example, it can be a huge step up in your career as you finally take control of your day-to-day life. Furthermore, with a combination of luck and hard work, it can prove to be incredibly profitable.
With that in mind, here are some simple steps you can follow to put your start-up on the path to success.
Have a business plan in place.
Did you know that about 1/3 of business owners do not have a business plan in place? While this may not seem like a big deal, a business plan can be your lifeline when your business is in its infancy. This is because it will touch upon everything from branding and marketing to product development - giving you a framework to follow and clear, step-by-step instructions for reaching your goals. Without a plan, your work will lack direction and is unlikely to reap the same results.
Seek inspiration & guidance.
While your business and the product/services you produce should be entirely unique, the way in which you work does not have to be. That is, you can emulate the work of talented entrepreneurs who have inspired you previously by figuring out what they did to make their start-ups succeed. For example, Zarif Haque, founder, and CEO of Draiver, focused on building a strong company culture from the word go. This means that recruitment and retention have never presented themselves as major issues within his company, as people enjoy their time with the brand.
Predict problems, prepare solutions.
Being aware of the biggest challenges that every start-up faces in the first year is a great way to ensure you are prepared for any problems you encounter. This means you can implement quick fixes without stress, fear, or panic. For example, as one of the biggest challenges faced by startups is poor financial management, you can hit the ground running by hiring an accountant sooner, rather than later. You could also curate a list of potential investors who you can reach out to, so that you have more money set aside for when things get tough.
Build the right team.
While the business is your own, it does not mean you have to treat it as a solo venture. In fact, the sooner you develop a stellar recruitment strategy, the better. This is because recruiting top talent means that each and every task carried out within your workplace is carried out by an expert. This means that you are more productive and efficient, and customers are happier as a result. For example, a social media manager is probably more adept at managing your company's social media channels (and putting your brand on the map) than you are.
