Like every new experience, starting a business comes with its own set of mixed feelings, complex decision making, difficulties and stress but if you get it right from the start it will be very fulfilling at the end. No matter how much experience you may have in growing a company, starting one is a different ball game entirely. The following practical tips will answer the many questions you may have and increase the chances of your startup being successful.
Know the basics of your business
To start with, it is important you know all that your business entails, irrespective of the specific areas that interest you. You may prefer the database aspect of your business or prefer to spend time expressing creativity via digital marketing but someone has to see to logistics, sales, payroll, customer experience and organizational management as a whole. This person is you, whether you like it or not, at least until you grow to the point of bringing new hires on board.
The advantage of being involved at the beginning is that it allows you to build a solid foundation and have a semblance of organizational structure to scale up with. As the company grows and you hire people, you will be able to fill the gaps with the right skills and give your team a structure to build upon.
Have a proper legal structure
A time will come when your business will be fully transitioned from a simple idea into an exciting reality. From this point, its sustainability will depend on the legal protection put in from the start. Legal entities include corporations, nonprofits and LLCs, and a quick research will help you decide the best fit for your startup.
According to legal experts, legally incorporating your business will provide you with certain tax benefits and protect against intellectual property loss, personal liability in the event of business obligations or debts.
Network with other entrepreneurs
Books are great, but there are certain lessons that you will not learn if you isolate yourself from entrepreneurs, especially those who have gone ahead on the path you are just treading. You need to maintain a relationship with other founders in your field and have regular candid conversations. You can connect with business owners and entrepreneurs within your personal network, local business clubs, professional associations and on social media platforms such as LinkedIn. The key is to put yourself out there and take chances.
Most of these founders have seen it all and will put you through if only you ask. In turn, you will learn from their experiences and be better informed to make the right decisions for your business.
Be intentional about hiring
A business is as good as the people in it. As your business grows, you will need to recruit people to manage its varied operations. As this people come on board, your capacity and output should skyrocket, depending on your hiring strategy. Some venture capitalists opine that a good founder should invest quality time overseeing the hiring process, at least until the new employees are properly onboarded.
To disregard the recruitment process is a set up for failure, don’t fall into this trap. It is noteworthy to state here that great degrees or experiences are not enough basis for hiring, look beyond the façade and pay attention to the soft skills, talents and abilities your startup needs.
Be open to new ideas
To be successful as an entrepreneur is to build a profitable business that yields steady returns on investment for all the stakeholders involved. However, the most successful founders are those who are open to the fact that their idea may not be sustainable and are ready to pivot and take on new ideas. This does not downplay the necessity to take pride in what you’re doing but states the need to welcome better opportunities that will increase your chances of success.Tags: CEO, Entreperneurship