Before starting up your own business, it’s important to consider a variety of factors. Make sure your startup isn’t a total F-up with these sure-fire tips for how to start up a startup.
Pre Game Show For Success
So you want to start a new business and you’re confident that you know what the customer needs? Wrong! You will save yourself much time and grief if you collect solid facts about the customers you are aiming for. Remember, you start out with zero customers. It would behoove you to fact check first before guessing wrongly what the customers want.
Moreover you, as the founder, cannot read customers’ minds. So if you are providing a service, conduct some research, see what works for customers. See what sites are often visited, by the consumers you want to target, to further understand why these sites, day after day, have heavy traffic flow. Note what works well for these sites.
Start dates are very important to your product. When, where and how will probably rattle your brain repeatedly until you formulate an idea. Think about how your idea will come together prior to the launch date. Then implement. Remember that many variables are riding on the launch date, for instance, investors.
Business plans are also important to startups. Allow for some breathing room when writing a business plan. Errors will undoubtedly be made and should be fixed.
Putting The Right Players In The Game
Who doesn’t want respectable execs on their team? Making sure the job title fits the person’s credentials is the key, however. You may not need to hire the best of the best. Remember that you are just starting up and may need to save funds for emergencies. Don’t forget that people higher up in the company are going to demand larger salaries; which can suck your funds dry… can you say premature scaling. Think about this before you start shelling out the big money.
Maybe your execs feel that since the product is making money then customers are content with the product. Then again maybe not. Allow for your team of execs and VPs to be well aware that making the customer happy is the number one goal. Sometimes there is a feeling of false success. This feeling will sometimes overshadow the want of the customer.
Selecting the (M)VP
Some startups may not do so well in the beginning, no surprise there. But before you go canning the VP of sales, think, “Do you really feel this is a good idea?” Hiring a new VP can disrupt the flow of the company. Maybe rethinking the business plan can be more helpful than firing the VP. There are always opportunities to edit the business plan and grow as a company. Nobody expects to write a foolproof business plan on their first try. It just doesn’t work like that.
There’s risk with everything you do, especially when you put your heart, soul and money into a startup business. Knowing when to change your business plan and how to handle your startup correctly, can be the difference between success and failure