One of the most common startup mistakes is not having a plan. It’s important to start thinking about your business before you start it. If you’re just starting out, how do you know what steps to take? The first thing that we recommend is creating a business plan, clearly outlining your goals and creating a marketing plan. The following small tips we’ve put together will help get your new startup on track for success!
Be passionate
Right from day one, it’s so important that you love what you do. If the passion for the business isn’t there, you’re eventually going to start resenting your business and lose motivation unless it’s thriving right away, which is rare. If this happens, it’ll be much harder for you to get through the tough times that all businesses face at some point! You may not have a dollar in startup capital, but you must maintain the drive and determination to keep going, especially when you’re passionate about your idea.
Start small
If your startup is still in its early stages, do not try to take on too much at once. Most startups fail because the owners are trying to bite off more than they can chew. Smaller companies have an advantage over bigger ones in that they can start small and evolve at their own pace. You don’t have to be a jack-of-all-trades to make your small business work! In fact, it’s better if you aren’t because one of the biggest mistakes startup companies make is trying to become an expert at every aspect of their company, from customer service to marketing and accounting. This is where your team comes in.
Set SMART goals
SMART goals are goals that are Specific, Measureable, Achievable and Realistic, within a Timeframe. Writing a SMART goal involves working through each of those five areas to build a goal that covers precisely what you want to achieve and how it can be reached. SMART goals will help keep your startup on track for success by giving everyone involved a clear focus of where the company needs to head in order to succeed.
Hire the right people
You may have a distinct vision for your ultimate business goal, but you’ll need assistance to reach it. Hiring the right team will help you start small, build your business up at a manageable pace and avoid the temptation to spread yourself too thin.
Hire people that are passionate about what they do because this will make them more motivated, productive team members. The best way to find these people is by networking with other local businesses in the area who may know somebody looking for work or offering their services themselves. It’s always good to start building relationships early, so don’t be afraid to reach out proactively instead of waiting around until somebody contacts you first.
Be prepared
Successful entrepreneurs say that one of the most essential qualities of a startup is flexibility. You need to be prepared for anything and everything because you never know what’s going to happen next! Being off guard can lead to costly mistakes. Not having the right resources at your disposal will make it much harder for small businesses like yours to truly succeed in today’s competitive economy.
Do some research on your competitors
Competitor analysis is a critical component in business planning. Build a list of all potential competitors by searching online. This will help you start small and narrow down your target market. Find out what makes them successful, how they use their website and social media to engage potential clients. It helps predict how competitors will react when you enter the market, such as lowering prices or adding new products.
Build a website
You absolutely must build a professional-looking site if you want anybody to take your startup seriously regardless of what industry it’s in. Even if most of your sales come from offline interactions, an informative yet attractive website gives you a chance to be found online. Your potential customers will be searching online for the products and services you’re offering, so make sure that they can find your website when they do!
Build a social media presence
The best way to start small is by using free online marketing tools such as Twitter, Facebook and LinkedIn, among others. These platforms are the easiest ways to build an audience because not only will it help you start small but also allow you to interact with potential customers on a more personal level than through email or other means of communication which makes them much better suited for startup companies like yours looking to grow their customer base at an affordable rate.
These tips should help get your startup off on the right foot and give you a chance at success in today’s ultra-competitive business world.
Here at Breed, we offer our tenants free business mentoring sessions, and we regularly hold seminars and networking events to help small businesses collaborate and form a strong community feel. Get in touch to find out how you can become the next Breed tenant!