Starting at the very beginning of a startup is a very exciting time. You may have decided to take a leap of faith from your normal job to go it alone. Although there are a world of possibilities awaiting you with your startup company, are you absolutely clued up when it comes to your business and how you wish to present it? Here are some things to ponder before you sign the lease for the premises.
Make sure you hire the right people
Looking for the right person is as much of a task as the paperwork for the business itself. But you need to make sure that the people who will be working in your organisation are the dedicated type, and are willing to take that leap with you.
When it comes to a small scale business, the people who will be working for you are all investments of the relationship kind. So you need to make sure that they are people you want to work with. Also, take note that people with many transferrable skills can be incredibly handy in the world of a startup where numbers are tight.
Keep your ear to the ground when it comes to social media
Online reputation is a very powerful tool now. Watch very carefully what people say about you online, because making a PR gaffe in the early days can cost you your reputation and the ability to generate revenue for the product. To help with this, try and engage with the customer and work with them to address any product issues or feedback they may have for you.
Get the basics right
You really need to know the simpler things before tackling the bigger tasks. In terms of your product, who is it for? Is the product “market fit“? Do you have the funds to get it off the ground? And if not, why not? Solving these issues can help avoid major pitfalls later on down the line.
You should know what you want
Businesses that fail within their first year are preoccupied with the notion of making a profit. The attention should be paid to the product and the target. When it comes to a business that provides a service that is already popular, do you know how to put a new spin on it?
For example the world of video streaming has exploded in recent years, and this article about launching an OTT Service highlights the challenges of starting a business relating to streaming and watching TV over the internet. So, make sure the product is water-tight.
But you need to remember, above all else, your business needs to function with or without you. If the business cannot function without you putting in a long working week, it may be worth stepping back and reassessing your role.
Think about stepping away from time to time. Returning to find that it is doing just fine can encourage you to work on the business expansion with a new and improved zeal.