Starting up a business in the present economic climate is no small feat. Just one bad decision can jeopardize the whole effort. There are so many people who were once in your shoes, thinking about how to start up their company that will fulfill their life time dreams, some succeeded but a lot did not. So what are the helpful tips that will guarantee the success of your start up? read more below….
NEVER ASSUME TO KNOW TOO MUCH, ALWAYS ASK QUESTIONS AND DO LOTS OF RESEARCH
While you are working away on your business plan, looking for ways to raise capital, finding the right people to hire, etc., part of the process involves asking others for their help and advice and doing lots of research to make sure you are on the right path.
But have you ever had the opportunity to pick the brains of founders who created amazingly successful start ups ? That is one great way to get insights about challenges you can expect. These days it is very easy to track people through their social media. so look out for these influential people and connect with them through linkedin, Twitter or facebook and you can learn a thing or two from their success as well
START UP A COMPANY WITH A REAL PURPOSE
A lot of people want to start up a company because someone else they know is reaping huge success from a similar venture. The end result is the setting up of a company with NO real mission just one that was created out of the need to also compete with no clear unique sales proposition (USP).
This can be avoided by being clear from the onset what your company is set to do, your vision for it and benchmark metrics for measurement of such attainable goals. Being strategic about your vision will not only help you think backwards to solve a problem whenever it comes, it also helps you simplify complex processes in your business.
NEVER UNDERSTIMATE YOUR ABILITIES
A lot of people understimate their potentials. Starting a business today does not mean instant success. It requires determination and lots of hard work. if you have a clear purpose and passion for the business you are setting up, never understimate your abilities to make it a success because often times doubt essentially kill what is left to motivate. it may take time but hard work and perseverance always pay off in the end.
UNDERSTAND YOUR CO-FOUNDERS LIKE YOU WOULD A WIFE
If your business idea is HUGE and requires co-founders, you will do well to understand them like you would a wife. You have to take care to nurture that relationship as well because they are also key decision makers with respect to the business.
Make sure you document who owns what, how you’re going to pay yourselves, and who makes what decisions and if there is a majority stake holder (which is often the case most of the time) it tends to simplify things when it comes to decision making
EMPLOY THE RIGHT PEOPLE
This is almost as critical as having funds for the business. Finding the right people with the right attitude for your business will clearly help your business grow.
“Hire great people… then get out of their way. You should strive to hire people who are smarter than you and, if you succeed, they will get irritated when you get in their way. Delegate and keep your eye on the important stuff.”
HIRE SOON ENOUGH TO AVOID WORK OVERWHELMING YOU
Its a smart move to set up a company, an even smarter thing work hard at it but the truth is you may not be able to do it all alone especially if your business idea is huge. You would need to hire hands to help you support your business and you need to do that soon enough. Here is what Rich Thornett and Dan Cederholm, co-founders of Dribbble had to say about this
“If you like having control over your work and being involved in all aspects of a product operation, running your own business can be a beautiful thing. The flip side is that the work can quickly pile up and overwhelm you if things take off. I had the bad tendency to try to do too much myself, when often stepping back and figuring out how to outsource some of the effort is the best move”
Do you have more tips that can guarantee success for a start up business? kindly share with us below
Thinking of setting up your business? You need a robust Digital Marketing plan for your business or brand ? Contact us or Register for our Digital Marketing Training course to acquire the requisite skills. Other courses available are Graphic and web design
Kindly call us on +234(0)7060575236, +234(1)4532729 between 8:00am and 5:00PM (Mondays to Fridays) to join the next training session.
Check our Training website for more details