As a budding new entrepreneur, your eyes are full of stars, your belly is full of butterflies, and you’re both nervous and excited to get started on the path to building your business into a full-fledged empire. While it’s true that it’ll take some time to establish yourself as a power player in your respective industry, it’s best to lay the brickwork right from the very first day.
There’s no particular secret sauce or magic cocktail that turns startups from an idea into an overnight success, which is why erring on the side of wisdom is always the best recourse. From our lips to your ears, here are some tips that every entrepreneur needs to put into practice from day one.
PLAN, PLAN, PLAN
Yes, most startup companies fail. But you don’t have to be part of that statistic, and one of the easiest ways to prevent it from happening is to plan ahead. Startups are not nearly as much a fly by the seat of your pants affair as you might think. Sure, there’s plenty of wiggle room when you’re going guerrilla with only yourself, or perhaps one or two team members by your side. Failure to plan out for the long road is a big pitfall that you should work to avoid, early on.
Make sure you’ve got a clearly defined roadmap as to where you want your startup to go. Leave room for spontaneous surprises (both pleasant and unpleasant) while you lay out a schematic for future growth. Are you going to hire a few more people over the course of the next year or two? That means you’re going to have to put procedures into place to establish a uniform working environment. Do this now, rather than later when your quiet office turns into a bustling zoo.
And yet, to make things work, sometimes we have to act against our instincts. These days, you’ll hear people say “act first, change later” at a time when things are constantly changing. Of course, planning is important, but we must admit that the pandemic has changed all the rules when it comes to well-laid plans.
In short: Do your due diligence, but also be ready to completely change your business overnight.
IT’S ABOUT THE MONEY, HONEY
If you’re half the entrepreneur you think you are, you’ve already ran a check on your finances to see if you’ve got the cheddar to make this dream of yours come true. That’s a good thing, and you’ll need to do more of that until you start cartwheeling joyously into the black. Hopefully, you walked into the bank armed with knowledge regarding financing options as they pertain to your business plan.
Bank not feeling particularly generous? Be resourceful; look for another way. It may not be easy, but there are alternatives to funding that don’t involve the bank. For example, look for government grants and subsidies that specialize in helping startups. If you are in the high-tech industry, perhaps search for a business incubator. Got a strong family? Perhaps there is a loved one willing to lend a hand (or a dollar or two).
Growth can happen quickly if you’re reinvesting money back into your business. Make sure there’s more to sink into the company, rather than less. This means abstaining from going nuts on fancy office decor, expensive furniture and thousand-dollar espresso machines, at least for now. The perks come later. The time to re-inject your startup with capital is now!
UNDERSTAND WHAT IT MEANS TO BRAND
Your startup is your brand, and so are you. However, many entrepreneurs make a huge mistake here. They believe that branding is all about corporate colors, fonts and a company voice. In reality, branding is everything, all at once. If your demeanor is good, your ability to find and close leads is great, and you can generate sales and contracts with poise, professionalism and confidence, you’re on the right track.
If you understand that every single fiber of your business drives your brand, you’ll have a powerful weapon at your disposal that many of your competitors have probably neglected. Things like reputation management, a dynamite social media presence and a polished website are all vital components of good branding, provided your messaging is consistent, enthusiastic and professional.
MARKET LIKE YOU OWN IT
Whether you’re in a product or service-based business, it doesn’t matter. You’re selling something, and you’ll need customers and clients who are interested in buying. Marketing is a crucial component of startup success, and it’s a good idea to pay close attention to it. You may not have a multi-million dollar marketing budget, but that doesn’t mean you can’t get your company in front of prospective buyers.
Solid, strategic digital marketing can be a real benefit here. You can start small, and scale up almost indefinitely according to your business growth. Analytics are the key here. Work with a company that can deliver the data to you in an easily digestible form. That way, you’ll see what’s working, what needs to be scrapped, and what might simply need a little tweaking. The key takeaway here is to market your product or service as if it’s the best in the business. Don’t be afraid to show confidence, because your customer base will be looking for it.
IN CONCLUSION, JUST KEEP AT IT
Yes, it’s easy to tell any budding entrepreneur to persevere, but it does help when it comes from people who have already been there. City MOGULS has run the gauntlet countless times when it comes to starting and growing businesses, and we get it. We really do! If you quit, or you’re too scared to try, then you may regret it down the road. Luckily, we’re here to empower you, and help turn you into a successful entrepreneur who can weather any storm, or tackle the hardest challenges that come with owning a business. Just remember to pay that success forward to the next generation! Contact us today to find out how we can help.