There are tons of small thing involved in making a startup dream turn into reality but wise people always use others help and experience and that’s why we have decided to give you some tips about how you can start your own startup business.
In this article, we will give you some golden tips which are simple but important. They might hide in the plain sight and you may ignore them as a rookie but here in startupik, we want to make professionals and that’s why we are more than happy to give you these tips so here we go.
Are you ready to be a business owner?
First hint is a little harsh but not all of us made to rule a startup kingdom. You need some personal traits and some specific behavior styles to run your own company. First of all see that you can handle different people and situations without panic or getting anxious and then go for the next step.
Believe us, if you think you can’t then you can’t. It’s better to get disappointed rather than disappointed and financially broke.
Have an idea
It may look simple but without idea, the whole startup is meaningless. If you have an idea then it’s a good start but it’s not enough. Work on it a little bit, develop it, extend it, measure it in your mind and make it as mature as possible. After that you can go for next step.
Make a road map from dream to reality
Idea may be amazing. I have an idea of opening a coffee shop on mars, its first of its kind, there are no competitors and etc. but it’s not possible to make it real (at least for now) and that’s a big point. Try to see how you can turn your idea into reality and then you have another step toward making your own startup business.
Documentation and business plan
If you want to go for business then you should have a business plan. They say that In Rome, do as Romans and in this case it’s perfectly describe the situation. You want to start a startup, you need partners, investors and audience and they all need documentations such as business plans.
Register a name
What is your business? You should have a name for it and it’s simple. When you have decided the name then go for registration as soon as possible. It will help you in the next steps.
Market and audience
Identify your market. Who you want to deal with as customer or rival? You should know them and then you can analyze them in the future.
How much you need?
Money is an extremely important aspect and you have to know how much you need. Just imagine that you have an investor right now and he asks how much you need. What would you say? And keep this in mind, always put some margin for tolerance.
What should be the budget?
You know how much you need but your budget for everything are not the same and cost of operations can be different. So make a budget list and estimate each one of them.
Go for investors
Not all investors suit everyone. Go for investors you can work with, remember that investing will give them power and can you tolerate them? If you can’t stand and investors approach now then you can’t do it in future so choose wisely.
Hear what they say
If you have an investor then it means that they trusted you with their money so they care. They may have amazing ideas that might help you so listen to them and always allocate some time to them.
Set your Family Up
At the beginning of startup life, you may have struggles both financially and timewise so prepare your family to face this phase or your troubles will get double.
Different types of ownership will have different legal outcomes and you have to decide what kind of company you want to be before anything else.
Name your self
Try to find a name which have a meaning on that business area and a t the same time has a free domain so you can get it both.
Use free tools and resources
There are multiple tools, websites, advice centers and etc. out there. You can use them as much as you want to prevent extra cost.
Be clear about tax
Check your countries tax system and be ready to pay all of them. if you ignore this then you may crash before you know it.
Get license before fly
Many fields of work need license and without obtaining them you will face legal actions. So take all of permits and licenses beforehand.
Insure your business
It may look like an extra cost but it’s an amazing way to save your business in case of trouble. If you face any crisis or disaster then you can sand on your feet again using insurance coverage.
Manage your finance books
You either have an accountant or you have to do these things all by yourself. Set your financial year and all of related duo dates and similar ones.
Set your base
You have to start somewhere and that place is your base of operation. You can change it later nut first you have to determine it to let your customers come and access you.
Office is not an issue
Based on previous point you may think that you may need a luxurious office but it’s not an issue. You can use a warehouse or even take home office approach for your business so don’t worry about it.
Don’t rush into patent
Patents are important but they are costly as well so there is no need to make it happen fast. Keep the money for start and after sometime you can register your patent.
Flexibility is a great key
You may have to face changes on the way so be flexible. Insisting on a failed project or a wrong idea will only bring more harm.
Let family and friends be a part of your dream
Sharing is caring right? Let the people who are close to you be a part of your dream. Let them know about it and then they can support you the way you need.
Say no to no
There are always people who say you can’t do it. They don’t believe in you and that’s why you should ignore them as much as you can. They are like weeds in the garden so focus on flowers instead.
Manage your anger
Let’s be honest, you may get rejected multiple times, both from investors or customers so manage your anger and control it or you may face worse than normal rejection. Turn anger into passion and use to continue.
There are many people on the line to do almost the same thing you do so know that, winner will be determine based on speed of delivery. Be fast, accurate and go for winning approach.
Offer new things
People won’t go for old things that others are offering. Try to give new products or services or at least try new way to deliver existing products or services. So don’t forget,, be creative with your way.
Patient is yet another key
If you rush your strategy then you create a slippery path which may fail you. So go try to remain patient all the time and you will see its benefits later.
Break your limits in terms of delivery
You may think that patient means going slow is the right way but that’s not the case all the time. At the beginning try to go for over delivery and then you will have a chance to get more people to grow your business faster but don’t overdo it.
Blog all the way
Blogging is a great way to get in touch with your audience so blog all the time. It’s like a free tribune so use it wisely and frequently.
Don’t fight inside your team
Civil war may destroy countries and your team is not greater than a country so try to avoid fights between partners. Try to solve things peacefully.
Accept new control from investors
You either have money or you are a startup so if you are a startup so know that sooner or later you have to give some part of control to people who invest in your business. Accept the fact and get ready to give up some control.
Have a media expert in your team
Sending high level emails or handling media is not something that everyone can handle so have a person with such qualities in your team.
Always be prepare for business meetings
You don’t know when you will face a potential customers so always be ready for a meeting. Have a copy of your catalogue and documents with you all the time and be ready for it.
Don’t run away from competition and be ready to face new rivals. You may have hard time to compete but do not run away. No one will pity you in business and you have to take care of yourself.
Let people do your advertisements
Nothing works as good as a word to mouth marketing for startups. Try to use people around you so they can advertise your business.
Make a public face
Go for crowd and show yourself. Don’t hide in the shadows and face people. But to begin with, go for your own area and don’t expand it beyond your control.
Customer is always king
Make customer service as amazing as possible. It’s a winning wild card that if you do it right then business will fly high.
Take care of your website
In today’s world people will google you first and if your website is not functional then you have some big problem lending customers.
Economy is not your main concern
Your country or even world may have economic problems but your business still can bloom in this world. Many companies raised in recession time so you can do it too.
Make customers pay in time
If you sell without getting paid back in time then you will face great deal of troubles. Don’t start too easy and then force them hard in terms of payment. Make a payment frame and let customers know about it before purchase and try to be flexible in accepting credit card and such methods.
Make a good team
Find right people for the roles inside your team. If you have your team members in a way that they cover each other in terms of ability then you have a higher chance of success.
Make clear responsibility chart
This one is simple, let your team know what you want and what they have to do. This clarity in terms of responsibilities will help you rectify upcoming problems easier.
Never lie to your team or to your customers. Honesty is always the best policy. If you be honest then you will have no trouble in future but if you lie then it will eventually get revealed and then you will lose your sate and good name.
Bye-bye social life
Believe us, startup life is hard so you have to sacrifice your social life in order to make it in this business. So get ready for a hard time in terms of social activities.
Shift your paradigm in time
Know your limits and market limits. Nokia is a great example of this case. They overestimate their position as leaders in mobile phone market and didn’t change so as result, they lost their position in global business for many years.
CEO gets paid last
Remember, your team should always get paid before you do. Put team ahead of you and they will put business in track.
Use people who are against your idea
People who don’t agree with you may help you big time. They can see the things from another perspective and you can use this to expand your horizon and make business fool proof.
Know meaning of success
Remember, not all businesses will make their owner a millionaire but they can still be successful. Success is a relative term so don’t think that only numbers on 0’s in your income determines your success.
Advice is good but not enough
Get some advices from the others but don’t rely only on them. They are just like an additional value for your business and they can’t do everything for you. Stick to your idea and then use others advice to make it better.