Five Ways to Help Your Start-Up Fly Instead of Flop
Investing your time and money into a start-up can be an incredibly wise move – provided you play your hand right. While there are many ways you can soar to the top, there are even more ways you can flop before your first year is over. Consider the following five ways you can maximize your chance of success.
Avoid the Experts and Hire People with Broad Experience
When it comes to hiring, it’s no secret that the more experience a person has, the more likely they will be to hit the ground running in your new company. However, watch out for folks whose experience is concentrated in one area. Most start-ups begin with a bare bones crew, and you’ll need multifaceted employees who can handle numerous tasks. For example, you might find a receptionist who has experience with basic bookkeeping, or a web developer who can also handle your social media presence.
This hiring practice isn’t the way many are taught to do business, but the reality is that once you’re established and can afford a full staff, then you’ll have the opportunity to hire people who are experts in a single field. Until then, you need every dollar you spend on salary to stretch, and the more hats you can fit on one employee, the more valuable they will be to your company.
Good Enough Isn’t Good Enough
The truth is that most new businesses don’t make it. Does that mean you can’t find success? Of course not – all it takes is one good idea, some smart business practices, and the right plan. However, one virtually surefire way to guarantee you won’t make it past your first year is to settle for good enough. There are times to cut corners but the first year isn’t the time. That doesn’t mean you need unlimited resources or millions of dollars in capital. It just means that you must identify your goals and not settle until you reach them.
Partner Up if it Makes Sense – But Know That It Doesn’t Always Make Sense
A partner can be a huge advantage. Not only can they take on half of the financial responsibility, but they can handle much of the day-to-day operations of your start-up. In the right circumstance they can be invaluable, but in the wrong circumstance they can sink the ship faster than anything else. If your partner has an organizational leadership degree, this is an added bonus, as they can help you both to decipher your ideas.
Many people assume that the ideal partner is one who has the same vision. This is rarely the case. After all, your potential customers and/or clients won’t all have the same needs or expectations of your company. One huge strength of a partner is that you’ll get a completely unique perspective. Look for a partner that has the same end goal as you, but who will challenge your thinking – in a positive way. While some input and a mixture of ideas is great, a partner who argues with every move is not. As with most things, it takes balance to figure out this somewhat complicated cocktail. Your perfect partner would be someone you’ve worked with before and with whom you can have a serious disagreement without it turning into an argument.
Don’t Burn Bridges – Ever
On one hand, the internet has made the world larger than ever, thanks to the millions and millions of potential customers new businesses have access to, but it’s also made it smaller than ever before. A seemingly small mistake you make could be blasted on the internet for the entire world to see. Whenever you’re conducting business, you should always assume that every word you say or type could easily be made public. Whether you’re firing an employee, ending a contract with a vendor, or outbidding the competition, it is essential that you stay professional at all times and that you never burn bridges.
Keep an Eye on Your Life Outside of Business
It’s common and understandable to want to devote yourself entirely to your start-up. While it may seem like any moment not spent working on your business is a moment lost, always keep in mind that you won’t be at your best if you’re not getting enough sleep, eating properly, exercising, and spending time with family and loved ones. Taking a few hours to relax and recoup can actually make you more productive when you sit down to negotiate a deal.
The first few months or years of a start-up are exciting, adrenaline-fueled days, but it may all be for nothing if you don’t take a step back and remember what’s really important. The above tips are the first step toward keeping your eye on the prize, but your head out of the clouds.