7 key tips for start up businesses – ensuring your business succeeds
If you’re a start up business, its important to have tips for success. Start up businesses are more likely to fail in their first year. Here are some handy tips to ensure your business isn’t one of them!
Persistence is key. We all know it’s hard to stay motivated when you’re hitting a wall of ‘No’s’.
Getting your name and business noticed is hard work, and rejection comes hand in hand with business. Think of it as a learning exercise. Each time you face rejection, use it to rethink your strategy to getting that first illusive sale.
Change your marketing approach, tweak your sales pitch and look at how you could do things differently. Believe in your business and your idea, and keep striving.
Once you’ve found that secret formula that works, you’ll be glad you persisted!
Build a great team around you
Building a team doesn’t mean employing lots of staff straight away, and then having a big payroll bill to worry about. It is about having the right support around you.
You may need a few employees, which is great, but what you’ll also need is a network. Like minded people to support you and offer their advice is invaluable.
They might be starting their business too, so by offering each other support and guidance, you’ll have a great team to fall back on, and some amazing contacts too!
Don’t be afraid to let go
Letting go of a business you have reared from its infancy can be hard. You’ve invested all your time, and money into it, and it can be hard to hand over the reigns to your staff.
You may have been involved in every aspect of the business, from the sales, to marketing and financials, but is this really a good use of your time?
What areas are you best at? Allow your marketing staff to do that aspect, and your financial team to do the numbers – you see where we’re going with this? – and focus on your key strengths.
After all, it can only be a good thing for your business!
In the words of that famous Disney song – Let It Go!
Employ staff based on your company culture and brand values
Employing the wrong staff for your business is a sure fire way to burn through piles of cash before you know it.
If you employ someone who doesn’t match your businesses culture, they’re not going to be good for your business.
It is important that your staff instill the core values and beliefs of the business. They will help to drive your business forward.
Get expert advice
Surround yourself with experts in their field. They are experts for a reason, and will aid you in making the right decisions for your business.
Find an accountant for your financials, a solicitor for your legals. Even a marketing consultant to manage your brand image and getting your name out there.
This will allow you to focus on your key strengths, and save you the worry of trying to do everything.
Be open to change
Don’t be afraid to make changes to your business, and diversify.
Yes, you’re great at what you do, but times, trends and technology change. Adapting your business can lead to new and exciting growth in your business.
Just think about Richard Branson – he began his Virgin brand selling mail order records from his house. Now he owns Virgin Atlantic, Virgin Money and even Virgin Media!
Reward your staff
Lastly, don’t forget to reward your staff, after all, they have helped to make your business a success.
Incentives and rewards motivate people to do better, which can only be good for your business.