Every second person annoyed by a job wants to start their own startup. However, starting your own business isn’t a piece of cake. There are a lot of things that need to be accounted such as raising capital, forming a team, producing competitive products, initiating marketing, attracting the first customers, and many more. The idea of starting a startup can be unsettling.
We as employees have collectively been involved in many startups. In this article, we will try to provide tips and lessons to establish a small business based on the experience of many experts.
Form a team
The very first step to initiate a startup is to form a team, hire the right people for your business. Hiring people with a similar set of mind is important to run business in a longer-term. As a founder or the person in control should not be reluctant to terminate a person who isn’t just working out for you, that’s what interviews are for.
Here are some factors that you should consider before hiring.
- Look for the required skill set.
- Your shortlisted employee should have the quality to take risks and should be nimble. If he isn’t entrepreneurial and is keen on the corporate environment, he isn’t the person for you.
- Your employee should fit in with the company’s environment.
- Your employees should be able to play various roles under the same roof.
- He should have a passion for business.
- Look for someone who is able to exhibit diversity in your workforce
- Your employees should be able to collaborate with other teams as well.
- Use time management apps to keep up the productivity.
Keep Your Workforce Motivated
As a founder of the startup, a huge part of your job is to organize small incentives to keep your workforce motivated.
You can try some of these tips to cry out in your startup.
- Flexible working hours.
- Allow them to work from home.
- Try giving bonuses to deserving employees.
- Medical perks.
- Arrange PTO policy if possible.
- Appreciate good work.
- Arrange employee engagement activities.
- Encourage feedback.
- Arrange training sessions.
- Implement workplace transparency.
- Work-life balance should be considered.
Be Ready for any Challenge
While establishing your business you will face many challenges, here are a few common things that many entrepreneurs have faced.
- The idea of a product or service.
- A strong plan for business.
- Keeping track of funds and cash reserves.
- Finding suitable employees.
- Working for unlimited hours without any outcome.
- Maintaining motivation with a lot of rejections.
- Giving time to your family, maintaining balance with work life.
- Accepting when to change your strategy.
- Establishing an understanding of the long term outcome.
Find That Salesman in Yourself
Not every person is born a Salesman. However, the higher sales number leads to a better and successful business. As an entrepreneur, you can try the following tips to be better at sales.
- Be ready to spend an enormous amount of money on sales.
- Build a frequent communication channel with customers.
- Use different sources to communicate that could be a phone, via email or even in person.
- Figure out issue your customers are having, are they related to a feature, user interface or price?
- Give your product a reason to stand out.
- Be aware of the challenges your sales team is facing and contribute with them in some way.
- Know your sales cycle and think of a way to shorten it.
- Study and sharpen your sales pitch.
- Give after-sale services.
Encourage Feedback & Suggestions
If you have gathered a good team of employees, take out some time to listen to their suggestions and feedbacks. Keep yourself open to new and innovative ideas. Try not to be rigid with your product or sales approach or even a marketing strategy. Here are some things that many successful businessmen have tried.
- Arrange meetings where workers at every level will be encouraged to provide feedback, insights, and suggestions.
- Follow the open door policy.
- Work with CEO and mentors outside your business.
- From an advisory board to consult you and give you stock options in the organization.
For initiating a startup, it’s important to communicate with your team and define your goals and visions. If you are sharing your vision, where do you see your company in the coming years, this act will galvanize your entire workforce. If you are able to include the above-mentioned tips in your company your chances of success will be raised.