Updated on May 22nd, 2018
Entrepreneurs are united in the risks they take, and the potential rewards lying in store for the successful fruition of those ventures they decide to dedicate their time, money and efforts towards.
It’s a topsy-turvy existence, with each start-up business buffeted by the demands of the market, and it’s always best to be well-schooled in business before taking on the challenge of managing your own business.
Here are some tips to ensure the achievement of your own sustainable and growing business – one that avoids bankruptcy and provides you with an independent job for life.
1. Gather a Reliable Team
With most start-ups, you’ll not be a one-man band: you’ll need people to help with all areas of the business. It doesn’t matter if you feel you want complete control over everything that happens inside your start-up, or if you’d prefer to delegate a lot of your workload to capable colleagues – you’ll need a team around you that you can trust in order to reach your potential, pooling all the skills necessary for your venture to succeed without delay.
When it comes to gathering a team, then, you’re looking for two things: those you can trust, and those who will be able to bring new skills to the table that you may be lacking in.
You’ll need to trust your team in order to be able to delegate important tasks to them without a creeping paranoia, and this trust will be supplemented by your hiring of skilled and hard-working individuals who, over time, prove to you their worth and abilities by completing the work you assign to them with panache.
2. Outsource Where Necessary
While a multi-talented team is a must for ambitious start-ups, you may not quite possess the expertise needed to get your business off the ground in a way that avoids stagnation or maximizes the potential that your product or service suggests.
Never feel uncomfortable paying for an outsources service: specialists in marketing, banking, law, web design and even transport or production will give you the elbow room you need to work on your business model and strategy.
Take the example of marketing, for instance. In-house, managing a marketing campaign can be expensive and, without an expert on your team in areas such as SEO and social media marketing, you may end up flailing around in the dark, wasting the investment you made without garnering any new customers or traffic to your website.
By outsourcing, you’ll find capable and enthusiastic helpers who know the industry inside out and who can guarantee results for your outfit, so you can relax and focus on the important things.
3. Develop a Brand
Your start-up is almost certainly close to your heart. You’ll know all the ins and outs, you’ll have a picture of where the company is headed, how it can develop into the future, and therefore you’ll be best-placed to create a brand image that can completely sum up what you stand for and what you’re offering customers.
Brand-creation is an exciting part of start-up inception, though it’s also one of the most important: it’s crucial that you consider what image you’d like to portray.
Your brand goes far beyond a simple logo – the logo will be on your website banner, your business cards and your social media and app displays; it will determine the color scheme you elect to use for all your business materials, from your website to your stationery, and it’ll dictate any motto or ‘about us’ content that you write that may be used in advertising in the future.
Think hard and use all your team’s skills and knowledge to help shape a brand that consumers will remember.
4. Keep on Top of Finances
Perhaps the most important part of starting a new business is to always keep on top of your cash flow. Plenty of able start-ups have floundered as a result of poor money-management: it’s one of the biggest sources of start-up failures out there, so something to be forever mindful of when setting out your business.
This involves being on top of loan repayments, preventing overspend while ensuring sustained growth, and having a backup fund for when things get a little rocky, such as in seasonal sales start-ups that expect a slump after peak periods.
One of the most stress-free ways of dealing with financial upsets in a start-up company is to be comfortable taking out short-term loans to keep your business afloat.
Bonsai Finance offers such loans in the knowledge that start-up businesses can occasionally be a little strapped for cash. There’s nothing worse than seeing your work plummet into disarray because of one missed repayment or loan default, so make sure to remain vigilant where your cash flow is concerned, which will be a big step towards the enduring success of your business.
5. Be a Leader
As the founder and manager of your start-up, you’ll need to have the requisite leadership skills to keep your team together, as well as to be decisive in the business decisions that loom down the line. Leadership takes many forms, and you should find it in yourself to act with the confidence that a business-leader ought to act, but once you find yourself in that place, you’ll be able to use it in a variety of situations.
The primary use of leadership confidence is in representing your business in meetings with customers, clients and investors in an able and personable manner.
You are the face of your start-up, and you are responsible for the personality that will ultimately secure profitable partnerships, lucrative investments, and of course those all-important rubber-stamped business deals that’ll propel your start-up quickly into a more stable and profitable place.
Be a leader and take responsibility for the direction and salesmanship of your business in order to see success.
Deciding to set up a start-up company is no easy feat, but the rewards can be significant so long as you prepare against any worst-case scenarios and gather the key ingredients to success. Bear the tips presented here in mind so that your venture achieves the success it deserves.