The high rate of failure experienced by new startups makes it essential for any new business startup to be built on a firm foundation. Often all that is required is the knowledge and application of startup tips and tricks that will separate you from the pack.
The following are 10 things any new business startup needs to know to avoid becoming another negative statistic.
A super, 100% clear budget
Capital is the lifeblood of any business and spending your resources wisely will ensure your business continues to thrive long after its establishment. Having a clear budget for the business’ finances is indispensable for business success. This is even more so for a new business startup.
A startup budget often serves as a roadmap for a startup business so clarity on your budget and its implementation is vital to the survival of the business both in the short and long term.
There is always the tendency for most people to complicate things. Most times we want to start climbing the ladder from the top. As a new startup, however, it is important to start with the simple things. We are usually in too much of a hurry to get results. But take a look around you and you find things start out in a very simple way and grow over time.
Start with baby steps and gradually advance. Don’t be in too much of a hurry. Learn the basics – the startup tips and tricks that you need to build your business from the ground up, and take it to greater heights.
A lot of flexibility
Scientist Charles Darwin is credited with the saying that in a time of change, it is the species most responsive to change that survives. Business requires a lot of flexibility to wade through the obstacles you have to deal with on a daily basis. So this is a vital quality to have in your arsenal.
Ability to adjust and change plans, fast
This flows from the previous point. Having the ability to adjust and change plans fast is a strength that can be the difference between survival or death for a startup. It becomes very important therefore to develop this ability. When plans do not work or things go terribly wrong, don’t cry over spilled milk. Make the necessary adjustments and put in place new plans to take advantage of the opportunities the new situation presents. It’s the stuff champions are made of.
If it’s not growing – change
In life, things rarely work according to the initial plan. Business is no different. But you will be doing yourself a disservice if you continue to do things the same way if the business is not growing. Usually, the business depends on you. In his book, “The Art of Exceptional Living,” American business philosopher Jim Rohn stated: “For things to change, you have to change.”
Talk to people, connect
No business can survive in isolation. Like humans, every business has a life of its own and needs the contribution of others to succeed. No man is an island. You need to talk to people whose contributions can improve your business. Connect with people and build long-term relationships that will impact your business positively.
Skip all forms of VCs. Really, you don’t need it.
The importance of capital may make it seem like you need to take any money you can find to invest in your business. But venture capital can actually do more harm than good to your business. So stay away from venture capital, especially as a startup. Most companies that follow this route of raising funds will end up folding up. It often involves selling your freedom and independence in return for the funds. You also put an unnecessary weight on your shoulder as you now strive to meet up with their demands.
Follow-through on tasks
Perseverance remains a key quality to success. It’s not enough to dream and set goals. To produce the necessary results you need to follow through on tasks. You need to tick those boxes. Taking the action necessary to produce the needed results is what separates the winners from the losers.
So you need to follow-through on pre-determined tasks and ensure you bring them to a conclusion.
Don’t have too much hanging in the air
Nothing kills a business faster than a team pulling in different directions. There is a huge advantage in teamwork. But when it is not pulling in the same direction, it becomes counterproductive. For a team to work together effectively, there is a need for good communication between team members. Also, team members need to be open and transparent with each other.
Most importantly: Take time to have fun
If you think you are in business just for the money, you are short-changing yourself. At the end of the day, you are in business to have a better life. Yes, you will need to work hard to accomplish your goals, but as the saying goes, “All work and no play makes Jack a dull boy.” One of the advantages of learning to utilize startup tips and tricks is to enable you to achieve great results with minimal effort. Take time to have fun. Sometimes that’s exactly what you need to get your creative juices flowing and come up with solutions to difficult problems.
So work hard. But also play hard. Take time to have fun and enjoy the journey.