The effort required to launch a new business can be daunting. Of course, everything can vary depending on the type of business you’re founding. But once you have your concept and your finances in order, there are some basic tips that are universal. We talk to business owners, consultants and professors to give you the necessary steps to grow a startup.
Apply these basic steps in your own industry and be ready to have a successful company.
1. Validate your idea. Einas Ibrahim, founder of Talem Advisory, a consulting startup in New York, says the biggest mistake entrepreneurs discuss is working on an idea before confirming that there is a market that can buy. If your startup aims to sell something the world has never seen, make sure you really need it all. Perhaps you not yet exist because people can live without that.
2. Strengthen your plan and budget. Even the best business plans go awry. The best startups expect the unexpected and have a ready answer. “Have a plan ready for how to run your business,” says Leonard Green, founder and president of The Green Group, a firm of tax, consulting and accounting New Jersey. “It’s a way to make decisions before you have to take them.”
When you budget for the economic needs of your startup, assumes that your business will generate zero revenue during the first year, says Green. “Many times when you have no income sales for a few months,” he says. “You may have to cover rent, utilities, inventory, salaries and promotion.”
3. Gather the best team. Perhaps the most important in the evolution of your startup step is to put together a group that works well. “Many entrepreneurs have the talent to connect people, so they have good contacts and a great advantage,” says Mark Coopersmith, a technology entrepreneur. Your teammates need to share ideas on how the business should be handled.
“Create the team from the start and share them your values. If you invite new workers and partners and they all agree with the values, you can use this to make good decisions. ” Coopersmith invokes Peter Drucker, the guru of managment, who 60 years ago wrote that corporations have two specific functions: marketing and innovation. In other words, businesses exist to create and sell the product. In addition, you need people to be skilled and able to work when things get tough. Sit with people and make a plan for all contingencies.
4. Establish a support system. The journey of entrepreneurship may seem like a solitary pursuit, but before you embark on this journey need to make sure your loved ones can support you. In fact, it is essential for your emotional health and your company. “I always said that it takes a village to raise a startup,” says Margaux Guerard, co founder of Memi, a company that sells wearable technology for women. “As an entrepreneur, you cannot do this alone. You need emotional and mental support from friends and family to help in the storm.”
5. Focus, improved productivity and more discipline. Working from home is comfortable but is also dangerous in the sense that the personal and professional life are not separated. It works better because there are no distractions and keep an eye on lentils on fire or serve the plumber while installing the fix bath. Nor do you have to see to the support of your workspace: It’s over losing one morning the phone waiting for the service of ADSL will fix the line, there would be others that find a space in which all you have to do it is working. Furthermore, it gets a little more discipline regarding working hours, it is easier to hang your computer when you leave the coworking center and not spend longer than the right.