There's no doubt that one of the most exciting things you can possibly do is build your own startup and watch as it lifts off the ground. It's also one of the most challenging things you can do that's why you need to approach it the right way, be aware of what you're getting into and know all the options available.
This article is for anyone who’s thinking of building their own startup. Maybe you're about to do it or perhaps it's something you're thinking of doing somewhere in the future. Either way, if you read this article to the end, you’ll be well-versed in all the bases for when you start your own business journey. Below are 5 crucial things about building a startup.
1. Understand That It's Not Easy
Building your own startup might sound exciting and it is, but be aware of the hard realities you’ll be facing. Keeping a startup going is tough and involves long working days and sleepless nights. And just because you've made it doesn't mean it's all sipping cocktails on a beach. Actually, not much of that at all; 40% of small business owners say they don't take vacations and have almost all of their money tied up in their business. The key is to work on something you're really passionate about, which is worth skipping all those vacations for. That passion is what will keep you going through the hard times.
2. Surround Yourself with the Best People Possible
Most of the time, you'll build your startup as one of a team of founders. The average size of a start-up is usually 5 people. Make sure you have skills that complement each other and a similar idea of what everybody's tasks are, and that everybody has a similar work ethic. There's nothing worse than starting a company and finding out that one person slacking off. If they're a partner, it isn't as simple as just firing them. And when you employ staff, go for people that can see your vision and have a similar passion for your startup. This will make them your best advocates as well as your best workers.
3. Find a Mentor
You can't possibly know everything yourself or have all the skills, experience and insights needed to get your startup off the ground especially when you're new to it. It's up to your mentor to guide you through your first steps and beyond. If you don’t know how to find a mentor, there’s a previous article titled 5 reasons you should have a mentor and how to find one. You can read it afterwards and know-how.
4. Keep Your Day Job If You Can But Know When to Take the Plunge and Go Full-Time
Whether or not you can do this depends on what sector you're in but you may want to keep your day job early on. This will help you to cover costs while your startup isn't yet making big returns. But do you know when to take the plunge? If you don't start investing all of your time into your business, it just can't grow. Many startups show promise but never really lift off, that's because their founders never really quit their day jobs. Once you start to get traction and generate interest, this is the point to take the jump and go full-time.
5. Become a Marketing Expert
If you're not one yet, you need to become one soon. You can have the best product or service in the world but if nobody knows about it, you won't succeed. Get a good knowledge of the different types of marketing; online marketing, content marketing, affiliate marketing, email marketing, search engine optimization and pay-per-click advertising. And if you don't know what these terms mean, find out. Marketing is a crucial part of what you'll be doing so allocate a budget to it and if you can't do it yourself, hire a team or outsource it. And make sure you're on social media, that's where your prospective customers are and you should be too.
Thanks for reading. See you in the next article.
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