Make or Break: Do’s and Don’ts for a Successful Startup
A startup is like a baby that you have always dreamt of nurturing with your love, passion and hard work. While few come with the luxury of getting funds and investors, others don’t. Of course, sufficient finances in hand would make it easier for one to run a startup smoothly. But, is funding the only thing you need to make your startup successful or are there other factors like a strategy that lets you achieve what you dream of?
What makes or breaks a startup? What is must and what can be avoided?
Let’s sort the confusion in 5 simple do’s and don’ts one must keep in mind while running a startup.
#1. Always choose Passion over Money.
We all indeed work for money, but never forget your passion and have faith in making it big one day. Thinking how?
Not keeping money the only factor in the business would always keep you motivated to remember why you started the business. Revenues don’t happen overnight. Never forget your passion for starting your venture. The beginning of your startup journey should not be just money-oriented. Focusing more on factors like customer satisfaction, best quality, and delivering what your brand promises might not bring you easy money initially, but would certainly bring you a brand loyalty from your customers which is priceless and a game-changer in future.
#2. Don’t ignore the risks involved.
With every startup come great risks. Be prepared. While all of us stay positive when running a startup, at times, we forget the risks involved. Identifying the risks and preparing a clear strategy to face it will always help you work with a free mind. Acknowledge the risks and challenges involved in your business and keep your RISK PLAN ready!
#3. Always evaluate and analyze your Finances.
For smooth growth in business, one must regularly evaluate the business finances. When you have significant control over your cash –flow in the business and a deep understanding of day to day issues at work, you will handle your company’s finances accordingly. FINANCIAL MISMANAGEMENT is one of the biggest reasons for getting professionals in trouble. Managing your finances and keeping it sorted regularly will help you make informed decisions about what’s important and what’s not for your business.
#4. Don’t leave anything undocumented.
One of the most important tips for your start-up journey is to document everything either on emails, soft copies, or hard copies. Take everything in writing. All your contracts should be in writing. Often, we avoid documenting a few things thinking we would do it later or we just get lazy. Relying on informal communication and agreements while running a business is just not a good idea and you may land yourself in serious troubles in future. Written or documented agreements and contracts will always ensure safety for your company. More than safety, written agreements will always protect you from any kind of frauds while working with business partners, lenders, investors and vendors and keep legal matters at bay.
#5 Invest in the right marketing platform rather than being everywhere.
We all are well aware of the power of social media in today’s time. Social media plays a big role in every business. Blogging, organic search, posting on social media, connecting with influencers, the list is endless but it is up to you to choose the right platform. What may work for a food brand might not work for a technology brand. You need to well understand your business to choose the right medium to reach out to the maximum audience. Rather than touching every platform for your business, try and choose the platform that would add more value to your business. Believing in quality is more important than believing in quantity.
In a nutshell, every stage of your business will bring you new challenges which would require you to set new guidelines, but sticking to these basic guidelines would surely help you grow and stay motivated. You might make many mistakes, but never take them too hard on yourself, learn from them and use them to give your best in future.
Good luck, Keep going!