Starting a business for the first time can be really challenging. You have to take in consideration so many things that you might feel overwhelmed. Taking care of the papers, hiring people or finding investors are just a few of the things that need to be done in a short period of time, just to have your business started. For some, this comes so naturally that they seem to have no problem adapting to this fast pace. For others, it looks so complicated that they rather return to their 9 to 5 jobs. No matter in which category you fit, we suggest you 5 tips for first time entrepreneurs. Studies proved that following them can boost your success rate by 78%.
1. Start with a plan
As mentioned above at the beginning you’ll have to do a lot of things. Fast! Before jumping into it, start by putting a plan on paper. A checklist if you want. Make sure you set a priority as well. You need to know what to do next 5 steps before you actually have to do it. First on this list should be “how will I monetize my business?”. Second, what papers I need to legally start a business? Third, what people I need to hire? Can I do it myself or do I need help? And so on. You get the point. In the end, your plan should have tasks set from day one till you are able to sell your first product or sign your first contract. Now you can actually start doing what is on the list.
2. Adapt, change, work with what you have
9 out of 10 times things will not turn out as you planned. Don’t panic. It is normal. Maybe you didn’t find the perfect office for your team or your salesmen success rate is not as high as you expected. No problem. Adapt and change your business in such a way to cover these gaps. The beauty of being a startup is that you can take fast decisions, change on the go and still reach the target as intended. You are not working in a multinational company where there are 10 levels of decision above you which needs to approve the move of a pen from here to there. Also, if you make a mistake it will probably be a small one, one that can easily be corrected on short notice.
3. Meetings are a waste of time
This you will not hear very often. Especially if you worked in a big company before starting your own business. Believe it or not, this is one of the most essential steps for first time entrepreneurs. Wasting time in endless meetings can be very counter productive. A one-hour meeting with 8 people means 8 wasted hours of work. You just lost one day of work thanks to a meeting. It’s simple math in the end.
Before you schedule a meeting make sure that there are no other better ways to communicate what you want to discuss. Also, make an agenda so people can prepare. Another point is that not the entire team should be invited. Only the right persons should be in the room. For example, your startup develops an app and you have a software bug. In the meeting should participate only the developers. The designers and the testers can continue their work. Modifying the look of the app will not help the programming error disappear and testing, again and again, will return the same result in the end.
4. Don’t hire unless you are forced
Few lines before, I was telling you about how you need to adapt in order to keep the business running. The same principle goes for hiring new employees. Before you even consider extending your team make sure there is no other way the extra workload could be handled by someone already hired. Adapt your employee’s program, automate a process, improve the workflow etc. Work and take the maximum of what you have. A new team member implies extra costs that might drag you down over time.
5. Push up that success rate one step after the other
Your final target should be a great one. This is the only method to really create a successful business. Dream big! Now, back to reality. On daily basis make sure you set small, achievable tasks for you and your people. They help you get that feeling of success after you complete them. Many experts in personal development and business coaches will tell you that mistakes are the key to success. Nothing could be more wrong than that. What you will learn from failures is what not to do to fail again. That doesn’t mean you will know what to do to be successful. From a success, you will learn what to do right, to repeat it and improve it on the way. This is why having small tasks and reachable objectives can really be a motivation booster.
Take it easy, one step after the other. You will see that if you prepare well enough, properly manage your financials, you are consistent and you persevere success is within your reach. If you know any other inside information regarding the early stages of a business be so kind and share it with us in the comment section. Thanks!