From meetings to teamwork, every element of a start-up company is crucial to its success. If you are a budding entrepreneur, you may be overwhelmed by the sheer complexity of your task, but if you follow these simple rules, your fledgling business will be off the ground in no time.
Investors to help carry the load
A careful selection of investors is also very important. A good investor will provide financial and intellectual support, understand company priorities, and also act as a well of experience, which is invaluable to any start-up business. The benefits of a successful relationship are mutual, as the majority of good investors will find it rewarding to contribute to job creation and capital formation. Although it may seem difficult, it is important to get the right investor for you and your business, as investors are an integral part of a company’s success.
A Small Meeting can lead to big things
In any business, time is money, and you would be surprised to know how much time can be wasted with unnecessary meetings. You should always make sure that every meeting you arrange is absolutely essential: sometimes it’s more convenient to have a short conversation with a colleague, than involving a larger number of people in a detailed and time-consuming discussion. Always remember that Steve Jobs dismissed people he didn’t feel were a neccessary addition to an Apple meeting – regardless of sparing their personal feelings. If you really need a meeting, be sure to construct an agenda beforehand, making it easier to introduce specific topics and allocate the appropriate amount of time to them. If you’re running overtime on a particular subject, sometimes it’s best to abandon the discussion and talk about it another time. Remember, time efficiency is the key to maximum productivity.
Effective Marketing Is Key
Identifying key marketing channels is imperative. For example, if you’re an online business, chances are that search marketing is imperative to your success, as it allows you to directly target your demographic. For example, the online contact lens retailer NextDayLenses would not rely implicitly on social media, as the majority of people seeing their ads on facebook and the like wouldn’t be contact lens wearers. Failing to identify the most important channels means wasting a lot of time and investment targeting people that have no interest in your product. The importance of different channels varies for each business, so it is imperative that your target demographic is one of the first things you delineate.
A good team equals a good company
A start-up company will need a qualified, well rounded team to get business off the ground, and it is their discretionary effort that will determine its success. Make sure your team members know they are valued, and support them in their development; this can entail financing external training, delivering training internally, or simply allocating some time for research and study within working hours. This enhances staff retention, which is invaluable to creating a stable and productive work force.
Starting a new business comes hand in hand with boundless risks: it will test your relationships, it will take up all your time, and it will be a sponge to your bank account. The difference between bein an entrepreneur and a normal businessperson lies in how you face these risks, and them into opportunities for the future. As the legendary author T. S. Eliot that once said: “Only those who will risk going too far can possibly find out how far one can go”. So, follow the above advice, and take the risk: all your hard work will pay off in the long run.
By Sarah Gerald, lover of sunlight and travelling.