- Jul 24, 2021
Launching a startup is one of the most exciting milestones in the life of an entrepreneur. And if you are about to go through this, then you may be getting too many ideas, fears, risks, and other factors in your mind. People planning to start their startup often read a lot, research a lot, and plan. In this process, they read many success stories, and also many stories of failures. The sad part is almost 90% of the stories are stories of failure because many startups fail in the baby stage. But inspirations must be taken from the success stories and not the failures. Failures do have a role to play.
Failures teach you the faults to avoid. And failures teach you how to stay ready for the worst while hoping for the best. Hence while you take a lesson from failure stories, you must also keep in mind the positive notes and tips you get from the success stories of startups. Some of the points below would tell you how to plan the launch of a startup.
Just do it
There is no point in too much of thinking and planning and no action and excitement. In the thinking process, you may find someone else has already started working on the idea. Hence, you should begin without stressing too much. Important point considerations will make you ready. And after you have made your business plans ready, you must dive into it.
Deciding what to sell
Some people become entrepreneurs with the idea of what they want to sell. Some people want to become successful entrepreneurs without an idea of what they would be selling. For some, it’s the idea of the product, and for some, it’s the idea of the growth of the business. Hence, if you have that spark in you, and the brain to sell, then you would be successful by finding your way.
You can sell anything. Just choose anything that you see profitable for selling. Tell them to work on the solution they suggest you Often you will come across a problem, questions, and obstacles. And when you look for answers, you will be asking a question to someone, or you may get solutions from the opposite person without you asking for it. In both the cases, always ask the other person to do this for you. Just observe when the opposite person comes up with a solution to a situation, problem, or query. And if they have an answer tell the person to work on it for you, you can always pay the person or reward in other ways, and hence that won’t be an issue. This way you can get people to work for you without having to put your mind and effort everywhere.
Be open to getting workers to work from home
It may happen that you are not getting the right talent for your business in the locality. If that is the case, and you still see talented people are there at distant locations, then you may find out ways to make them work. You should not miss the opportunity to use gifted minds. And hence if you get the right person for a job, utilize the resource even if you have to appoint the person as a work from home employee.
Invest in contractual employees
Employees in a startup may not cling for months if the startup is in the baby stage and struggling. The initial days of a startup are not smooth, and hence the investors often take decidedly less or nothing from the revenue. But you cannot deny the wage to an employee. You also have the liability to pay, and the employee may also leave anytime if not paid well or timely. To eliminate such risks, you may initially hire employees on contract. Contractual employees would be on the payroll directly, thereby never becoming your business liability. Hence your work will not suffer
because of an employee leaving the business.
Get a helping hand – get a partner
A partner or co-founder is much needed to walk the path full of crucial decisions, risks, etc. Sometimes you cannot take big decisions on your own. And sometimes you may feel exhausted to invest more. If you have a co-founder, then you can get such returns from the person. Get someone who c0an pull out the best in you. Sometimes you need a driving force in life to pull out the best in you. Such pressure which would carve you and shape you better to give your best, think your best, perform the best, decide the best, and believe in the best is needed. And you may get
that in an employee, a friend, a co-founder, a coach or mentor, etc. If you have someone around you to do this influence on you for the betterment the cling to the person, utilize him or her in the startup, and go ahead with that person.
Know when to manage money matters and debt
Startups need investments, and a chunk of investments come from a business loan. Hence every entrepreneur would want the business to grow and bring revenue to pay back the loans. But if you are into debt, and the company is not performing that great, they also do not panic. Take timely suggestions from sources like Nationaldebtrelief.com, and think of great solutions like debt consolidation and settlement before it’s late.
Do not always focus on income
Earnings will come with success. If the startup does well, then revenue would come. And you should not lose your mind just because profits are not coming as envisioned. Instead of being paranoid about why business is not picking up, you should think of the other factors and keep fingers crossed.
Running a startup is not very easy, but not too tough either. Taking things seriously is good, but when you get too serious and invest much of your time in speculations, you miss the timely opportunities for actions too. And that is to be remembered when experimenting with your business ideas.