5 Startup Tips Learned the Hard Way

Startup NotebookDeciding to start a business is exciting. You only see the positive things and it’s not until you get up and running that reality bites. Running a successful business is a balancing act that can quickly go wrong and you have to be prepared to face all the challenges that will test you. Below are five startup tips learned the hard way.

1. Create Solid Foundations

When it comes to building a thriving, long-lasting business, preparation is key. You need to plan properly and have all the appropriate finances and resources available to get up-and-running as quickly and professionally as possible. Drawing up and introducing processes for all aspects of your business will ensure that it runs as smoothly as possible from day one. Getting the right advice from other business owners, financial experts and a business consultant, will go a long way towards building these solid foundations.

2. Cashflow

Cash is the lifeblood of every business and this is especially true for startups who are operating on a shoestring budget. Make sure you get paid up front or get paid some money up front for every job you take on. Getting into the habit of managing your finances early will help you avoid problems later.

3. Build a Strong Team as Quickly as Possible

The life of an entrepreneur can be a lonely one. Building a team of people you trust will make life much easier. These are the people who are often responsible for the success or failure of a company.

4. Choose Your Clients Wisely

It’s tempting to take on all work that comes your way. However, with experience you will soon realise that some contracts are not worth the hassle and certain types of clients should be avoided. Some clients have unrealistic expectations, don’t value your services and expect you to work for as little as possible.

Clients to watch out for include those who haggle for unreasonable prices, question your services and waste your time. You only have so many hours each day to be productive, so you should focus on clients who are easier to deal with. An initial meeting or consultation will tell you a lot about a potential client and you can then decide if you are the right fit for their requirements.

5. Don’t Burn Out

Every startup owner starts out with dreams of building a successful business. However, there are many obstacles you have to face along the way. Eventually you could find that you’re working long hours, which can eventually effect you mentally and physically. This can lead to even more stress and difficulties, because you may not be working to your optimal level and may also start to make poor business decisions. Getting the appropriate amount of sleep and rest and regularly taking a break to recharge your batteries will allow you to face your business challenges with more energy and confidence.

Once you make the decision to start your own business, it’s important to understand the potential problems that can occur. This reality check will allow you to build a much stronger, successful organisation.

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