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Starting in the world of startups is difficult. When you are a small company, just trying to keep ahead of the game and earning enough money to pay your skeleton staff is stressful enough. There are things to be wary of when it comes to getting a startup to soar. If you’re familiar with the term scalability, good. For those that aren’t, in business terms it is the ability to perform under an increased or expanding workload. So you need to make sure that your business starts off in the right way. So here are some quick hacks to get your business upscaled and ready for trading.
Know The Basics
Ask yourself questions just so you know that you are getting the right angle on it. In terms of your product, who is it for? Is your product line “market fit”? Do you have the required funds to get it off the ground? If not, why not? Solving these issues can help avoid pitfalls later on. Do your research, and ask questions. There are people always happy to give advice to budding business leaders.
Do You Know What You Want?
Businesses that fail within their first year are preoccupied with making a profit when the focus should be the product and its target. If you are a budding entrepreneur obsessed with status over tangible results, you need to reassess.
Employ The Right People
The people who will be working for you are all investments of the relationship kind. So make sure they are the kind of people you can empathise with and share the same values as you. It’s often too easy when starting out to hire anyone off the street so you can make up the numbers! Also, people with many transferrable skills can be incredibly handy in the world of a start-up where numbers are tight. The same goes for hiring outside of the company, who has the best reputation in law and other aspects?
Have You Got The Right Tools For The Business?
Running a startup is like spinning plates. Keeping an eye on every aspect of the business is time consuming. So outsourcing may be necessary, or obtaining the right customer relationship software, such as dynamix CRM, so make sure the tools you need are in place to ensure smooth(er) sailing.
Look At Social Media
Watch very carefully what people say about you online, because making a PR mistake in the early days can cost you dearly. Enter into a dialogue with the right people online to get useful feedback instead of getting into a digitized argument.
This Is YOUR Business… Remember That
It needs to function with or without you being there. If the business cannot function without you putting in a 60 hour working week it may be worth reassessing your role. Stepping away and taking a week’s break may seem daunting, but to return and find that it is doing just fine can encourage you to work on other aspects of expanding into different avenues.
This article was provided by ellie jo