New to business?
Join the club.
There are thousands of other entrepreneurs right there with you, navigating their way to a successful strategy. From choosing your niche to building your business plan, here are five valuable lessons for a successful startup business.
1. Create your brand with a vision in mind.
The trick to growing a profitable business starts with identifying your niche in the market — your value proposition. You can develop your value proposition by defining the audience you’re targeting, laying out the problem you’re hoping to solve for customers, and determining how your solution is better than or unique to the market. If you begin growing your company without this in mind, it’ll be much easier than backtracking years later.
2. Build a sustainable foundation.
Sometimes you just need to hit the ground running. Because your employees are working in close quarters, it’s important for small businesses to hire correctly from the get go. Build your team with intention and aim for adaptable personalities. As for processes, it’s all a matter of trial and error. If something isn’t working, identify the margin of error and start pursuing a new option. The important thing is to keep experimenting and moving forward.
3. Be fair to your customers, be fair to yourself.
Whether you’re charging hourly rates or a flat product fee, don’t start working until you get paid upfront. When you’re starting out, things can be exciting, but you need to make sure you’re fostering sustainable financial growth. Get everything in writing and better yet, have a lawyer look over any paperwork. And most importantly, make sure your customers know what they’re paying for and establish clarity in what you’re promising to deliver.
4. Give yourself space to grow.
Skyline offices are great, but are you being efficient with space? If your team is small, consider ways you can create multi-use rooms. Then as your business expands, so do your options for a new office. It’s better to have the money you saved, set aside than trying to accommodate for a new budget expense.
5. Processes can be rewritten.
Many entrepreneurs assume that when processes are built, they’re set in stone. Just like the laws of the land, they can be rewritten — business models can be continuously improved. As a successful startup, you’ll need to act quickly in your adaptability. If you have an idea, run with it. If something isn’t working, figure out the framework, identify the variables you can change and continue adapting.
Our team here at ActionCOACH hopes these lessons put you on the right track for a successful startup. Whatever you do, though, stay motivated and ambitious. Your hard work will pay off in time!