Posted on November 16, 2014 in Advice
While it is possible to learn what you need to know about running a business by completely screwing up your first company, there are less painful ways. We are going to discuss some advice for making your start-up a success without having to fail too miserably. Remember, though, some failure is inevitable and the key is to learn from your mistakes.
Do Your Homework
You need to know as much as you can about the business you are going into. The only way you can do this is through thorough research. Thankfully, the entirety of human knowledge is at our fingertips via the internet, but talking to people who are successful in your business is a great idea too. You need to ensure you are not entering your new business arena with assumptions that are incorrect.
Doing your homework is a huge part of being prepared. When you don’t know what you are doing, people are going to take advantage of you. Prepare yourself for negotiations, and learn how to say no. Not every opportunity is going to be right for you and your business. You also have to be realistic about your budget and work within it. Do you have a budget? If not, get one now, and stick to it.
You only have one shot to make a first impression with potential customers and clients when you start a new business. The best way to impress them is to always over deliver. Consistently over deliver on every aspect of your business and you are going to draw good attention to your business.
Abandon Your Safety Net
Focusing on your back-up plan keeps your attention off your business, and it puts you in the mindset that your new venture could fail. When you abandon your safety net, or safety nets, you have every reason to push harder and aim higher. It is more probable that you will not fail if not failing is your only option.
Simplify your Mission
What is it that you do? Can you boil what your business does down into a 60-90 second “commercial” for your business? Being able to pitch your business in less than 90 seconds comes in handy when you meet with customers, but it also ensure you stay focused on the core of what your business was created for.
Don’t Let Fear Take Over
This is the time for taking risks. They should be calculated risks, but you need take them. Without risk, there will not be any reward.
Don’t Accept Mediocrity
Nobody cares about you when what you do is just “okay”. You need to be the best at what you do. You have to be so good that no one can deny it. No media or advertising campaign can substitute for being the best in your industry.
Stay With It
Most businesses fail not because they die, but because they commit suicide. The business owner gets bored, discouraged, or moves on to something else. Most of the time it’s not because of some major catastrophe. If things aren’t going well for you right now, don’t give up because circumstances can always get better.
If you are ready to get started and don’t know where to look, we can help you. At Caputo Designz have helped many start-ups create their web application, brand their company, help them with marketing, setup a social media campaign, and much more. Check out some of our work and contact us if you want to learn more!