Starting up your own business can be hard, especially if you have no formal business qualifications or experience. However, this has not stopped millions of people from all over the world starting up a business for the very first time.
These days it’s easy to set up a website that includes animated video production, a clean, crisp finish, and an easy to navigate menu, but what about running the business behind the website, how can you be successful at that? Find out below:
Let’s imagine you plan to open and run a coffee shop, and you aim to be so successful that your plan is to have a chain of them. If you have no experience of running a coffee shop, chances are you’ll spend a lot of your time making mistakes.
You can avoid many mistakes by getting some experience from working in a coffee shop. You will ideally need to know how the business runs inside out, or at least have a good idea about how it works.
This doesn’t mean that you have to become part of the management team, you simply need to have a lot of knowledge about how to run a coffee shop. Agree to undertake any training you’re offered, and don’t be afraid to step in and help when it gets busy.
The more experience you have, the easier running your own business will be. Try to get at least a few years experience, while you work on setting up your own business, one step at a time.
Insist On Being Paid Upfront
More often than not, startups will do all that they can to prove themselves. This may mean that they may end up working all the hours under the sun, in the hope that their client will make a payment.
This is a big mistake, as some startups have found to their detriment. Insisting that you’re paid upfront is key as it means you’ll have some money in your business account, and you won’t have to use your own money to get by.
If a potential client refuses to pay upfront, you should refuse to work. It’s that simple. If you do receive money upfront, make sure that you give your client exactly what they want, while also agreeing to make adjustments here and there if needs be.
Getting paid first, and delivering what your clients want is key to ensuring your business has a good reputation, and you have money in the bank.
If a project that you’re working on for a client is likely to take 6 months, you may feel uncomfortable about invoicing the client for 6 months’ work in advance. In situation such as these, why not charge for 2 months at a time instead?
Asking for part payments, rather than a complete payment will make you and the client more comfortable, plus the client is more likely to comply. Once 2 months is up send them another invoice, and update them as to how things are progressing.
Hire Experienced Staff
Hiring the right staff is absolutely crucial to the success of your business. Ideally you should hire someone who has a lot of experience in your particular industry.
More often than not, hiring that 50-something who has 20 years experience is much better than hiring a youngster who is just out of college. The 20-something may be willing to learn, and know about the latest software, but they will still need training.
The 50-something with 20 years experience could offer a lot of insight and guidance that could prove to be invaluable. Look for experienced staff who are more likely to get your business to where it needs to be.
The older your workforce is, the more loyal and appreciative they will be. 50-something’s looking for work will be more dedicated than a 25 year old who hasn’t quite worked out what they want to do with their life.
Use the above tips to help you get your startup running, and work hard so your new business is successful. There are many different startups out there, but using the above tips could help you to stand out from the crowd.