So, you have decided to take the plunge and start working on your start-up. And who can blame you – building your own start-up is exciting, it’s daring… You become the master of your fate, the captain of your soul. Owning a company means you are solely responsible for your successes, and your failures. However, you can’t really jump into this blind, you need to have a good plan, a good system, and that’s where this article comes in.
Below you can find a sort of checklist or guide on what you need in order to build a strong, successful start-up in 2020.
Passion about the work
First things first – you actually need to be passionate about the work you are doing. Now, we are not just talking about the company, or running a company. No, we also mean – the actual industry you are in. So, if you’re a start-up that’s all about coffee, you better know your beans! You can’t just choose what is most profitable and then run a business around such a thing. You need to actually be knowledgeable about the niche you chose, you need to be an expert in it.
Passion isn’t just something that shows up and then stays with you. You need to nurture it, to develop it, to fan its flames.
Properly done homework
This point has some similarities with the previous one. Namely, you need to do your homework. If you want to run a start-up, you need moxie, sure, you need to be brave and determined and intelligent. But you also need to be knowledgeable, to have plans and ideas in place in case you run into trouble (which you will inevitably do).
So, as we’ve mentioned before, work on dominating your niche. Explore it, learn what there is to learn about it, work hard. Get as much information on your products, your ideas, and your systems. Are you getting new equipment? You better know everything there is to know about them. You also need to brush up on your local laws, see what kinds of local laws exist, what kind of regulations are set up. Then, are you up to date on all relevant asx listings? What about the market? What are your competitors doing?
These, and many more questions, need to be answered if you want to have a successful business on your hands.
Be ready to face the risk
There are of course several risks you need to take when it comes to starting your own company. If none existed, everybody would be doing it. So, what is the risk to your company that the market sets up? What are you willing to gamble, how much money are you willing to invest in this all? How much damage can you sustain, before your company folds?
Ways to keep yourself on track
You need to keep your passion alight, you need to work hard on actually sticking to your goals, your passions, your work, and your company. This will not be easy, not at all. There is a certain degree of sacrifice you need to be willing to make, about ways to stay on the course.
We suggest you keep a journal in which you are to write down your goals. Every day, write down what it is you wish to accomplish, and how you intend to accomplish it. The goals should be clear, actionable, it needs to be set in reality. Shooting too high means you will miss your aim and not be able to accomplish anything, becoming discouraged. And shooting too low is pointless and boring. Find a good middle.
Creativity (and problem-solving)
Creativity and problem solving are key factors for any successful start-up. Now, this isn’t like being creative in a kind of artistic sense. It’s more the type of creativity that is required for problem-solving, creativity that allows you to look at problems and issues from another perspective. Looking at things in a different way, finding new ways to approach an issue is vital for your success. You will be able to solve a problem quickly, to know where to move and how in order to save your company from trouble or to make that next big step and advance even further.
A strong team
You can’t do this without some help, it’s simply not possible. Now, getting some help, getting assistance, we understand these are cuss words to any entrepreneur. You love having everything under your control, you enjoy doing everything yourself, and we understand that. But what you need to understand is that getting a good team to watch your back is non-negotiable.
It’s better if you focus on things you are good at, and leave the specifics to the experts. It’s good if you know some accounting basics and actually have some insight into your books. However, a specialized accountant can make things much easier. You might be a pretty good designer, but having a graphic designer with a degree and a dedicated portfolio will free you up to focus on developing the business.
Now, as far as choosing the team is concerned, try to find a nice balance between qualifications, and how well would they mesh in your company. You might have a superstar on your hands, but if he or she just doesn’t vibe well with you and the company, then you should maybe check somebody else out. Remember, that’s why you are gathering a team, not just a random collection of experts.
And there you have it folks, the core requirements of starting your very own successful start-up in 2020. If you want to succeed, you need to do your homework and explore the market properly, and completely. Then, you want to be fast, you want to be efficient, and you want to get things done as accurately and as quickly as possible. Staying on the path, working on being determined and creative, and building a strong team – getting it all underway means getting amazing results.