In a world of start ups, the bitter truth all the start ups have to know is that most of them will fail. Specially, new entrepreneurs should prepare themselves for various kinds of odds. The differentiating factor that separates experienced entrepreneurs from those just starting out is knowledge. If you want your start up to work out well, you must focus on educating yourself on common milestones. This will give you a better chance of getting your start up through the stages of your growing business.
Your first most earning or revenue is a sign that your business model can generate revenue. It indicates towards the validation of demand and market for your product or service. Yet, there are some things about your first revenue that you should keep in your mind and that will provide valuable insight into your business.
Remind yourself how long it took you to generate this first earning. Next, analyse how long it will take you to generate your additional revenue. Also calculate how much time, money, or effort did you invest into it. Then try to find out how you will be able to cut your acquisition cost down.
If you find that a lot of time was consumed to generate the first revenue, or if you had to spend more on customer acquisition, then you must realise that you need to re-evaluate your business model. Figure out the possible problems early on and make the required corrections. This way you will be able to develop a scalable business model and make long-term growth possible for your start up.
Clearly define the goals of the posts that you are trying to hire for and simultaneously determine whether there is scope for growth. More importantly, don’t overlook adding diversity to your team. Add diversity in terms of experience, skills, and networking. Try to hire people who you get along with well. Bringing in someone who will expand your capabilities will further expand your horizons. Don’t let your team members just multiply what your current team already does well.
When you find an ideal candidate, make efforts to properly incentivise them as one of the first employees in your start up. Their performance is going to have an incredible level of influence on the success of the company at its early stage, so make sure toreward them appropriately.
When seeking your first investor, you need to have a relevant network as your connections will let you reach people with valuable experience in your industry. Try to figure out if they genuinely intend to dedicate time and effort to your business idea or if they’re just looking for more and more start ups to bet on.
A genuine investor’s value goes much more than money, they must also serve as a mentor and friend. Such intangible benefits are actually more significant than any funding.
Your start up will have to pivot at one point or another, that is inevitable. It is not practically possible to anticipate exactly the market needs until you fully get immersed into it. Work with customers and adapt your business model according to the data collected.
Utilise your industry knowledge to pivot your business in an effective and useful manner. It might require you to make a change in the way in which you approach a slightly different market need.
When you pivot, don’t forget to clearly communicate the change to your customers in an equally effective manner. The potential customers shouldn’t be left wondering the status of your previous business.
Your first office is not only a place where you will work but it is a lot more than that. It is a reflection of your start up. It becomes the face of your business and demonstrates to your employees, investors, and partners the kind of environment that showcases your best work and ideas. As your office is such an important aspect of your image, make sure that you consider all the important factors while selecting an option.
For instance, ONE Co.Work provides ideal co-working space for budding start ups. The plug and play office spaces are located in prime business locations of Delhi-NCR, namely, Connaught Place, Netaji Subhash Place and Gurgaon. The aim is to buoild an appropriate community and work environment for start ups.