Five Top Tips for Start-ups

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Most people in the world are content with a routine, get up, go to work, go home, get back up, rinse and repeat. But, for a growing number of people that old hum drum scene of our forefathers where everyone enjoyed the nine to five is slowly becoming a thing of the past as more people strike out on their own. Here’s a great example of a new online bingo site just set up at https://umbingo.com/.

Being the head of your own company or at least being successful enough to strike out on our own and make it big is the dream of so many now. But, unfortunately, it’s a lot harder than you would imagine and many don’t make the cut.

However, we’ve decided to help out those of you who might be struggling to get your company up off the ground by providing a short list of some of our best tips for start-ups.

Start as Clean as You Can

Rule one of creating a start-up company seems obvious, but you would be surprised how many people throw themselves into a huge financial hole because of poor funding.

Ideally you want to start out as fresh as you can. So, before you even start to create a business plan your main focus should be in clearing any debts and ensuring that should things go south with your company further down the line, you have enough money set aside to cover yourself.

On the subject of money, another thing you will need to realize is that start-ups require a lot of capital up front, so budget accordingly. You can’t go in with a few thousand and expect to turn it into a million overnight, it’s a slow process. Some start-ups don’t even break even until several months to a year in.

So be patient with yourself, those big sale numbers can take quite a lot of time to earn.

Carve Out Your Niche

If you’re selling a product you obviously want to be the sole source of that item to your consumers. So, when starting out, you should try to carve as big a niche as possible for the thing that you’re offering, the last thing you want is competition coming in and under cutting you at the crucial early stages.

We recommend that during your planning stage you try to find some sort of product, service or feature that nobody else on the market has thought about, try to become the king (or queen) of it.

Don’t Be Afraid of Failure

We’re not going to sugar coat this, one thing you need to drum into your head is to not be afraid of failing. The best entrepreneurs in the world have failed countless times and they never let failure stand in their way.

Take world class chef Gordon Ramsey for example, he sank millions into a new restaurant in his home town only for it to completely fail. Instead of dwelling on his failures he learned what didn’t work, changed it and then use those changes in his other restaurants which not surprisingly, started to perform better.

Use every failure as a learning situation. Try to figure out where you went wrong, then see how you can apply that to future situations.

Network Like Your Life Depends on It

Arguably one of the most important parts of getting your company off the ground relies on your ability to sell yourself and your brand.

Countless companies have lived and died on the ability of the owner to network and the only way to keep yourself financially afloat is to get yourself as many allies as you can.

Talk to everyone and anyone and don’t discriminate people on their worth. Don’t stick solely to high tier investors or people that seem to have a lot of financial clout. Often enough these kinds of people will either ignore you or worse, use you for their own game, as these guys can chew out small start-ups like they were breakfast.

Filling out your address book should be the thing you think about in the morning and the last thing that pops into your head before you’re sleep, just consider everyone as a potential customer. Even if you’re talking to a rep from somewhere like Umbingo, grab their details because you might be able to use them later, just anyone will do as long as you can turn that connection into a future sale. Talk to people at events, get their numbers, build a network and ask for their advice as often as you can to maintain those key communication ties.

Our main point is that you need to get out there and talk to people, raise as much brand awareness as you possibly can are those are key to creating a successful start-up.

Listen to The Market

Every start-up worth their salt knows that the market can be a fickle mistress at times. Just because you managed to successfully carve out a niche for yourself it doesn’t mean that you’re now financially safe forever.

Like the ocean the market can ebb and flow, the key to success is keeping on top of those changes like a pro surfer on a wave. Try to anticipate where the market might go and then change your business model accordingly to cover yourself.

Being open and able to change your model is going to very important to getting your brand off the ground. You need to get the idea of flexibility into your head from day one, otherwise you will end up just like all the other failed start-ups out there.

The Verdict

If you’re out there struggling to get your product to make an impact or what to do next, then keep a couple of our hot tips in mind and you should start raking in those stacks of cash in no time at all.

At the end of the day you’re only as good as the product you’re selling and the way you sell it, we can only point you in the right way.