Building A Business As A Start Up

Building A Business As A Start Up

With the awe inspiring stories like those of Mark Zuckerberg and Steve Jobs floating around, building a business as a start up can be even more intimidating. Simply because the pressure to succeed is enormous. All those who are looking at starting a business of their own have a lot to take care of. Just pause for a second and have a look at our tips for a successful start up:

Believe: Quite a few startups don’t work out. Their founders have also founded them with the same hopes and dreams, the same endless hours of planning. So what goes wrong? A start up is run by one, or maybe two people. With such a small setting, it is very easy to lose faith in the dream. Believe in your product and your company wholeheartedly. Just before you start the company, write down why you are starting a company and where you want to be in the next 5 years. This will keep you going in the dire times when all seems lost.

Do what you love: To believe in your organization and its Big Idea, you have to love it. The kind of passion and dedication that is required to create a successful start up is not easy to come by. You can only feel passion and dedication about something you love. So if designing is your thing, then go all out and start a design house. Build on your forte.

Create a Business Plan: Although this sounds like a very obvious ‘tip’, a lot of startups out there have started up without an active business plan. A business plan will not only define your products and services, but it will also provide clarity in terms of your business’ philosophy. A lot of startups lose sight of what they actually started out to be. At the beginners level, your resources are spread thin and you cannot afford to meander your way to the top. A business plan is something which will keep you grounded and help you make decisions in the course of time.

Do your Research: Being an employee in an organization and being the boss is very different. Carry out a detailed research- funds required to run a business of a similar scale, rents of corporate spaces, outsourcing opportunities, money making opportunities, etc. Research is the only thing which will give you a clear picture of being your own boss. It will also bring to your notice the kind of scope your sector has in the current economic situation.

Ensure Legal Backup: As a startup, we often think that no one is going to mind if we bend the law a little. We tend to look for the by roads, instead of sticking to the obvious route. Legal backup is of extreme importance for your organization. Ensure that your company is registered and that it is functioning out of a corporate space. Once you get employees, ensure that their appointment letters, insurance, probation, etc is taken care of. Look at it this way, if a legal bug were to bite your organization would stand more to lose than it does by taking the necessary legal precautions.

Choose your co-founders well: If you are looking for a co founder, a partner or an investor, you have to pick well. These people should be reliable when it comes to business. They should be able to support you when you are down instead of pulling you further down. Don’t go into business with a friend, because you generally gel well together. Choose people you respect for their common sense or talent.

Hire wise and Delegate Smartly: As a start up your aim will be to get more out of less. This applies for people as well. The people you choose to let into your organization, especially in its formative years will affect your organization greatly even in the years to come. Ideally, hire people who would stick around for more than the customary couple of years, people who are drawn to your organization for reasons other money. Hire people who can multitask so that more of your work gets done, with a smaller force. Delegate your work in such a way that it prepares your team for more and more challenges in the future but doesn’t defeat them by its very size.

Reward your Employees: Your employees are your biggest boon. All the big organizations regularly reward their employees with appraisals or pay hikes. Since as a startup you can generally do neither, reward them smartly. Take them out for drinks for a job well done. Sponsor their food for the nights your team undertakes. More importantly verbally appreciate all the help that they have given you. Keeping your employees satisfied on the long term basis is the goal.

Taking baby steps will eventually lead to a strongly built and properly led organization. Keep your eyes at the horizon where you want to be and keep working to reach it.

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