How to successfully run a start-up business enterprise
The first step in creating a successful start-up is to build the idea behind your business. Once you have a clear raison d’être and a product or service people want to buy that provides a sufficient profit margin to live on, you are ready to launch.
There are a host of potential pitfalls awaiting start-ups; but there are plenty of opportunities too. Businesses like Everline provide short term finance solutions which help businesses overcome one of the largest hurdles many start-ups face – that of cash flow. Finding a source of quick, readily available credit can help to alleviate cash flow problems before they become critical, allowing you to focus on running your start-up with the resources you need to grow.
For many start-ups, the first few months are a baptism of fire. Busy periods are common at the beginning and working 7 days a week for 10 hours a day is common. Here are four tips to help you survive those periods of utter chaos when you, and you alone, face the stresses and strains of growing your business.
Find a mentor
The last thing you need is the help of some self appointed ‘business-guru’ with little or no practical experience of running of a start-up. In the formative stages of any enterprise, choosing the right source of advice can make or break your business. Whilst friends, peers, colleagues and professional advisers can provide a trustworthy source of impartial advice, be wary of accepting assistance from service providers who may seek to benefit from your business by pushing you in a specific direction.
Keep fit and fresh
Exercise is essential to keeping your mind fresh and active. The positive impact of exercise on stress has been widely publicised, but many of us don’t exercise nearly enough, particularly when we’re working every hour of the day to grow a start-up business. Without exercise your stress levels will rise and your productivity will fall, so make time for it. Even a half hour lunchtime walk will do you the world of good.
Recognise your weaknesses
No business owner can expect to be proficient in every aspect of their start-up. Some of us are natural born salespeople whilst others may be efficient organisers. As your business grows you can hire people who compensate for the shortfall in your skill set, but in the early days it is all down to you. If sales calls are your Achilles hell, then take the time to prepare for and practice the conversation before you begin. With plenty of effort and the right preparation you’ll be surprised just how easily a perceived weakness can quickly become a strength.
Work to predetermined goals and deadlines
It’s easy to become immersed in the everyday chaos of running a start-up business and lose your overarching direction. At the start of every working day you should draw up a list of achievable goals which will breakdown what might otherwise seem like an insurmountable mountain of work. Being busy is a good sign for any start-up, but without deadlines and goals for the long term it is easy lose yourself in the finer detail and neglect to steer your start-up towards your goals.
What are your experiences of running a start-up business? Are there valuable tips you could add? We’d love to hear from you so please leave your comments below.