When you are on the verge of initiating a startup, there are many things one should keep in mind to scale up. It starts from hiring the best employees to planning the work efficiently and effectively. There are many tips which one should follow while setting a startup. Though anyone and everyone can give tips and advice, but the list we have compiled has enough research done behind it.
Here are 9 tips for having a successful startup:
Hire Smart, Fire Fast
Someone could be amazing at what they do, but if you don’t like them, why bother hiring them?
One wrong person in the team can make the complete team worst on work. We should always hire minds which can help in growing our startup. They are mostly people who have the passion to work inside them and have a thought that they are working for their own.
While hiring we can start with a 3 months training period where we will assess the employee and take decisions for future. If someone is working miserly, fire them.
Always Work with Upfront
Our company is both loved and hated for taking upfront. But we were just being ourselves.
Once you are taking up any project, we should always demand for a upfront which will help as clear all debt bills in time. Although its a hard way but to keep our startup running we must follow this, 20% of the complete amount for the project is a good amount to be called upfront.
Experience is King, Hard work is Queen
Experience is one of the major factor we should keep in mind while starting a venture. If you have a experienced people in your team it will always help you in scaling up. Experience and hard work are directly proportional to each other.
Focus on a Single Work
Everyone has been made for some particular work, and the desire for that work has been put in every heart.
Once you are planning to start a venture, you should keep in mind that focusing on a lot of will never get you that success when you do on a single work. Always follow your passion and stay focused on making a successful brand which is known for its work.
Never Make Your Employees Your Friends
Employee loyalty begins with employer loyalty. Your employees should know that if they do the job they were hired to do with a reasonable amount of competence and efficiency, you will support them.
It creates a very bad situation for the employer when you make your employees your friend . One of my friend who has a SEO consultancy, hired all his ex-schoolmates and they work for him. During one of your conversation he explained that it was a mistake which he did and now he cannot force them to work or demand for a better work quality although he also mentioned that whenever he is short on deadline they support him by staying late on work to submit it before deadline which can be noted as an advantage.
Say Good Bye to Cheap Clients
All our dreams can come true, if we have the courage to pursue them.
Stop taking up small projects which will eventually divert your focus from big projects and you wont be able to give the best. Clients who try to bag some discount from you will be never happy with the work you provide , so never provide a big % of discount to any of your clients.
Have Regular Meetings, Conferences
Regularly meeting up with your colleagues will help you understand the work more closely. Meeting up and planning the work will always give a fruitful output. When we started our first startup we used to have regular meeting every week although we were working from home but it helped us plan work in a effective and efficient way .
Check On Cash Inflow and Outflow
Most startups crash because of a bad check on outflow and inflow. One should always have a better cash inflow to keep the business running. If the cash outflow is more, we should it cut done by minimizing expenses like bills, Staff welfare etc
I think a role model is a mentor someone you see on a daily basis, and you learn from them.
The person who knows your best is yourself but having a mentor will always help you in consulting before taking crucial decisions. If you do not have enough contacts in the market, a mentor can always help you to decide and make decisions. A mentor always have a a ability to guide you and get the best out of you which will always help in the growth of your startup.
We hope that the above mentioned tips will certainly help budding startups and entrepreneurs with their ventures. Check out www.alychidesigns.com for more tips on startups.
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