Obstacles you may face
So you found a great idea and want to make your small business dream come true. What now?
Startups present a lot of possibilities with many setbacks attached. There are many things that can go wrong at the worst time possible. Luckily, that is what startups can recover from. You are in the developmental stage and have room to grow. Here are a few things to think about when building your startup:
Get ready to wear many hats. Somedays you are a web designer other days you are the business manager and even some days you are just a copywriter. Be prepared to learn how to manage new technology and new personalities. You have to be the passion behind every responsibility. In the early stages of organization you have to be ready to pick up the slack even if you are not sure in what you are doing. You will become an expert on many things very quickly.
Do not market a product that is not ready. Set realistic and attainable goals. Making a timeline with some extra room for error is the best practice. If you are giving deadlines that are too close for comfort for your team, they might crack under pressure and produce undesirable results. Hold off on saying “Coming Soon” if you cannot hold that promise. When you are working out the final bugs of your product, start marketing.
Choose your team wisely. Who hated group projects in school? Everyone. The real world does not end after a semester, so it is important to pick the right people from the get-go. Pick personalities that complement each other but do not clash. Choose go-getters who are not afraid of trying new things. Check out our previous blog for more tips on team building.
Find funding. More money, more problems. Less money, still more problems. Finding investors can be very tricky. However, it is crucial to find someone who wholeheartedly believes in your product, and someone who is willing to give you sincere guidance in the business realm.
Are you looking for an investor that will give you money just for new equipment? Are you looking for someone who will invest in you, but seek part of your profits? These are a couple of questions to consider. Seek help within your community and research potential angel investors online. Take a look at what Mashable wrote about venture capital for startups.
Have you found other unwritten rules on how to run a startup? Share your thoughts with us in the comments below!