There are more important things than money and devising a good idea to start a business, and there is no better person to ask for advice on how to launch a startup than successful entrepreneurs.
In a report published by the American Business Insider website, authors Alana Akhtar and Emily Kanal said that starting a business does not require money only, not even a good idea, but there are many simple things that you should pay attention to before you consider yourself a businessman. .
Here are the top tips on how to start your own business, according to successful entrepreneurs.
Find out how the company will be funded
In order to start a business, you need funding sources to obtain licenses, equipment, software, legal fees, operating expenses, etc. Regarding this, businessman Jason Demers said that you can consider financing your company from outside investors, and potential sources include your friends and family, venture capitalists, or Crowdfunding.
Moreover, you can also consider self-financing your company, and not give away ownership of your business to others easily.
Businessman Brenton Hayden explained that self-financing gives your product or service time to gain momentum and popularity, and when you can demonstrate to investors that the influx of new capital will clearly trend toward specific milestones, then you should look to finance.
Have a good team
The two authors, quoting Slice CEO Eller Sela, explained that the importance of having a team that includes people smarter than you can help you expand your business and transform the company.
On the other hand, Ben Anderson, founder of Amino applications, said that collecting data from a diverse group of people contributes to making good decisions and in organizing more dynamic. He explained that, “Various data should be collected from people with diverse backgrounds and perspectives that will help you. Looking at problems from a new perspective. "
If you want to be a successful manager, avoid exercising influence over employees (Getty Images)
Find your major
Before Mallika Holloway launched her communications agency, the Official Malika Group, she created multiple sources of income by writing articles, auditing, training freelancers and promoting herself with brands, and then realizing that all of her freelance businesses indicated she was skilled at communicating.
"Everything I did at the time, and what I'm currently doing in my business is about communication," Holloway wrote in 2018.
In fact, her work is currently focused on ways to teach others about her area of expertise, and she also accompanies other small business owners to showcase their experiences through workshops, or even become brand ambassadors, or create online courses.
Not only dealing with one accountant
The two writers, quoting Nicole Rollender, the owner of a small company, indicated that when she founded her limited liability company, she hired a virtual accountant at little cost, but this hypothetical employee ended up corrupting her tax forms, forcing her to pay extra.
After that, she turned to a local accountant who was familiar with the forms and regulations related to her own financial situation, and even helped her to get the money she had paid, so Rollender advised that whether your company is local or not, it should have information about small companies and the forms and regulations related to your situation.
Come up with a clear marketing strategy
Rolander recommends not to stop marketing and spend at least several hours a week promoting your company. The first time you stop marketing, you lose many clients and have to spend several hours a day submitting offers to get 4 new clients.
She also stressed the importance of marketing because building relationships can take weeks or even months before customers start purchasing the product.
Be flexible
4 years after Justin Macleod launched the Hinge dating app, he made a crucial decision to completely restart the app by removing the scrolling feature to attract users interested in serious relationships, and assured the Business Insider website that having flexibility is an essential component to maintaining On the commercial activity.
Macleod added that adhering to the same way of doing things as the company continues to grow and the market continues to change, the consequences will be disastrous.
Flexibility is key to maintaining a business (Getty Images)
Seek notes
It would be wise for business owners to solicit feedback and constructive criticism from their customers.
For example, ask early customers, friends, or family members to test your product or service, and find out if they have any frequent feedback, it could mean there is a way to improve your offer before it hits the market.
In addition, make sure that your company is available to communicate with all customers, and this may be as easy as encouraging people to send a message through social media platforms or as complex as the form on your website, and in either case, you will discover what the preferences and what the customers do not prefer. in your work.
Don `t give up
The founders of Maui Brewing, which won the People of the Year award in 2017, Garrett and Melanie Marrero, link their success to their unwillingness to give up.
The two faced a number of obstacles during the early days of establishing the company, knowing that they had invested their own money in this project, and they had no other choice but to continue pursuing.
"This situation almost turned into a battle, but we fought hard to make sure we succeed," Garrett said.
Get started on your project
It is difficult to plan the challenges that your company may face in 5 years or even 2 years.
Instead of spending a year working on prototypes or developing ideas, the founder of "AUrate" advises Bushra Al-Zahrawi to start work on the project. "Go ahead and start realizing your project, test the situation and ask the people around you to help," she said.