Starting your own company can be one of the most motivating situations you can go through in your life, but it can also be a hard stage, requiring a lot of effort and work.
In most cases, Success or failure is determined by knowing how and when to carry out the project and know the steps to follow to do things right.
To help you in the process, below you will find 50 tips you need to know to start your new business The best way possible. Let us begin!
1. Make a realistic business plan
It is important to have aspirations and goals to achieve, but your business plan has to be realistic So analyze the situation well and be honest and sensible.
2. Get to work
It’s great to have great ideas and have a mental image of where you want to go. But for your goals to materialize you have to take action If you are not in the market, you will not have clients. So don’t give it any more thought… and start the company! Procrastination is prohibited.
3. Think about the client
It is important to analyze the customer well: know what, when or how much they buy You should know that you don’t sell what you want, but what people buy. A company is not something closed in on itself, but it is important that you are attentive to everything that happens around it, in society and in your country.
4. Focus on quality
And when you think about the customer, quality comes first If you want customers to come back, don’t ignore this advice and focus on quality.
5. Dedicate yourself to what you are passionate about
Starting a business just to make money may not be a good option, so think about what motivates you Having a business can be very demanding, and if you don’t like what you do, you may throw in the towel prematurely.
When you want to start a company, you need to analyze the competition This way it is possible to know what competence you have and what it does well. This information will be very valuable to you.
7. Taxes? contracts? paperwork?… don’t get discouraged
Fire regulations, obtaining licenses, taxes, paperwork… are procedures and bureaucracy that can scare and demotivate anyone. This is a hurdle that must be overcome, so don’t let these obstacles overcome you
8. Give the project time
Your project will probably need time to work, so don’t expect immediate success You have to go step by step by step and be aware of it. Nobody achieves success in 24 hours.
9. Immerse yourself in world 2.0
The business model has changed in recent decades and, currently, we live in the digital age Exploit the opportunities that the 2.0 world offers us (for example, starting a e-commerce or using digital marketing tools) can be crucial for our company to be successful or not.
10. Find out about aid for entrepreneurs
If you do not have a large amount of capital to start your project, it is necessary that you find out about the aid or subsidies that local or state institutions provide.
11. Contact several suppliers
Don’t settle for a single supplier Contact several of them and accept the best option. You may even be able to negotiate with them.
12. If you can’t hire employees, look for other ways to get talent
If you can’t afford to have employees the first few months, look for other non-monetary formulas to get talent For example, getting editors in exchange for your own advertising.
13. Your business idea can evolve
You must be flexible regarding your business idea , because once in the market, you may discover that there are more profitable options that you had not anticipated. Don’t be afraid to modify your initial idea if it brings you benefits. Heed the maxim: “adapt or die.”
14. Think about the people you know
The people you know can help you , either because of their previous professional experience or because of their different point of view. You can still offer them something in return and benefit from their knowledge on topics that you do not master. Also, think about your network of contacts on LinkedIn, you may have acquaintances with whom you can create synergies.
15. Be optimistic, but with caution
Entrepreneurs tend to be very optimistic , although the results may take longer to arrive than expected. Things are always more expensive and income will arrive later than you expect. So keep everything well tied up and, if necessary, keep that margin of error in mind.
16. Don’t always say yes
Think carefully about the steps you are going to take They may offer you a proposal that is succulent in the short term but that can tie you down forever. Think carefully about the consequences and remind yourself that it is your project.
17. In initial sales, the important thing is not the money
You may be eager to make money, but it is still in your best interest, at least in the beginning, to think less about financial gain and more in what you can learn or make the client feel satisfied.
18. Get trained and trained
Your idea may be very good but you have never received specific training to set up a business and manage it. There are many courses for entrepreneurs that can be very useful to you
19. Your employees must also be participants in your success
If you have started your new project with a team of workers, You should know that a large part of your success is yours Make them part of your achievements.
20. Think about branding
Although marketing and branding are closely related, they are not exactly the same While marketing is used to analyze, plan and actively promote a product or service, branding is the expression or value of a brand in the market, that is, what will create customer loyalty and what will create trust. Therefore, spend time working on branding.
21. …And make your product an experience for the customer
Branding is positive because it allows the customer to identify with the brand and reach their emotional side. But also, It is also possible to create sensory experiences in your offer (your product or your store), in such a way that you conquer the senses of your consumers. For example, if you sell clothing, use music or colors that reach the customer’s heart and flood their senses.
22. Look for collaborators
Not only should you spend your time looking for suppliers, You can also search for possible collaborators, for example, universities, technology centers or companies
23. Look for funding sources
In addition to possible subsidies, You can go to investors to see if they are interested in your product or service
24. Listen to what investors have to say
Listen to what potential investors can tell you , because they will have their opinion about your company. That does not mean that you follow what they tell you to the letter, but it will serve as a feedback.
25. Be careful with payment times
You must be careful with payment times and have your clients’ payments under control Well, otherwise, you may run the risk of running out of liquidity.
26. Spend time on the name
If branding is important, so is having a good name So take the time to find a name that is short, sweet and appropriate with your company’s image. In addition, you should also pay attention to whether the name is registered and the domain on social media is not in use.
27. Register the trademark
Once you have the name, Don’t forget to register it to avoid problems when the company is already operating Go to the registration office of trade names and patents to complete this point.
28. Make a budget
Make a budget This way you will have a clear idea of how much money you will need, for example, to create a marketing plan or buy machines.
29. Analyze carefully how much you invest
You must determine the costs realistically And if you are going to make additional investments, know what the standard prices are in the market. This will allow you to have greater control of your business and you will obtain relevant information for investors.
30. Cover your back financially
As for finances, you must cover your back. This means that you calculate a treasury for more than three months. This way you will avoid having to face financial problems.
31. Decide on the legal structure
You must decide the legal structure. For example, are you going to be the sole owner or are you going to have a partner? or are you going to be a cooperative? You must have these types of questions well defined.
32. Use free resources
Not everything has to be about spending money when you set up your business You can also make use of financial resources. For example, social networks or tools that have trial versions.
Don’t forget to have adequate insurance for your company. Depending on the business, there will be differences in the insurance offer.
34. Location can determine the success of your company
If you have a face-to-face business, choose the location well because it can be key to the success of the company For example, that it is accessible to potential customers, or that it is in a neighborhood where there is demand for your product or service.
35. Don’t listen to pessimistic people
Throughout your life you will always come across negative people who will try to destroy your dreams Remember that the project is yours, so don’t pay attention to criticism that is not constructive.
36. Keep going and don’t give up
Your idea may initially be rejected by investors or you may have a hard time getting started with sales. Don’t give up and make the necessary adjustments if there is something you can improve
37. Give good customer service
They say that the customer is always right, and, although this phrase is not always true, at the end of the day it is the customer who is going to buy our product or service. So try to give you good service
38. Communicate with partners and avoid unnecessary conflicts
If you have partners, it is possible that at some point you will have conflicts and disagreements with them Solve any problems that may arise as soon as possible, otherwise this will have a negative effect on the performance of your company.
39. Create a blog
Think seriously about having a blog or website so you can interact with your customers and create a digital identity for yourself or your brand.
40. Build customer loyalty
Customers are very demanding and, therefore, it is necessary for them to feel valued Taking this into account, it is possible to use different strategies to make them return in the future. For example, giving them a discount voucher for their own purchase.
41. Surround yourself with people with good advice
If in a previous point we talked about ignoring pessimistic people, you should know that you can pay attention to the good advice of some people. However, remember that you have the last word
42. Use networking
Networking is a common practice in the business and entrepreneurial world , because it allows you to make new contacts that can bring real added value to your company. Whenever you can, attend these types of events.
43. Hire (or join) people who complement you
Even though the project is yours, don’t try to do it all alone If you are going to hire employees, choose those people who complement you, as this will allow the talents of each individual on the team to complement each other to create a final product that you could not have achieved individually, and, in addition, it can give you new insights. business possibilities that would not be possible if you wanted to go it alone.
44. Your social life is going to change
Starting a business is going to take a lot of time out of your life So, at least in the beginning, you should be aware that your social life is going to change.
45, Not all projects are viable
Only 5% of projects are viable , so don’t bet everything on a single number. For example, the founder of “Uber”, one of the most successful companies in recent years, has openly acknowledged that, before his company was successful, he had fallen again and again before everything turned out well for him.
46. Take advantage of feedback from social networks
If you follow the advice I have given you and decide to use the 2.0 world or create a blog, Customer opinions will be very useful to you For example, you can know if you like your new product or not.
47. Don’t be in a hurry to grow up
More than reaching your business goal quickly, you should value the small achievements you are making. If you have a digital newspaper and want to be one of the most read newspapers in your country, positively value the increase in visits month after month. Make sure you have a solid foundation and later, perhaps, you can increase your investment to obtain more noticeable results
48. Measure results
Therefore, measure the results and analyze them Success is about results, not the amount of work you do. Measure your results and promote them, detect where you are getting it right and enhance that aspect.
49. Learn to delegate
Delegating is as difficult for entrepreneurs as telling the truth is for politicians So, even though you probably want to do everything, learn to delegate. You won’t be able to move forward without delegating some tasks to make room for new, more valuable ones.
50. Accept the moment of withdrawal
Sometimes failure is inevitable Put aside your pride and detect when it is time to retire. A timely withdrawal is also a victory. There is always a new beginning in the business world.
