7 Things a Founder Should Know Before Starting a Business
Starting a business is exciting. You believe in your idea, get to be your own boss, set the rules, recruit a dream team, fully commit into the creation process, etc. It is considered as a new chapter in life, full of opportunities and open door. No matter how staring a business may resemble a dream candy-land, there are plenty of things new founder can’t forget about or underestimate. Have a look at the list of seven tips.
Business is like a baby
Having kids is very rewarding. You will agree if you have any. However, you will also agree that they are extremely demanding and need constant attention. Consider your start-up an extra child. But be careful not to neglect your real kids, of course! You might face trade-offs between family and company so try to set priorities before launching a business.
Founder’s life isn’t for everyone
You need to understand that the life of a founder isn’t for everyone and hence, you need to know exactly what you commit to. As mentioned, every start-up is demanding and attention-seeking. The work-life balance and extra free time you might have been looking forward to will most probably disappear. Moreover, start-up won’t offer much of financial return during the first year or two of operation. It will, however, make it up with bringing personal satisfaction.
Figure out your finances in advance
First of all, start-ups often have delays in their planning. Perhaps you wanted to launch the product after 6 months but, due to various reasons, the launch will happen after a year. If you invested all your money into the company and, like many other entrepreneurs, decided not to take a salary, you might encounter problems. Make absolutely sure you can afford unexpected delays and bad scenarios.
Are you married or in a relationship?
If you are committed to a long-term relationship and have children, the decision about launching a start-up isn’t only yours. It will impact your family to a great extent, considering you will give most of your time and attention to the business. You need to make sure your family understands the consequences and agrees with your plans. Moreover, as mentioned previously, finances won’t skyrocket the first few years of operation. Quite the opposite. Talk to your family to make sure everyone is on board. If they aren’t, you won’t receive their support.
Dream team is crucial
Hiring a great team is very important. Except for the obvious reasons like their skills and expertise, remember about friendship. Your team will consist of people you’ll spend most of your awake time with. Work is important but so is laughter. And remember that you don’t need to go the traditional path and hire full-time employees. Some of your team can be made of freelancers, part-timers and interns. The latter is a great option for the beginnings. Interns are ambitious, give a fresh perspective and let you save a little on the workforce costs. You can both teach each-other.
Time to enter the market
When it’s time to go to the market, it’s also (the latest) time to start with marketing. Your budget is, obviously, limited. No expensive ads will play a role here. However, with current tech advancements, all your marketing can be done via social media, with a minimal cost involved. But don’t try and blindly post stuff on Twitter. Research what works best and monitor your actions. Additionally, work on your SEO and start that ASAP. The sooner you do, the sooner you will come up on the first pages of Google.
Natalia Raben is International Business and Management student from Amsterdam taking care of content marketing @ DesignBro. The insights for this article were provided by DesignBro’s founder and CEO, Christiaan Huynen.