5 Golden Rules for Starting a Business
Are you new at this? If someone you’re doing business with asks you that question, you are already in for an uphill battle. Being a new business is okay; acting like one is something entirely different. If you want to be the start-up that doesn’t come across as inexperienced and uncertain, there are certain steps you need to take in the very beginning. Here are our top five tips for start-up businesses.
- Never talk about money problems. This is a clear indicator that you are a new business owner. It’s not that established businesses don’t have financial difficulties. They do, but they don’t talk about them publicly. Act as if you don’t have a care in the world and you’ll instill confidence in both your employees and customers.
- Hire intelligently. Don’t go out and desperately employ anyone who will come to work for you. Make the hiring process challenging and you will add value to the job. Buy the best applicant tracking system you can find. It will make a big difference today and in the future when you do your next recruitment drive.
- Identify what you have and don’t waste resources. There are many valuable pieces of your start-up that you may not see as a resource just yet. Current personnel and job applicants are resources. Hire the people you can use today, but don’t bring someone on board for future use until you can justify their salary with production numbers. Use job recruitment software to keep track of who can do what and when they’ll be available.
- Do your job and let others do theirs. As the business owner, your job is to make sure your company is properly financed and that things run smoothly. Don’t try to do too much. That’s what you have employees for. Let them do their jobs and focus on what you do best to make the company successful.
- Don’t be afraid to take chances, but never gamble with your own money. Your company has a net worth based on what you started out with. Don’t gamble that. Use only profits when you want to take chances, and don’t be afraid to take them when they’re available. That’s how companies grow.
Opening a start-up in this economic climate isn’t easy. A good idea is a start, but sound decision making and solid financing will make it even better. If you don’t know what you’re doing, find someone who does and take their advice. Anyone can succeed over time, but how many mistakes can you survive before you get there? Making the right choices at the beginning when it comes to hiring, delegation, and company philosophy will make your journey much more enjoyable and arrival at your desired destination more likely. You’re a start-up today. Tomorrow you could be the company that new start-ups emulate. Make sure you keep a journal of what you’re doing. It could turn into a great book someday if you become the success you believe you can be.