Emma / Published on December 8, 2013
In 2012, there were more than 400,000 new start-ups, however 20% failed within the first year and an estimated 50%will have gone under by 2015.
Pretty scary stats if you’re a start-up, or thinking about launching your own business.
It goes without saying that a lot of research needs to go into your business plan if you want any chance of your business becoming a success.
Hare are the most important factors in turning your start-up into an established business;
Only do what you love
You may have a great idea for a business but if it’s not something you are madly passionate about, then it’s likely your start-up will fail. When times get tough and your motivation levels dip, only passion will drive you through.
Hire only passionate people
Hiring the right staff is essential for any business, but for start-ups making sure you hire people who fully believe in the business is critical. You need to have people working for you who have the same passion for the industry. If your sales team has strong belief in your product or service, then you can’t go wrong.
Don’t get caught up in new Tech
When it comes to technology for a start-up, at first go with what you know. If you know how to use Windows, stick with it instead of changing to Apple, as it will save you time learning how to use it. Also find out what systems your staff are used to.
You don’t need a PR company
You may think that one of the first things you need to do is hire a PR company but this is wasted money. You can do the PR yourself. Spend an hour a day finding the right journalists and publications and reach out to them. Magazines, newspapers and any other online or offline publications are hounded by PR’s every day. They will no doubt be happy to hear from a business owner instead.
Create a fun environment
Start-ups can be very stressful for everyone involved. Typically a small number of staff can mean extra pressure for everyone to be on the top of their game at all times. Any minor errors can become costly mistakes in start-ups. So to make sure your staff are happy reward and praise them often. Organise nights out and buy everyone a few rounds of drinks. Create a monthly ‘Employee of the Month’ scheme to keep motivation levels up. Buy treats every Friday. Keep track of everyone’s stress levels so your staff don’t become overwhelmed and retreat.
