Planning to launch your very own start- up that has the potential to take the marketplace by storm?? If you have your capital in place, your team handpicked and your risks covered with insurance including professional liability insurance to address potential client lawsuits, you may believe that you are all ready to start. However, if this is your first business venture, it helps immensely to be aware of a few things well in advance before you sign your first big project. Here are five critical things that you should know.
1) People are your biggest asset
Be it your clients or your staff, people make your business what it is. Invest in hiring the right people and training them so that they can deliver beyond expectations consistently. Keep your staff happy and they are motivated to do their best for you- result, happy clients! When it comes to clients, keeping them happy is mandatory during the course of your project but even afterward, invest in keeping communication lines open with them, follow up, interact. The client will remember you when he has other needs you can fulfil and he also becomes you biggest cheerleader, translating into amazing promotions for you!
2) Your business’ finances are NOT your finances
This is one common mistake that first time start-up owners make- they fail to differentiate between their own personal finances and that of the business’. Mixing the two up can lead to immense confusion about exactly how well your business is doing. Also, when you confuse the two, you expose your personal finances to the risks of your business quite significantly, and you do not want that at all.
3) Do not underestimate risks
In a bid to cut costs many start-up owners tend to overlook the expenses related to risk cover, in particular they underplay the insurance cover that will protect the business if a client is dissatisfied with your service. Professional liability insurance will provide your business are adequately protected from lawsuits filed by unhappy customers. Lawsuits could be filed for misunderstandings, negligence, and unsatisfactory services or products provided by you.
4) Maintain good relations with competitors
It helps to interact with competitors, associate with them on projects, even refer clients to them if they need services that you do not offer but your competitor does. Remember, this works both ways. Your competitors may return the favour to you too. Also, maintaining good relations with your competitors ensures that you have a way to stay updated with industry happenings. You may also be able to partner with them to take on projects that are bigger that your single business can handle. By partnering you also halve your risk.
5) Work on your reputation as an expert
Use content marketing, social media, conferences, workshops to establish your credentials as a leader, an expert in your niche. This not only promotes your brand but also builds trust in the marketplace for you. A client who needs a service that you offer is more likely to come to you if he can see that you have a good repute for knowing your way around the specific area.
Keep these points in mind when you launch your start-up and you have the right mindset in place to make it a grand success!
1) Matt D’Angelo, 2019. 6 Things to Do Before Starting a Business.
(Last updated: January 28, 2019). Available at: https://www.businessnewsdaily.com/1484-starting-a-business.html
2)John Rampton, 2018. The 10 Things You Must Do From Day One So Your Start-up Thrives.
(Last updated: March 16, 2018). Available at: https://www.entrepreneur.com/article/309818
3) Vinil Ramdev, 2016. 8 Things To Know Before Starting A Business.
(Last updated: January 23, 2016). Available at: https://www.entrepreneur.com/article/277991