The ecosystem of big business has been turned on its head thanks to the incredible rise of start-ups. From the friendship-focused website that is Facebook to Twitter, which has now revealed that it, plans to float on the stock exchange, start-ups have made billions of pounds for investors. Many entrepreneurs are hungry to get a cut into this small but lucrative world. If you have a razor-sharp business sense and passion, you could make it with your own start-up.
First dissect the following top tips that you should use in order to get your start-up ready:
Top 5 tips for your start-up
- Have a cracking idea: It is all about your idea to a certain degree with a start-up. If you are going into the tech space, and you want to make something for the consumer tech world, you definitely need an idea that is unique. Experts think it is better to choose the business side where you sell software to clients because it is more stable and purchasing choices are less susceptible to buying patterns where emotion and feelings are involved. Your idea should have a unique selling point that makes it stand out from the crowd automatically.
- Know your funding source: You should know how you are going to fund your small business idea. Whether you go to family, friends or you decide to take out a loan; you absolutely need to have a hold on your business figures. Business loans are hard to come by so you should also try and include more cash that you can make by having an extra job or creating a side business to feed the start-up. You could also find an angel investor which is essentially a wealthy individual who wants to invest in business in order to get a return.
- Get co-founders: It’s always better to do things in teams because as always 2 heads are better than 1. Co-founders are people who will help you build your start-up. You should pick someone with skills that will complement you with your start-up. If you are someone with sales skill, find someone with creative chops to make your start-up successful. Co-founders should split equity in order to avoid legal problems over who owns the start-up.
- Know the nuts and bolts of running a business: You should also be aware of the hum drum elements of starting a business. This means accounting, marketing and office administration have to feature as elements of your start-up. If you are not good at this, hire someone for your start-up so that you can focus on the bits you love most about about your start-up.
- Get on social media: You need to use social media sites as soon as possible in order promote your start-up. If you have a consumer business, you need to be on Instagram and Pinterest immediately. If your start-up is catering to business people, you need to get on LinkedIn, the largest professional networking site in the world. Social media and chiselled online marketing campaigns will help you find customers for your start-up.
Launching your own start-up could see you become the next Mark Zuckerberg or Steve Jobs. Just make sure that you work extremely hard and that your business can stand the test of time. In order for your business to last, you have to give your customers something that they are willing to buy for in order to get repeat business. With smart business skills and these top tips, you too could have your own start-up and fulfil your dream of being an entrepreneur.