How to Create and Develop Your Startup
By Space Coast Daily // October 26, 2020
A startup takes both time and hard work to develop and maintain. Many startups will come and go, especially in times of uncertainty. Businesses have different models of growth, and may even undergo multiple changes until it can stand on its own.
It’s hard to predict and plan for everything that may happen, but it’s a good idea to have some insight to run your business.
With that, it’s nice to have a guide on what to look forward to, and what to plan for, as regards running your new startup. To help in building up your startup, make sure that your foundations are strong.
Software development for small businesses can be a messy affair when tackled alone but can be less of a hassle with the guidance of an experienced company like Redwerk. These 5 practices will help you as you go from a fledgling business to an established startup.
Goal-setting for your organization
When you’re first setting out, it’s advisable to have a clear idea of what your company is trying to achieve. You must find out what you wish to achieve with your business model.
This includes setting up time frames for these goals. This important step ensures that any feedback you’ll receive can signify a need for a change in business strategies, or that they are effective.
Another benefit to efficient goal-setting is that your goals can be divided into smaller actions that will lead to a larger goal. This makes the whole process simpler and allows you to easily record any metrics that you should deem relevant to your business.
An example might be when your business is trying to enter a new area. You may find that recording metrics related to customer growth, number of sales, supply chains, and customer satisfaction are important signifiers of the business’ status in the new area.
2. Finding a source of capital
No question about it, you’ll need a good amount of capital to get your business started. Depending on what type of service you’ll be providing, the number might differ drastically. For a small set-up that’s part-time and needs no special equipment, it might cost less than $10,000.
Figure out what will be the primary source of your funds. These can come from your own personal savings, investors, loans, venture capital, or even crowd funding operations. This will be important when dealing with problems regarding your company’s cash-flow.
These funds will not only go towards the development of your company but also the miscellaneous costs like customer acquisition and marketing costs.
Banks can be a source of capital with their loans, but it may be hard to ask for any large amount of money. These institutions are unlikely to give large sums to newer companies with no stable income or no assets.
Investors are another great source of capital funds, but be careful to not give away too much equity before you even start your startup. When looking for potential investors, you must be ready to pitch your startup ideas in a quick and effective way. Have your business plan known by heart, and make it presentable to the clients.
Once you secure funding, you can focus on the network that your company will fall back into. This will involve the right people in the right jobs.
3. Networking with the right team
No one man can run a business, so how many people do you need for your company? There are obvious choices like managers and staff, but are there more people that could be beneficial to your organization?
As always, it depends on what industry your startup is in. A majority of startup companies are small teams that expand as the business requires it. If it were a restaurant, then you would need significantly more personnel than a business focused on technology.
Another good choice for personnel is experts of law, finances, and accountancy. Lawyers, accountants, and financial advisors can help your company to save money in the long term.
They are able to explain the tax obligations and legalities that you will have to adhere to. While these are not specifically your employees, it’s suggested to keep them under your payroll.
4. Location, Websites, and Software
Your business plan should have a strategy for your company’s location and website expenses. While leasing property might be an alluring idea, take note that it will be more expensive in the long term. Secure funding from your sources in order to buy the property instead.
With today’s prevalence of the Internet in our daily lives, a company website that you can refer to is a massive leg-up on the competition. Don’t wait until your launch day to get it organized, promote your business even before the grand opening. Invest in a well-designed website and in writers that can generate traffic towards your business.
5. Preparing for the future
As much as the future seems bright for your company, you must learn to adapt to unforeseen events. Starting your company is not an easy task, and there will be many hurdles before you can call your company a successful one.
One that’s a concern would be your company’s relevance in today’s business landscape. It is constantly evolving according to trends and the needs of the consumer. You will need to respond to these changes in a timely manner, making sure to deliver the very best you can.
A way of doing this is by outsourcing some aspects of your development to different companies. Outsourcing certain business processes can help you to take care of multiple sides of your business and allows your business to keep up with the pack.