Launching your first startup can be exciting, invigorating and intimidating at the same time. As a new entrepreneur, your first company is your way into the business world where you will have to deal with challenges you normally wouldn’t have to in a 9-to-5 job.
Whichever industry or niche you may be in, knowledge is power and advice is worth its weight in gold. Learning from mistakes of other businesspeople and applying models from best practices can help you launch a successful business without going through the excruciating trial-and-error process yourself.
Luckily, there are many other entrepreneurs out there that you can learn from. Even though your business idea or model might be unique, you are not the only one who had gone on a journey of starting something from scratch.
In this overview, we’re presenting you with some of the best advice from entrepreneurs who have successfully launched their first startup. Learn how to be an amazing business owner from the best in the biz!
1. Do Proper Research
Investing time and resources into market research and competitor analysis will pay out significantly in the long term. You will have to adapt your business practices to suit the needs of the market all the time, but there’s not a more important point in time to do it thoroughly than before you launch.
According to Forbes, poor market research is one of the three most detrimental startup mistakes. It’s always recommended that every fresh company should opt for a specific niche, but going too niche can be a real business killer.
Before the official launch of your startup, you should not only know your customer’s needs and demands but also aim to predict how they are going to change in the near future.
Also Read: 5 Key Leadership Skills Every Entrepreneur Need To Have.
2. Go Hard or Go Home
Entrepreneur.com has dubbed Go hard or go home as the most crucial piece of advice for new business owners who are on the way of launching their first startup. For many aspiring entrepreneurs who want to enter the market slowly and carefully, this advice might seem somewhat counter-intuitive.
Nevertheless, risk-taking and the willingness to put in the effort and go the extra mile are a common trait among all entrepreneurs, but you have to be especially vigorous on your first venture.
Even though inexperience and anxiety might cause you to be more careful and risk-averse before your business idea proves profitable, your first startup is definitely not the time and place to be timid.
3. Don’t Wait Until You’re “Ready”
From the outside, it might seem like every successful businessperson had an awesome idea at the right time and the right place. However, what’s not as visible to outsiders is that every business idea had to start somewhere and build despite mistakes and setbacks.
The world of business is full of inspiring entrepreneurship stories about brave individuals who launched a business despite previous failures. For example, there were 10,000 failed attempts before Thomas Edison invented the light bulb.
You will never feel absolutely ready to start a business and there’s always a trial and error process involved in striking gold.
4. Craft Awesome Brand Story & Identity
Startup success is all about marketing, and marketing is all about storytelling. If you’re entering a competitive market that’s full of businesses that provide similar services, you have to stand out and differentiate your business.
The easiest way to do this is by coming up with a compelling and attractive brand story that will connect your business to its customers and form long-lasting relationships.
For your first venture, copywriting and website content are definitely not something you should skimp on. If you’re not much of a wordsmith, there are many high-quality, professional writers out there who can handle the work for you and make sure you get the best results out of your PR and content.
You can use some of the platforms where professional writers offer their services, such as iWriter, PickTheWriter, LanguageWire (recommended by HuffingtonPost). If you want to create a visual identity that will fit your exact vision, you can craft one yourself using online tools such as Canva or TailorBrands.
Also Read: Tips on Getting Your New Business Off the Ground.
5. Choose Suppliers and Partners carefully
As a startup, businesses you cooperate with can make or break your company. The business world is all about relationships, and you can never do enough research about the companies you’re planning to make deals with.
“When choosing a partner, it’s important to focus on factual and objective reviews. Develop your criteria for best practices and choose to work only with those companies that comply with your standards. To be the best, you have to work with the best”, says Elle Watson, a Business Assessor at IsAccurate, a translation agency evaluation company.
6. Continue to Improve and Learn
In the haze of building a business and crafting a brand, it’s easy to forget about your personal needs. However, when you invest in your own development and learning, it will immediately reflect on your business as well.
Warren Buffet, a famous multi-billionaire investor, said that the best possible investment is the one in your own abilities because it’s likely to be more productive.
This implies everything from professional skills and specialized courses to soft skills such as communication and presentation. Channel all of your new and advanced skills into your business and you will be amazed by how strongly it will impact your day-to-day business.
7. Master the Art of Delegation
As a business owner, it’s incredibly tempting to take control of every single detail in your company. However, as your startup grows, you will need to learn how to delegate tasks to people that you trust.
Virgin Group CEO Richard Branson advised: “As much as you need a strong personality to build a business from scratch, you also must understand the art of delegation. I have to be good at helping people run the individual businesses, and I have to be willing to step back. The company must be set up so it can continue without me.”
Also Read: Building A Small Business Vs. Building A Start-Up.
Starting your own business is never easy, but it can be one of the most rewarding and fulfilling experiences of your life. With the right mentorship and great examples in practice, you can push your business to a level that you didn’t even dream of.
Remember, you’re not alone and most of what you will go through as a new startup owner has already been experienced by many. Listen to advice from those who have already gone through the same journey and succeeded.
Angela Baker is a self-driven specialist who is currently working as a freelance writer at writing services such as SupremeDissertations and is trying to improve herself and her blogging career. She is always seeking to discover new ways for personal and professional growth and is convinced that it’s always important to broaden horizons. That’s why Angela develops and improves her skills throughout the writing process to help to inspire people. Also, she writes for LiveInspiredMagazine, rounding out her professional writing career.