It always helps to get off on the right foot – especially in a challenging economy. Consider these 10 startup tips for your new business.
- Find Something You Love – You’re going to be spending a lot of time researching, building, writing about and immersed in this market. Better make it something that you enjoy or at least have an interest in.
- Find a Starving Crowd – You can have the best product in the world but if nobody really wants it you’ll only sell to a few curiosity seekers. Look for a starving crowd and then provide food (the product they crave).
- Start Small, Test, then Scale – Don’t spend a million dollars on a manufacturing facility before you know your product is going to work or sell. Outsource a small order, run a small test marketing campaign, work out any bugs and run it again – you’ll soon see if it’s a product than can scale up to profitability.
- Find A Mentor (or two) – Look for someone who has been successful in a similar but non-competing market and develop a friendship. There will be a hundred little problems they’ve already worked through and can save you a lot of heartache. Join a mentor group or online forum in your niche and glean wisdom from others.
- Don’t Do Everything Yourself – You probably have ‘type A’ perfectionist tendencies as many entrepreneurs do. You may even be able to do all the tasks yourself and are pretty good at them – but that’s not the smart way to work. Document processes and procedures and teach someone else to do them. Take as much off your plate as possible to free you up for big picture thinking.