Hello, and welcome once again to our blog. This is part three of our three-part series about creating a solid and secure foundation for your startup. In part one, we talked about common reasons startups fail and how you can avoid them. In part two, we talked about marketing, understanding your market area, and having long-term goals. This time, we’re going to talk about several more tips for new business owners.
Organization is key when it comes to forming a secure and successful startup, especially if you’re getting involved in the e-commerce realm. You’ll have to figure out an inventory management system that works for you and ensure that you have storage solutions that don’t eat your whole budget.
Since you’re a business owner now, you’re going to have to learn to manage your time and give attention to whatever area of the company needs the most work. Many people think of business owners as operating in the background, overseeing everything that’s going on. Although this is definitely the case, you need to know when to go to the front line and interact with customers. A good business owner will be able to track all the successes and inconsistencies in their company, and that takes great organizational skills.
Passion vs. profit
Often times, new business owners will feel guilty about wanting to make a large profit off their startup. Although you shouldn’t feel guilty about wanting to make money, it’s unlikely that your company will succeed if profit is your only concern. Nearly every company on the planet started with someone seeing an opportunity to help others and taking a leap to make it happen. Profiting off of that is just a side-effect of that.
Don’t wait to pivot
A pivot is when a startup abruptly changes directions to try a new business model or strategy. This is one of those things that you just have to trust your instincts on. It may seem like a huge risk to take at the time, but if you feel like you’ve lost passion for your current business model or direction, it’s better to make a change now rather than a few months or years down the line. This will give you a fresh start and allow you to start testing new markets or products to see what works for you. Think of as a necessary growing pain; right now it may seem really stressful, but later on, you’ll wonder why you were ever afraid of it in the first place.
Talk to a lawyer
Another reason many startups fail is because they don’t take into consideration laws and regulations. There’s nothing worse than being excited about a business only to be hit with fines or lawsuits. From forming your business structure to putting into place an accounting system, you need to take everything into account. Speak with an incorporation lawyer to learn about this process and how to form a business that abides by the law.
Contact FRF Consulting Group
Whether you’re in the startup stage or you’re beyond that, it’s never too late to speak with a professional business consultant. At FRF Consulting Group, we understand how difficult it is to manage your own company. We’ve seen the best and the worst of entrepreneurship and most importantly, lead hundreds of people just like you to owning a successful business. We specialize in leadership training, sales skills, product training, customer service and many more skills that are essential for operating a business. If you have any questions or you’re ready to schedule a consultation, contact us today.