Launching a startup can be nerve-wracking, terrifying, and exciting, all at once. However, it can also be rewarding if you do your homework. Before you kick things off, it’s worth learning as much as possible about the steps you can take to better manage that first, often-challenging year. Some of the lessons below may be worth taking on board.
Freebies Can Boost Your Brand
Any form of advertising is going to be beneficial for your business. Still, you may be surprised at how powerful promotional products can be. After all, you won’t find all that many people who don’t like getting practical items for free.
The beauty of using promotional products to get your business off the ground is that it can assist with brand recognition. The more your branding is out in the public eye, the more people can learn about your business. Pens, reusable coffee cups, hats, lanyards, the list goes on. It might be worth checking out the many product options sooner rather than later.
Don’t Sweat the Small Stuff
What you will learn early on is that a lot can and will go wrong when you launch your business. After all, you’re new to the business, and you aren’t always going to get it right. That’s why it’s so important not to sweat the small stuff. You will face many challenges, but not all of them are going to be worth losing sleep over.
Keep it Simple, Stupid
Most people are familiar with the Keep it Simple, Stupid (KISS) principle. It applies to many situations, including startups. If you have to explain how your business operates several times for customers and staff to understand, then it’s too complicated.
Provide a solution to a problem, but don’t make the processes to get to that point too hard for people to understand. The easier it is for your customers, the more likely they are to return.
Around 30% of new businesses will fail within two years. That can be a bitter pill to swallow, but there are many ways you can stop that from happening to you. One way is to price your products and services appropriately.
It can be tempting to undercut your competitors by a significant margin to gain business, but that may not be sustainable in the long-term. Instead, it’s crucial to research what your competitors’ pricing is, then at least stay within the general range of it. Win customers by offering superior service, not by setting your pricing too low.
Ask for Help
You would be astounded at the number of small business owners and entrepreneurs who burn out. You might not think it will happen to you, but a new business can put all sorts of demands on its owner. So, one of the most important lessons you will learn in your first year of business is that it’s crucial to ask for help.
Talk to friends, other business owners, and family about how you’re feeling, and ask for their advice and assistance when you really need it. Do this before you get to the point of burning out so that you are in a better headspace to manage daily business operations.
There are no two ways about it: starting a new business is hard work. You will learn many lessons along the way – some easy, some hard. However, the more homework you do about those lessons, the better prepared you can be. Don’t underestimate the value of promotion, pricing appropriately, and keeping your business model simple. Most importantly, ask for help from people you trust when you need it.