So you’ve done the hard things well and you think the coast is as smooth as it ever can be; just then you get the news that you’ve forgotten to file your GST return in due time. Life of a startup founder is not all glitz and glamour. The grass is always greener on the other side, as they say.
There’s much more to it than what meets the eye. Every second, the dynamics are changing, the competition keeps on rising and you get naysayers in every nook and corner. As a founder, you need to stay on your toes 24x7 365 days a year to ensure that you meet your goals in the long run.
Here’s a rundown of more such tips that will change the way you see startups:
1. Partner Up With Someone You Trust:
First things first, accept that you can’t do it alone unless you wish to shut your business down within a matter of weeks. That’s not the case now, is it? Here comes the hard bit.
Don’t just partner up with any average Joe who is willing to invest big bucks. Go for someone who you’ve always trusted. For this will ensure smooth passage forever and ever. And as we all know, trust is something that can’t be bought or acquired. It is what it is.
2. Don’t Keep Running After Uniqueness:
The adage that your startup idea has to be unique or you’ll die doesn’t work anymore. You just have to pick a domain, product or service and do it better than your fellow competitors out there; unless you’re looking to go to battle with the likes of Amazon, Myntra and Uber.
You can compensate for your idea not being unique by giving unparalleled high standard services; giving yourself an edge over your competition. Also, considering the market frenzy we’re in currently; unique ideas are hardly there as almost everything has been picked up by some entity or the other.
3. Give Yourself A Salary Every Month:
Unless you’re a rich brat and money is an object for you; keep the protocols as such that will allow you to pick up a decent salary on a monthly basis. Keeping the finances in check, you can opt for this after 6 months once you reach a stable stage and garner some credibility for yourself and your brand.
4. Don’t Go Berserk For Profits:
Especially in the nascent stages of deployment and setting things up; don’t go overboard if you’re not making enough profits. Ultimately, customers get attracted to prices which are good for them. So even if you enter the market with a moderately priced regime; chances are that you won’t stick for long. Capture the market first by showcasing high-class services/products at a reasonable price and then increase your margins, once you’ve reeled the audience in. Capiche?
5. Quality > Quantity:
Its better to have 10 loyal clients/customers who are extremely satisfied with your services than having 20 who aren’t too excited about what you’re offering. Client acquisition is a gradual process; don’t do too much too soon. Focus on how you can build your brand, improve your services and add to your personnel first before trying to increase your client numbers.