Turn Your Start-Up into a Grown-Up
Turn Your Start-Up into a Grown-Up
A start-up business always starts out as a small seed – an idea. No matter how brilliant that original seed is, it needs certain elements in place in order for it to grow into a sturdy organisation.
Too many potentially great start-ups never make it past go. Don’t let that happen to yours. Here’s how to make sure your start-up gets the nourishment it needs.
People
Part of what is appealing about being an entrepreneur is the independence. Going it on your own is an exciting step in your career! But that doesn’t mean you can carry the world on your shoulders. You’re only as strong as the people on your side. This doesn’t mean the more people you employ, the better your chances of success are. The more people you have on your team, the more salaries you need to pay.
Rather, think along the lines of collaboration. What skills can you bring onto your team to turn your project into something greater than what you would have been capable of on your own? Make sure you bring on board only those individuals who share your vision.
Business model
The creative part of an entrepreneurial endeavour is very important. There is a strong relationship between creativity and entrepreneurship. However, no matter how original and innovative your offering is, you need to get practical about how you’re going to bring it into the world.
You do that with a business model. A business model is the heart of your business strategy, and spell outs how you’re going to create, deliver, and capture value.
Funding
Think of your cash flow as the watering of your start-up seed. Without which, fledgling businesses will wither and die. From your business plan, you should have an idea of how much money you need to get going. Unfortunately, cash isn’t going to fall from the sky. If you have personal savings to rely on – great. Investors already on board? Fantastic! If these ready sources of funding aren’t available to you, or they aren’t enough, don’t worry – there are a few avenues to explore.
Crowdsourcing platforms like Kickstarter is one of them. More and more people are waking up to the potential of micro-investing. Then there are of course also the more traditional ways to go, like getting a business loan. Don’t neglect to also try more specialised forms of financing, like start-up loans or asset finance.
If you have these elements in place, congratulations, you’re on your way to wowing the market with your new product. Just make sure your business always has the collaboration of the right people, the strategy of a well-laid out business plan, and the cash flow to keep things running smoothly.
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