Whether you’re opening your own bicycle shop or selling homemade cupcakes, creating a startup business takes a lot of time and risk. Here are six things that every startup business should know:
1. You’ll encounter obstacles.
You’re not going to know how to do everything right from the start, and that’s alright. Just make sure you’re able to find the right answers in as little time as possible. No one is an expert in their industry when they first start, so research as much as you can in the beginning and build your experience along the way.
2. Funding may be difficult.
Banks and financial institutions don’t often jump at the chance to fund a startup business. They can only give out so many business grants and a small percentage of those will be given to startups. Look into small business accelerator programs or government funding programs for more options.
3. Follow through with plans.
This may sound simple, but once entrepreneurs get the major elements of their startup business out of the way, many start skipping smaller steps. Create a checklist of everything that needs to be done in order to succeed and stick to it. Veering off the path and doing whatever you feel like gives you a great potential for disaster.
4. Not everyone will want to buy your product.
You may think your product is the best thing ever, but not everyone will agree. Establishing a customer base is difficult, which is why you have to spread the word as much as you can. Talk to everyone in your target market and surround yourself with employees and small business partners who will do the same.
5. You may not make money.
When you first start your business, you probably won’t make a whole lot of money, so don’t quit your day job. It takes time for a small business to get on its feet and be profitable, so don’t expect a brand new business to be able to pay for all of your bills.
6. Hire the right people.
The first few people you hire are ones that you should be able to call your partners, since they are in this with you from the beginning. Make sure you hire people who are motivated, positive, and driven to help you succeed. The right people can help you grow your business.