Do’s and Don’ts of a Startup
They say running a business is tough. So, it’s not hard to imagine what would it be like to building it from scratch. These ‘New Businesses’ commonly known by the name of Startups are full of challenges.
Due to lack of business experiences or let’s say misfortune, not many startups stay afloat to see the light of the day.
Following are the golden rules to keep in mind if you have planned or already stepped into the jungle of Startups.
- Losing funds: Money, one of the most important factors in running a startup. The fund decisions should not be compromised at any cost. Make the most of every resource so that the funds can be used for the growth of the company.
- Email marketing: The kind of reach and information email marketing provides at a low price is exactly what a startup needs. It’s cost effective and is the ideal way to reach out to prospective clients. It is a win-win deal.
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- Not a democracy: Everyone’s opinion is not required for every decision. Be sure about the decisions you make and take them forward. Voting can be done while taking a smaller decision, like, which pizza to order.
- Go online: The company is as good as invisible if it doesn’t exist online. Even if it’s one page, make sure you have a fully functional and impressive website. That will be its face value, so make sure its a good one.
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- Casual hiring: As the company starts to expand, there is a need to hire more people. It usually starts with 2-3 people with the same mindset burning their funds with the midnight oil to make it through. If you end up hiring a misfit person for your setup, it will probably paralyze the company.
- Documentation: Sealing the deals just with a handshake is not a very good idea. Make sure all the legal documents, from office lease to licensing, to partnership documents etc., are in place. Needless to say, from a trusted legal firm.
There is not much difference in handling a startup and raising a child. You invest your blood and sweat, sacrifice on your sleep and funds to make sure it grows up well and makes you proud.