Have you ever felt like your money goes by as swiftly as it comes to you? Fear not, we have all been there and it is truly frustrating. But we have a solution for you. From the moment when you decided to leave your ongoing monotonous work and start a tech start-up, we also have found out the best ways for you to take the necessary steps for seeing through your start-up’s beginner days.
As simple as it may sound, it, however, is a truly arduous and mind breaking task to achieve your milestones.
Before you quit your income of daily wage and start anew, below are a few tips and tricks that you must follow to establish a successful startup!
1. Timing: For a successful start-up, timing is crucial. You can maximize or minimize your profits based on the timing of the stocks in the market. It can be a lethal or a very powerful weapon in your arsenal if it is perfectly used. Depending upon the type of start-up you should be selling and buying as per the demand of the market right then. A product based start-up requires taking calls. However, if you are dealing with a massive business dealing company like Zomato, which is operation intensive then you should join as soon as possible.
2. The Current Job: Do not leave your ongoing job until and unless you are firmly established in your start-up and it provides you a better income than the ongoing one. Wait for the slow build-up of your start-up team that can work full-time. However, if your current job does not provide you with enough money to start-up and neither gives you the required skill set it would be better to leave it. This can prove to be a fatal blow to you as you may not be getting good income as well as a skill set.
3. The Best Team: No matter how important an asset may be, always remember the biggest asset is your team. A team with high work experience can be considered as the most remarkable asset you can get in this line of work. So make sure to choose your team wisely and appropriately.
4. Active Network: Once you have a great team on board, the next most important thing is to hire initials, office work areas, interns, devices, etc., that are cheap. However, if you have a good network, you won’t face as many problems as you did otherwise because it will help build your startup faster and at a much cheaper rate than anything else. These days’ concept of freelance and contract resources are very popular and cost-effective especially for startups with low budget. This not only caters to their business needs but also help them keep their operational budget within limits.
5. Runaway Period: The famous industrial myth is that nine out of 10 startups fail and it may be very concerning to those who have witnessed it first-hand. The smartest thing to do in such a crisis is to save 6 months of runaway cash upfront before starting the startup. This can give you a little window of a breather for the time being and if things keep on going south, you can always join another business workplace and hope to start anew sometime in the future.
6. Everything is well at home: You need to be focused and mentally strong for such a venture. Most people freak out just by the idea of starting a new business with very little money without realizing that every startup requires time and patience to thrive and grow. For tackling such a situation you need to be emotionally redundant and rationally active. It requires a lot of patience and serenity to start something of this sort.
These are the most crucial and essential tips that you must follow if you ever plan to quit and a full-time job to venture into any startup! These tips will not only help you take every step rationally but will also help you sustain and grow in this global landscape of business.
– Mamta Sharma