4 Simple Start-Up Tips for Aspiring Entrepreneurs

These days, more and more people are choosing to walk the entrepreneurial road instead of living out their professional lives as employees, and it’s easy to see why. Apart from being your own boss and turning your passion into profit, success in your own business venture means the potential for greater financial rewards. And, with technology making these endeavours more accessible today than they ever were in the past, there’s no reason not to pursue this undertaking.

However, anyone can start a business. Achieving success is a different story altogether. With the failure rate of start-ups at nearly ninety per cent, attaining the desired outcome is no easy task. To help out aspiring entrepreneurs, I’ve compiled a list of simple yet effective tips that should help give their businesses better odds of succeeding. 

1. Stick to your niche

A common trap that many inexperienced business owners fall into is trying to move in too many different directions from the outset in the hopes of growing their start-up quickly. However, this can also put the start-up at financial risk. If you’ve only just begun, it is usually a better strategy to stick to your niche and concentrate on your priorities. Not only will this more focused approach allow your company to maintain a higher level of productivity, but you’ll also keep yourself from spending on all the bells and whistles that the business doesn’t need yet and improve its profit margins as a result.

2. Turn networking into a habit

Connections help keep businesses afloat, presenting them with more opportunities for success. As such, it makes sense to adopt networking as a habit. Taking note of all the people you meet and building healthy business relationships with them can benefit you in more ways than one. For starters, they can offer invaluable advice that can help you make the right decisions for your start-up if you find yourself in a slump. You may even meet suppliers that could potentially give you better deals and save your business money in the process. 

3. Keep your day job at first

As a start-up, it’s likely that you won’t be generating profit for at least a few months. Since you won’t be making money yet, it is better to keep your day job at first. It may sound like a challenging prospect to juggle your employment and your business at the same time. However, it will guarantee a steady cash flow until you get the start-up off the ground. 

4. Don’t be afraid to spend

While it’s undoubtedly critical for a start-up to control its expenses, it is equally important for it to make smart investments. After all, there’s hardly any reason to skimp on essentials that will make your start-up’s operations more efficient. For instance, when you begin to create a workforce, investing into an HR cloud solution from the likes of Tugela People will not only ensure that you are able to stay on top of the demands of being an employer from the off, but also that your existing system is prepared to scaleup alongside your business. So, don’t be afraid to spend; just consider the investment carefully. It will save you money in the long run.

No one can deny the difficulty of succeeding as a start-up. But as the saying goes, nothing easy is worth having. And with the tips listed above, you’ll be able to give your start-up more than just a mere chance of succeeding.

Adam Hansen

Adam is a part time journalist, entrepreneur, investor and father.