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Startups come and go. Those that stick around can typically give thanks to savvy business decisions and the behind-the-scenes determination of their founders. Surviving year one isn’t easy, making solid advice along the way invaluable. So, what advice can we take from those that have succeeded? Today, we’re going to take a look at some startup tips that you are unlikely to find anywhere else. Pencils at the ready? OK. Let’s begin.
1. Invoicing: Get Paid or Go Under
Invoicing holds the keys to your cash flow. If a startup begins to face a financial struggle, the newly fledged firm cannot rely on significant cash reserves or multiple revenue streams. They don’t exist yet. That comes in time, with any luck, and by luck, we mean the careful planning and execution of a tight and well-researched business plan!
In the meantime, every customer counts. Every sale is another leg up on the business ladder, keeping you away from rock bottom.
An essential startup tip is about invoicing software. It entails giving your customers a receipt of the transaction, complete with the total bill and payment options. If you plan on sending individual emails to ask politely for payment, you’re going to face avoidance tactics and responses along the lines of, “So sorry, your email went to my spam folder, send over your payment details again and I’ll have someone look into it”. Avoid the hassle now and invest in an invoicing software. Check out FreshBooks for invoice templates.
2. Hire People With Passion
Anyone thinking about starting a startup business should remember this tip. People make businesses tick. Skills have a lot to do with it, too. However, people who are forced to work with staff members that bring misery and upset into the workplace will soon start to look elsewhere for gainful means of employment. In short, you can’t just employ anyone and expect the workforce to “click”.
Think about the culture you want to create. Is your workplace vibrant and bright? Or do you want to go for something more laid back where silences aren’t a problem? You have to keep pin mind sometimes there are huge differences between people.
The interesting thing is that different people can have the same skills. So, the next essential startup tip is to choose your staff well. People with passion will help you to drive your business forward infinitely more than people with skills on paper who don’t fit with your business’s culture.
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3. Heavy Lifting: Don’t Leave Your Dream to Chance
Let’s cut to the brass tax of business longevity. You will have heard this advice before in different guises. For example, “If you want something done well, do it yourself”. However, what you haven’t heard is what this really means in terms of working hours.
Your dream is your dream. No one cares half as much as you do about your company. Workers can always switch jobs. However, your company is your life.
Serial entrepreneur Elon Musk has gone on record saying that nobody changes the world working eight hours per day. He in fact worked around 80 hours per week when starting out, and sometimes still does. A startup tip you can’t ignore is to be prepared to take on the heavy lifting for your business to succeed.
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