Hi there Crusaders.
Over the last month or so I’ve been focusing a lot of my energy on launching our new BYDB business start-up mastermind. It’s hard work and taking longer than I had hoped, but so rewarding. I can’t wait for you to see it.
So, in line with my current focus, I want to share a few strategic start-up tips with you. But, unlike most ‘what-to-do’ lists, this is just the opposite.
This is a list of what to be cautious of and, ideally, what to avoid when you’re preparing to start your new business venture.
What Not To Do
Here’s my 7-point checklist.
1 – Don’t be a slave to money.
Money cannot be your primary goal. Find your passion. Learn your purpose. Work out what motivates you and what gives you energy – and concentrate on that.
2 – Perfection equals paralysis.
Don’t try for perfection. Launch early; as early as you possibly can. Then improve incrementally. Learn as you go and let the feedback from your leads and clients guide you and assist in your growth
3 – Stop wasting money.
Don’t spend money unless it’s vital. Focus on income-earning activities, not expenses. If it’s critical to your startup and immediate progression, then spend whatever you have to – and get hold of it.
If, however, it’s not absolutely crucial to your immediate survival, then leave it alone.
You’ll have plenty of time and resources to spend money on niceties further down the line. This is a business startup and you have to be lean and ruthless.
4 – Don’t try to do it alone.
Look for mentors and community support. Find anybody you can who is the least a couple of steps ahead of you on their journey, and use their progress and advice for inspiration and guidance.
5 – Be very wary of partnerships.
A business partnership is a very serious relationship, and you need to treat it as such. Think of it as a business marriage. You wouldn’t get married to somebody before you got to know them and got to really trust them.
That’s exactly how you should feel about a partner in business too. You need to pick wisely.
Apart from trust, you also need respect. And you have to have a common set of core values.
Not to mention the fact that you actually need to like to each other – an element that, surprisingly, is down-played a lot more often than you would think.
6 – Don’t try to operate in a bubble.
Learn to network. Make use of the communities and forums of like-minded entrepreneurs, such as the FutureProof Business Crusaders group on Facebook. Look for, and connect with fellow business people in those communities. The opportunity for you to learn and grow in those environments far outweighs the benefits of attending any individual course.
Having access to a group of people who are going through, or have recently gone through what you’re undertaking now will be invaluable to you in the future. You will be able to get all sorts of insights and fresh perspectives based on the recent experience or people just like yourself.
But remember that it’s a two-way street, and if you want to receive help and support from your community then you need to be prepared to share your knowledge and give your help and support to those in the community that reach out to you.
7 – Be very wary of product startups.
A product startup involves high start-up costs. There are significant initial expenses related to offline, bricks-and-mortar requirements; be it a factory, production equipment, warehousing, whatever. . .
The requirements are usually onerous, and the overheads are much higher from day one.
If you’ve got your mind set on a product-based start-up, then be aware that you’re going to have to build a superb business plan that you can take to investors and funders, as you going to need all the Startup capital you can lay your hands on.
Well, those are my pointers on what to avoid and what to look out for when starting your business. I hope they provide some guidance.
I guarantee you that some of them, if not all, will come in handy during the course of your venture start-up; and also in your business life thereafter.
Have a great week & take care out there.
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