Top 10 Business Tips
Be Confident You Have the Mojo
You just need the seed of an idea to take the first steps. Get involved with us to avoid imagining obstacles. We know that taking steps to explore the idea always reveals opportunities. Remember at the start our first steps are for the learning and not the earning. Here is an excellent Podcast to listen to that explains why thinking long term and taking methodical steps gives you are greater chance of success because then you allow luck to have a greater chance to support you. Click to Listen
By Dean Strautins – Byford Innovation & Business Development Centre.
1. Aim for the Moon
Don’t listen to any nay-sayers because 99.99% of people do not know how to think optimistically like an entrepreneur. Everyone has an opinion as to why something will not work but the reality will only be revealed by taking steps. The people are good for a laugh but don’t let the get in to your head.
2. Take advice, get connected – but always trust yourself.
MAKE IT HAPPEN !
Only you can make it happen. You have the vision and the motivation so the responsibility is on you to make it happen. The IBDC will provide the right type of optimistic people that will assist you believe you can make it happen. You will gain tips as gifts in casual conversations. The path is mostly about thinking, asking, listening and trying. Then learning, correcting, and deploying again. Talk openly with fellows on a similar journey to share insights, ideas and resources.
3. Find your tribe and be agile.
A great way to quickly become aligned with market reality is to ask your target market who supplies to them and why. Find out the things your future customers like and dislike about current suppliers. Then align your business to satisfy those opportunities. Remember to establish your business processes using the easiest target market that i the low hanging fruit. Once you prove your business will achieve then and only then should you sprinkle in your eccentric alternative ideas.
4. Have a bold idea / plan that meets a real market gap or opportunity.
Because you are courageous you have the ability to start small and move faster. Be careful to avoid following like a sheep. For example if everyone is talking up Amazon FBA then remember FBA is only good once you have proven there is a demand by shipping first orders yourself. If you pretend to be courageous by blindly risking it all then you risk burning all your money and all your credibility Nothing worse to than to gain a lot of learning so you get to a point of actually knowing what will succeed to find you are out of money or in debt.
5. Execute asap – time is a precious so get action oriented
The best way to startup a starup is to take action. Starting a company is 10% idea/strategy and 90% execution. Too many companies get stuck on finess-
ing the idea rather than execution. You’re the boss now, be disciplined – suc-
cess depends on your own merits, think for yourself and back yourself (there are too many naysayers!). Be ready to pivot if you need to, have Plan B ready
in case the worst scenario happens and always expect the unexpected.
6. Have an authentic connection between you and the problem you are trying to solving
This will help to secure customers and sales early. Ensure you are responding to a real need, know and test out your value proposition on potential customers and friends. Write early adopter testimonials to strengthen credibility. Customers are your most important asset, so understand how to find and keep them. Really define your market: age, education level, income group, purchase patterns and motives. Then define how they will benefit from using your product. Then look at positioning your product to maximize those benefits and price your product accordingly. Most importantly – you need to be able to pitch and sell your vision in less than two minutes.
7. Get your ABN, legal and tax issues right the first time.
It’s much more difficult and expensive to unsnarl a mess afterwards. Apply for your ABN and Register your business name. You’ll need an ABN for various tax and business purposes like claiming GST credits and confirming your business identity when ordering and invoicing. Your business name or trading name is the name you use to run your business. While it’s not compulsory to register a business name, if you’re a sole trader or partnership and want to trade as something like Mic’s Lab, you’ll need to register it. It’s also a good idea to check if your preferred business name is available as a web address and for social media profiles. Know your legal and tax responsibilities and operate accordingly. There are four types of business structures – sole trader, partnership, company and trust. There are advantages and disadvantages for each structure, so investigate each option carefully. Having the correct registrations, licenses and permits is crucial. You also need to consider regis- tering a name for your website and insurance issues i.e. insuring your commercial risk and getting workers’ compensation for any employees, etc.
8. Get the money lined up and dilute if you need to.
Cash is king, so secure some customers and derive revenue asap – it really is the best form of startup capital. If the revenue is down the track, then take steps to adequately capitalise the business. As a busy founder, manage your time, plans and expectations closely as raising that capital often takes twice as long and you will probably need double the amount. To pitch, you (or your co-founder) must be “investment ready” by knowing how your business will scale, know your customers and financials inside out. Expect some rejection and be prepared to share the risks and rewards that come with your business. Kickstarter and Go Fund Me capital raising will only work if you have a strong social media presence. Selling shares or equity in your business involves dilution and it is a fact of life (be clear about the ask and percentage equity) – BUT NEVER RUSH this process. Do your due diligence on the investors – just as they will do with you. There are many funding options, so get professional advice and remember a smaller percentage of something funded is worth a lot more than 100% of nothing.
9. Have adaptable focus and welcome challenges
There will be so many distractions along the entrepreneurial journey. So build your website early and update is regularly to be a record of your progress. A good website helps you gain momentum and you need momentum to replenish your energy. Learn to say NO often and stay focused on your objectives, team and customers but don’t be too rigid with your problem solving or too precious about sticking to your original idea if the customer feedback tells you otherwise. Being adaptable in the face of challenges, and listening to what your customers are communicating to you will be vital in establishing the foundations for success.
10. Invest in the A team
The biggest contributing factor towards a business success is the quality and talent of its people so bring you’re A game and secure you’re A team. It’s essential from the outset that the members of your team genuinely feel valued and respected. Provide them with relevant feedback and training to grow their skillsets and reward them for their efforts. When you invest in them, they will, in turn, invest back in you and your business. At the end of the day, your people are the key asset and are the lifeblood of your business. But if they want you to lead then go for it and they will enjoy being part of the journey.