You’ve had a brilliant idea.
That idea has become the basis of a business and you’re now a real life entrepreneur, running a start-up company with a handful of employees. This is a hugely exciting time and there’s a lot to do to ensure your business is a success! Whether you’re at the very early stages of inception, or if your company has been running for a while, here are our top tips on how to boost your start-up business.
- Focus on quality, not perfection
Regardless of whether your start-up sells IT solutions or contact lens solution, your customers will expect a certain level of quality.
It’s very important to deliver products and services that satisfy customers and deliver real value. BUT, there’s a big difference between spending 6 months creating a basic product that customers can use with ease, and spending 6 years refining that product to the point where you launch, only to realise you’re too late to the party and customers have gone elsewhere.
Don’t spend all your time perfecting the product, processes, teams, systems or anything else. Communicate with customers constantly to find out what they want and expect, and design your products with that in mind. You can absolutely keep refining your products and services on an ongoing basis, but this shouldn’t be at the cost of keeping everything hidden under a cloak for years because you’re fearful about launching anything that’s less than perfect.
- Find the right workspace
It may not seem important if your start-up is simply you and a partner creating code in your living room, but your work environment can have a big impact on the success of your business.
If you’re serious about growth, you should consider a working environment that will allow you to expand, with minimal disruption and cost to the business. These days, it’s very easy to find a co-working space where you share your office with other individuals. This offers a significantly reduced cost to your business than renting out a full office. It also allows you the flexibility to grow and expand your workforce without having to move to new premises.
What’s more, co-working spaces provide a brilliant opportunity for knowledge sharing and networking with like-minded entrepreneurs. Who knows, you might stumble across your next big idea during an insight sharing chat with a co-working colleague!
- Be picky with recruitment
As a small business, recruitment can be one of the most challenging aspects of growing your start-up. It’s critical to find colleagues who share your vision and passion for the products you create. It’s equally important that your employees are able to adapt and change as the business evolves.
When recruiting for a new team member, it’s sometimes more important to hire based on personality than skills. Experience can be gained on the job if an employee has the aptitude and attitude to learn. But a difficult or disruptive team member can derail your business before you’ve even got it off the ground. Be picky.
- Speak to customers as much as possible
This one cannot be stressed enough. Speaking to customers should never be a one off, box ticking exercise. Without a doubt, the best way to boost your start-up is by creating an ongoing dialogue with customers.
The better your relationship with customers, the more open and honest their feedback will be. Don’t be afraid of angry customers, they’re a useful indicator of what needs to be improved! Gaining continuous insight is your best tool to making sure you create products and services that clients love.
There are many ways to boost your start-up but we believe these 5 top tips are a great place to begin. If you’re currently on the hunt for a fantastic co-working space, BDC Works in Angel, Islington offers flexible monthly contracts, meeting rooms, WIFI, 24hr security, 7 day a week access, permanent staff support, parking and even discounts for bars, restaurants and shops in the local community. We look forward to hearing from you!