Many startup businesses are being founded every day than decades before. Part of the reason there is such a rapid increase is that employees are jumping ship from corporate employment to being their own boss.
Incentives such as remote work, incubators and accelerator programs, angel investors and advanced technology are what the startup ecosystem is offering, thus the rise in the number of new companies. Also, these new ventures create the demand for experienced and skilled workers to grow new companies, which is important to society.
Therefore, starting a new company can be rewarding. It also gives you the freedom to control what happens in your company and how far the company can go. Still, being your own boss is not a light duty but a significant undertaking. The post will review what it takes to launch a startup business and being your own boss.
The Corporate Workplace vs the Startup Environment
Some people get scared, while others get excited when they leave the corporate world into the startup environment for various reasons.
You may feel scared because you’re on your own and without the safety net of a job which you can fall back on in the event of anything.
You have the luxury of support in a corporate setting such as boss, coworkers and a steady paycheck. In a startup, you’re on your own, and most of the processes are just trial and error.
You work for a set number of hours, log off the machine when the day is over, and in case of extra work, you’re paid for working overtime, and if not, your manager will not penalize you for not responding to an email at 9 p.m. This is not the case when working for your new business. You’re significantly more accountable in a startup, and you are always trying to figure out things.
Organizations thrive on processes. Therefore an employee is expected to follow the rules and be productive. There aren’t any rules to follow in a new business venture because you are creating the rules as the business grows.
Although you are your own boss, you have to be careful when making decisions because they will affect the health of your business and the lives of your workers.
How to Succeed in a Startup Environment
Have an Office Space
Set up an office where you can work quietly and peacefully as well as grow your startup. Having a home office is the first step, but with time you can venture out to secure one in the public eye. This is where your employees will work from, and clients can visit. Brand and equip your office appropriately so that others can enjoy visiting it.
Set Your Goals
The pressure to succeed as a new entrepreneur can be high and rest on your shoulder. This can be overwhelming when you don’t have a plan to follow. Therefore, define your goals from the start and follow them to the end.
Start with a business plan, organize your finances and important documents such as written contracts. This will help when filing tax returns or making payments.
You definitely want your company to thrive, just like other organizations in the industry. However, this will start with you being professional and polished. Otherwise, outsiders will not take you or your business seriously.
So design a logo, website and business cards. Send your customers a professional invoice when requesting payments for services you offered and a receipt for payments received.
Strive for a Better Work-Life Balance
An entrepreneur can be pulled in different directions before the day ends. By not setting boundaries, you will end up lost in the chaos of each day, and at the end of it, you will be exhausted, worn out and stressed.
So plan your time and energy, set limits on how you’re going to handle each project and allocate time for activities you enjoy doing as an individual or family.
Deliver Exceptional Customer Service
Make your customers feel special and valued because they are the foundation of this business. Even if you left the corporate world to build a business so that you can be your own boss, it’s important to remember you are answerable to your customers. If they are not happy with your services or products, your business will not grow as expected. Therefore, your customer is your king.
In view of that, your staff should deliver nothing but exceptional customer service, acknowledge problems and resolve them promptly. You should also provide different channels that your customers can get in touch with you, such as emails, calls, SMS, social media and more.
So, let your customers know that you appreciate their business and commitment to your startup.
Take Advantage of Technology
Covid-19 pandemic made working from home a reality. So invest in technology that can help you and your team work remotely, communicate with customers effectively and deliver exceptional customer service.
Instead of holding face-to-face meetings, you can opt for a virtual one on Zoom or Google meet. Use an online planner and calendar as well as bring your assignments and projects online because there are many project management software that can help you monitor the progress at the comfort of your home office.
Build a Winning Team
Since you want your startup business to grow, you will definitely need an experienced, skilled team because you can’t handle all the workload. A team committed to your goals is what you need, but not a close family member or friend that shows interest in working with you.
So think about your business needs and hire a candidate that is the best fit for the job and your company’s culture. It’s recommended to outsource the recruitment process when running a small company in order to cut cost and benefit from external recruiter’s experience.
Learn Your Competitors
Your business doesn’t operate in isolation but in an industry filled with competing products and services. So as much as it’s important to make sure things are perfect internally, it’s crucial to study your competitors in order to stay ahead in the business landscape.
So learn why customers shop from them and not you and what they are doing to remain competitive. Then use this data to disrupt their strategy and outsmart them.
Further, be innovative and creatively introduce new products or ways of doing things in order to remain relevant in your industry.
Launching a startup business makes you your own boss, but you’re still accountable to your customers. To better succeed, apply these tips and ensure to follow your passion and maintain a good work-life balance so that you don’t feel like you’re still in the corporate world.
While being the owner of a new business can be tough, this position can bring you happiness and success when you approach it in the right manner.
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