As a budding entrepreneur, you must be flexible, diligent, resilient and smart. Entrepreneurs most often need to be good at managing time and money to achieve success. Below, we set out six hacks for starting up your business.

1. Know What You Are Getting Into

Knowledge is power, and you should research the startup scene to understand what it entails. Talking to people in the industry and your relevant field will help immerse you in the ecosystem. You should also attend hackathons and meetups so as to meet like-minded entrepreneurs and network.

2. Bounce Back

A lot of startups fail because they get disappointed if they aren’t successful immediately. Since most startups have limited resources, you may need to get creative when things take a different turn and keep your head up.

3. Have A Plan

Start each morning with five minutes of planning for the day ahead. Also, at the beginning of each week create a weekly plan so you can see the most important tasks you need to accomplish over the week. More importantly, around that program, make sure there is some time for yourself – enough sleep, food and time with family and friends. After all, a happier, healthier you will make for a more successful business.

4. Make The Most Out Of Your Data

Collect and analyse your data in a way that helps you understand your market. For example, Twitter found that when people followed 30 people they were more likely to remain active for the long-term. Having identified this pattern enabled them to focus and target their marketing strategies on getting people to this number. They even started making suggestions that new users could follow.

Likewise, if you are successful in creating hype about your product or service before it launches then make sure you keep track of those who showed the most interest.

5. Tell Your Story

Most entrepreneurs have a vision that they want to create. Think about what your vision is for your business – your why – and put it into words, photos or a podcast. Ensure you share your with others to generate hype around your brand.

6. Get Advice

Since saving time and money often translates into doing everything yourself, you may tend to think that saving money means forgoing legal advice. But this could end up costing you more! For example, having inadequate legal protections in play, like a privacy policy, terms of use and terms and conditions on your website, could make you liable for something you could have easily prevented. Also, getting comprehensive employment contracts drawn up when you decide to hire a team is another important step that you should take seriously.

***

Even though there is a significant fail rate for startups, there are many things you can do to maximise your chances of succeeding! Questions about your startup? Ger in touch with our lawyers on 1300 544 755.

Annie Gunn

Next Steps

If you would like further information on any of the topics mentioned in this article, please get in touch using the form on this page.