Tuesday, October 25, 2016

Top Tips to Energize Your Startup

Top Tips to Energize Your Startup

When you are planning a startup, you know you want to come out of the blocks at a sprint, to start fast and get that cash flow up as soon as you can. Step two is to build to sustain, to keep growing but also protecting your gains. New CEOs must keep both in mind at all times, or they will start the race quickly, only to crash and burn just as fast. You need to energize your startup and build it to last. Here are some tips to help you make that happen.

Launch already.

If you just keep thinking about it, you won’t ever get off the ground. Yes, you need to prepare, but there will always be more preparation you could be doing. Whatever you want to do, start doing it. Don’t play and don’t talk and don’t keep dreaming. Write that book or that code or create that design.

Build that thing. Lay that foundation – Get To Work!

Start bringing in money. Investment is important, but you know what investors want to see? Cash flow. You need to start selling and start making money. Forget the big dreams and start filling up that cash register. It doesn’t have to be new or revolutionary or innovative. It needs to be sold for more than it cost you. Make money. Build that foundation. McDonald’s started with milkshakes. Sony started with electric blankets. Just sell, CEO. That’s your first and most important job – always.

Build learning into your daily life.

Find mentors, read books, gain information. Make yourself better as a matter of habit. Be smarter, get wiser. Never stop becoming. You will never reach your best, but if you ever stop trying, you will quickly realize your worst.

Don’t wonder about things.

Get answers to your questions and then go find more questions. This isn’t about checking off a to-do list and “feeling” accomplished. It’s about making definitive progress in your work and your life.

Start with a few key partners but don’t go over budget on staff.

When and where you can, outsource. Find cheap labor who can do quality work. Hire contractors who might cost more per hour, but don’t come with the added costs of healthcare and other benefits. You’re a startup. You can’t afford that drag on your cash flow. It helps no one if you put yourself out of business trying to “help” people.

Surround yourself with people who push you to be better.

Whether it’s a co-founder, a supporter or a friend, you need people who will not allow you to drift, to get distracted or to settle.

Get good, solid, reliable information about your target market.

Never assume, guess or go by cheap information. Get real, reliable data, so you can make good, profitable decisions.

So, what do you think? Have you or will you employ any of these tips in your business startup?

David Milberg is an financial analyst in NYC.

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