20 Tips for Building a Hugely Successful Business
1. Find a problem that exists, and create the solution. This is the key to creating a successful product/service.
2. Be your own number 1 fan. If you’ve created something you wouldn’t use, why would anyone else?
3. Personal growth is essential, continually invest in yourself. It will yield the highest return of any investment you make.
4. Enjoy the process of creating and building your business. It’s hard work and you will quit if you don’t enjoy it.
5. Your time is precious. Don’t let it be wasted and happily use the word ‘NO’ to anything that utilises your time but doesn’t add enough value.
6. Understand startups aren’t the glamorous ventures they’re made out to be. They’re hard work, frustrating and will take up all of your time. If you’re OK with that, then you’re in good shape.
7. Schedule everything. You need to become master of your own time and having your essential tasks accounted for means you won’t waste time on the things that don’t matter.
8. Cash flow Is King! You need at least 3 months reserves that would cover you in the event no other money was coming in. One of the main reasons businesses fail is insufficient cash flow.
9. Be selfish. Your businesses success is something that you want, you need to be selfish in order to push it as far as it will go.
10. However, understand the benefit of mutually benefitting relationships. Sometimes being cut throat is not the answer when you can form a relationship with another party that benefits you both.
11. You are your business. Tour reputation matters just as much as the business so take care to protect them both.
12. Understand that the other areas of your life will suffer. When you’re working all hours available and your mind wanders straight back to it when you’re off, it’s understandable that other areas of your life will suffer.
13. The team you build will make or break your business. Only hire people that can do their particular job way better than you can and make sure their personality fits in with the company.
14. Pay yourself the minimum. Wages are a huge expense and by taking them out your draining your funds in the initial start up phase. There will be time for you to reap the rewards, but you have to give your business the chance to make it first.
15. All purchases should be a necessity. Create a budget and stick to it. Don’t think about looking good or having the latest hardware, that will come in time.
16. Be super-analytical. Analyse everything, where your customers spend the most time, conversions, target audience other hobbies, minutes spent on your website, where people are coming from, why they’re leaving? Analytics are an integral part of growth hacking and you need to understand exactly what is, and what isn’t, working for your business.
17. Reinvest In Your Business. Using profits to upscale and not drawing out the funds of your business is the only way to keep building on your success. Invest to grow – that should be a core belief in your own business.
18. Take all Business Advice with a pinch of salt. Don’t reject it out of hand but understand that no ones business is quite like yours, however you will meet plenty of people that will tell you how you should be running it.
19. Instead pick your own mentors. Find the people that inspire you the most and emulate the things that you believe make them successful. Add this to your own set of characteristics and you’re set.
20. Promote Positivity. Having a positive work environment allows people to be much more productive. Try to avoid hiring negative people, it’s contagious and you want to keep your company culture as happy as possible – particularly with the demands of a start up.