The right team for startup success.
If you have a new idea for a startup, it’s likely you’ll want to get started on your new venture right away, but rushing into it could do your idea more harm than good in the long run. One of the most important aspects of a startup is the people you start with, and deciding who to work with in the beginning can really make or break your fledgling business. So whilst you might have the right idea to begin with, it’s worth making sure your team can excel in the long run, with a focus on areas like business, marketing, and technology, to give you the longevity you need.
If you’re passionate about an idea that you think could make a splash in the market, getting in before anyone else can be a great start to your business. As an innovator, it’s important to be creative, and to figure out a way that your new product is going to help people and the society they live in. However, most founders of startups lack the crucial business sense they need to progress their startup past the “idea” stage, and with over 40 Australian businesses closing per day in 2013, it’s important to have an outlook that lasts longer than the original product.
It’s crucial that any startup goes into its early days with a solid business plan. Having someone on board to crunch the necessary numbers and someone who just understands basic business strategies is a hugely important part of starting a business. Without this sort of savvy knowledge, it’s likely your startup will flounder in the competitive Australian market. When you’re looking for someone to handle the business side of things, finding someone who has experience and firsthand knowledge of the business world will be a way of getting your startup through the difficult early years.
The Marketing Guru
Once you have the product idea, you might just want to get straight down to selling, but no matter how good your idea is, without a proper marketing strategy, it’s likely your product will flounder. Working alongside both the founder and the businesspeople in the organisation, your marketing team members should know how to promote your product, where to go to find buyers, and have more of an idea than just the initial product. Turning a profit in the first two years of a new business can be incredibly hard, and it’s often the reason why a business will fold in its early days, so a keen marketing team is what your startup will need to stay afloat.
Alongside your marketing guru, you’ll need someone who is very tech-savvy to make sure your business is staying current and successful online. The retail sphere is changing, and for new businesses, starting online is a great way to reduce costs, as you won’t need to pay for a retail space or any of those attached costs. But to run a successful business online, you’ll need someone who really understands the tech world, from domain hosting to social media. With social commerce becoming more and more popular, it’s important that your tech team members are familiar with social sites that allow you to purchase online, and your marketing team members should be able to lend a hand when it comes to product promotion in the tech world.
Bonus: The Mentor
If you’re lucky enough to have someone in your life who can give you clever business guidance, make sure you’re in their good graces when you start out with a new venture. Having someone with good business knowledge and experience in the industry you’re going to break into is invaluable, particularly if they’re willing to help alongside your primary team. The stories of their successes and failures will be an important guide in the choices your startup will make in their early days. Even if they’re just there for a coffee and a chat once a week, a business mentor will help you an exponential amount in your startup days.