First startup? Things to Remember!
Here we are. The first question you googled might have been, “How do I start a new business?” or “Things to keep in mind before starting a new business” or “It’s my first startup, how can I make it go well?”.
If your Primary question is “How do I start a new business?” Please click on this link Here and check out this great post which might be suitable for you and don’t forget to come back to this post again. I highly recommend you to go through the “How to start a business” post first before investing your time into this one.
So now, before we continue, let’s break down this post into 3 Major parts (Like I always do in my post for better content and readability.)
Introduction:(How can you do this?)
Body:(Major facts and points)
So let’s go without further ado.
One more thing for your startup!
Let me ask you one simple question, Is your idea really worth it? You must be thinking now “who the hell is he to tell me this?” But really, if you are thinking this, please put your ego aside for a minute and just focus on what I just asked. Alright, we’ll discuss it later in the post. Let’s move forward
Why are we discussing this problem? Well, the answer is simple. According to a research first timers make some silly mistakes which one should never do and trust me I was just another noobie like you a couple of years ago.
These mistakes are:
- Over Excitement
- Wasting valuable time doing senseless random stuff
- Running late for the deadlines and Setting up unrealistic goals
- Budget management
- Strategy Planning
These are some Basic mistakes every new guy commits even when he knows it.
Let’s break them down and look for the possible outcomes and solutions for these problems.
(1) Over Excitement: I remember my first big order when I just started my printing business. That was some hell of money and I still can’t forget what happened. One morning I got this call from some known guy that he needed a big lot of printed t-shirts for his suppliers and his own store. I got excited and confirmed the order immediately without thinking anything.
It was an order for 14,000 t-shirts and I was making a good amount of money on every piece. I purchased the big lot after getting paid 20% in advance. When the order was ready, I get this call from him that he cannot take all these t-shirts because he had some problems with his partner and he talked about some random bullshit. And this is how, Ladies and Gentlemen, I lost around 70% of my capital amount in one single shot. I had to go to every store and sell all these t-shirts in half of its original price. So here is the first learning step “Never get too excited or you may come crashing down before you even realize.”
(2) Overthinking: This is something you cannot control right away but you can overcome it in a particular amount of time. Some people take a few days, some take months. But it is achievable.
My friend/Business partner was just like this a year ago. If something is going wrong, he would freak out and think about possible bad outcomes of any business deals. It’s good to analyze negative outcomes but only when you are in your right mind.
He made many things uneasy but he is doing better with some Yoga and Psychological help.
Overthinking will only make things worse, So instead of doing that, focus on your business and think about what you can achieve when you work hard. “Yes, Dreaming is good but Overthinking is not.”
(3) Wasting time: I used to waste my time on making unrealistic plans or doing things which are not necessary at that particular moment. The first Startup can be crucial if you do not focus on your time management. Furthermore, managing time in your work hours is also a waste of time. Hence, focus on what is necessary, make a plan for yourself and do whatever it takes to Keep your first business running.
(4) Running late for deadlines: This is the worst mistake you should never do in your first Startup.
The first question is WHAT? – When you decide to do some work in a limited time, this is a deadline (I wonder who didn’t know haha!)
Yeah so coming back to the point, WHY it happens? – When you are planning some work to do in the given time but you set unrealistic goals. OR you really are late and don’t put yourself into the work.
HOW can you prevent it? – First off, check if you really can achieve that goal in the given time, If it is not the case, then you really got to work in yourself. There is no excuse. Some great guy said “If you think you can do it, you should! If you are blaming someone else, you are just making a fool out of yourself.”
(5) Budget Management: If you wanna see your first Startup on heights, better start keeping track of your money income and outflow. Budget management is the most annoying part (at least for me). So hire someone who can do that for you or do it yourself if you like.
Make a proper plan on how you are going to invest your money and stick to the plan. Count every possible place where you have to put your money into it.
(6) Strategy Planning: This is something only leaders do. Planning out a strategy for yourself and for your team is extremely painful when it comes to the newbies. If you make a plan in your first Startup for your business and it works perfectly without any problems, you are possibly the perfect one already.
Proper Strategy planning is important!
You can make it happen, believe in yourself. Your First Startup is always the best place to learn. There is always some more space for you to grow. Just Keep these basic points in mind do not repeat the mistakes I did or someone I know did.
Make your money and time worth it by putting your all in to make the Your first Startup run smoothly. If you still need any help feel free to contact me on email@example.com