Top Tips for Startups in 2023
Starting a business is never easy. Anyone who’s ever done it will tell you that without hard work and dedication, you won’t ever succeed, and whilst that’s true, there’s more to getting your business off the ground than simply sacrificing your free time to work on it.
You need tenacity, vivacity, discipline, a thick skin, and logic to name just a few of the skills that make a great entrepreneur. That being said, you also need to look right in front of you. Many people get so fixated on the future and their long-term goals that they forget to take care of the simpler things. They might not seem like a big deal at the time, but it’s often the most basic tasks that can catch you out in the end.
With that in mind, we’ve put together some top tips for startups to take on board in 2023. Following the pandemic and the challenges it’s brought, you’ll have a lot of hurdles to overcome, but as mentioned, you need to keep an eye on some of the simpler tasks, too.
1. Network early on
In business, it’s a mixture of what you know and who you know. With this in mind, you need to make it a priority to network early on. You might not initially see how a networking connection could be beneficial short term, but you never know what the future holds, or indeed the connections your new connection has.
Everyone has the potential to be a client, so make sure you treat them as such and never deny an opportunity to get your name out there. Make sure you have business cards to hand out at physical events or off the cuff, and make good use of LinkedIn if you’re unable to network face to face.
2. Have a solid plan before you do anything
It might sound obvious, but you’d be surprised at the number of people who decide to start a business and have no plan in place. Whilst spontaneity has bred some of the biggest brands in the world, on a smaller scale, it’s best if you have a plan for everything before you commit. Always think about every possible outcome and weigh up whether the benefits outstrip the risks before signing anything or making any moves.
3. Invest in accounting services
Money and funding is one of the biggest obstacles to overcome when starting a business, but most people fixate on how to get money in rather than looking at where it’s going out. It’s just as important to track your outgoings as it is to log your income, but with cashflow often up in the air in the first few years of business, there’s a high chance things will quickly get muddled.
Organization is everything in business, so make sure you invest in accounting services early on. Doing so will stand you in good stead for tax season and help you keep your business above board and mess-free from the get-go.
4. Listen to feedback, no matter how harsh
No product or service came to the market completely perfect. In fact, many only became world-famous and cult favorites because of feedback, much of which was harsh. You will inevitably do things wrong – that’s part of starting and running a business. The key is to know how to handle it. Take genuine feedback seriously and not to heart – even if it’s not what you want to hear.
Doing so will allow you to build your business in good shape in a way that clients and customers will value. After all, if they don’t like it, you won’t succeed, so it’s best to listen them off the bat.