How do you give your Start-Up the best chance to succeed?
You’ve recruited for key roles in your start-up and built a thriving team, allowing you to focus on what you do best, pioneer your business. But what makes a start-up really thrive?
The figures on how many start-ups don’t make it can be scary, 80% of British businesses fail within their first year, and ONS statistics show nearly half of those companies fail within the first six months.
Building a start-up can be a heady mix of excitement, creativeness and motivation coupled with constant challenges and obstacles. To be successful, clear vision and goals play a crucial starting point.
We have identified key areas that start-up businesses need to consider in order to achieve success.
In Part 4 of a 4-Part Series on Start-Ups, King Recruit have identified key areas that start-up businesses need to consider in order to thrive.
Click the link to view part 1 of the series: Building a Team for a Start-Up Business
Click the link to view part 2 of the series: Creating a Successful Team
Click the link to view part 3 of the series: When to Hire
In the video below Helen identifies key areas that Start-Up businesses need to consider in order to thrive
Every business needs a clear-cut and explicit vision. It will serve as a strategic plan, it will help your team to strive for common goals as well as serve to inspire them, and be used as a powerful resource behind the company’s success when facing tough times. It will also work to provide any investors with confidence, knowing the direction of the business. As the company develops, the vision may need to be revisited to ensure that your culture and values stay strong.
Timing is a fundamental area to consider when starting a business. If your product or service isn’t launched at the right time in the right place and in the right manner, you may not get the results you want. Identifying the best time to launch your product or service, recognising business trends and reading the market you are in, can turn an average product into a triumph. Consideration should be given to your competitors or other events taking place that could affect your timing, because they can sway your desired outcome.
Know your market
Even with the best product or service in the world, no one will be contacting you if they don’t know you are there. If you are not at the stage of hiring a marketing expert, you need to be that expert initially. No one will know your product or service like you, so shout about it from the roof tops. Research the most effective marketing tactics to promote what you do in your industry, and learn about your customers. Learning how to promote your business effectively will be essential in gaining those first customers and fans.
Slow and steady may not win the race
As a start-up, you have the advantage of being able to make decisions quickly. That experienced and knowledgeable team that you worked hard to put in place, can now make their mark. Failures will be realised sooner which means the learning journey can begin quicker and improvements put in place. Being fast to respond to market changes, launching a product or service on time, moving quickly to attract customers early are all goals that can be achieved by a team that thinks on their feet.
Resilience and motivation
If there are certain skills you will need in abundance as the founder of a start-up, it is resilience, agility and an unwavering belief in what you are doing. You are without doubt going to face many complications on your journey, but a start-up that showcases determination will be a defining component in building a prosperous business. Needless to say, it is critical to also instil this belief into your team and lead by example. If the person running the company expresses any doubt, how will that look to your team? And without a strong, passionate and dedicated team, any start-up will be on very rocky grounds, so appreciate your team and inspire them to be the best they can be.
We have all heard the term doing more with less. Start-ups need to be efficient, ensure that you have each team member working on what they are best at in order to capitalise on your resources and their skill set. Remember all the areas that need including in a budget – overhead costs, taxes, marketing, equipment etc. What funds does the business need in each area to achieve its milestones? This should be thought out and budgeted from the start and review, review, review to make sure you are on track.
Start-up success does not come easily; it’s not for the faint-hearted. Founders have to think outside the box, learn from their mistakes and implement quick fixes. But the rewards can be huge. Building a team, learning about entrepreneurship, never doing the same job, a sense of achievement, creating a legacy. It can be a very rewarding path to walk.
We have supported many start-up companies over the years and learnt a lot so if we can help you in any way, please get in touch; we would love to hear from you. You can call us on 01392 790725 or email firstname.lastname@example.org.
King Recruit helps businesses to expand by finding game-changing talent. With our partner-led approach and expertise in all aspects of talent strategy and hiring – across the South West.
King Recruit joined forces with James Caan CBE and award-winning investment firm Recruitment Entrepreneur in July 2021. Recruitment Entrepreneur is one of the most successful private equity investors in start-up to scale up recruitment businesses.
If you’d like to get in contact with our Founder and Managing Director, Helen Plumridge – you can contact Helen at email@example.com | 07808 537696
Part 3: When To Hire For Your Start-Up