A startup business is a raw dream that tries to capitulate on hard work, efforts and money spent. There are thousands of startups mushroomed all around the world but little taste success. It is just because of the operations rather than your business idea. Even if you have a terrific business plan you might fail but you can run a very common business with the excellent operation. Here are five golden rules to operate a startup.
Let Investment take back seat
The capital is very important in the startup business, but it is not everything to run. You are bound to face problems, but you cannot just look back and judge it. I personally feel that lack of investment at the starting is not disappointing but a learning opportunity that can help you to handle cases and learn from it.
It is very true that you must plan to do something before you end up in doing business, but it is also true that you must implement it. I have seen many cases where a person plans to publish a book and end up in writing them. So, planning is crucial but the action is even more important. If you work then only you come to know whether you are moving in right direction.
Invest where you can earn
Spending money in proven course is very important. You do not have huge capital so invest wisely. You should invest only where it touches the customer. That always depends upon the business you are doing. I have witnessed scenarios where people waste their money in not so important things. Suppose you are a restaurateur then you must spend to get a prime location. Your interior decorations may not be noticed if you are choosing a remote location.
Spend money where you have hint of success
Analyzing the business prospective is very important in startups. I feel this is significant in terms of profit if business as well. If I take the example of the restaurant again then it will be clearer. If there are many multi-cuisine restaurants in the same area then chances of success are very less, if you open another multi-cuisine restaurant. It is better to change the location or open a dedicated restaurant like Chinese or Mexican. You should have an idea that no one else has at least in your territory. That is the secret of the successful business.
Do what generates revenue
I see people spending lots if time in reviewing the spreadsheet or holding administrative talks. Well, these can certainly wait till you generate decent revenue. You must focus on the important things like customer engagement, product enhancement or feedback implementation. Your time should be devoted to the work that generates revenue. There are people who waste time at the golf course just to build the network, but that is just dangerous for your startup.
It is easy to start a business, but it is equally difficult to run it. So, make sure you follow the rules to take your dream further.
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