How to Sustain First 6 Months in Business
Insights From Mettl Company Insights
It’s difficult to start a business from scratch and the ground up. Getting finance, human resources to work for you, and with that maintaining your work-life balance just gets the better of you. Here are the steps that would make the journey look less difficult to you:
How to Control your Burn Rate and Ways to Secure Startup Capital Outside of Banks and Lenders:
While the conventional wisdom tells you to focus on certain methods to go about customer acquisition and getting market share like heavy discounts and massive promotion of those discount ads, a better and predictable way of running a business is focusing on unit economics.
The core idea of earning profits on each unit of product or service offered has multiple benefits such as lending a structure and strength to your business while at the same time laying a sound foundation to build efficiency.
The investors are usually skeptical about funding to startups because of lack of unit economics. With strong unit economics, businesses can easily show the fair utilization of products resulting in higher productivity which, in turn, paves the way for easy funding, not just from traditional methods of funding but even from those who are outside the realm of the business.
Customer/Lead-generation Tactics that Don't Cost a Lot of Money:
1. Organic Social Traction:
Building social traction by posting various curated content for the products and services you offer in short and easily digestible snippets of information with eye-catching design will surely push your target audience to click on your call-to-action button. Your social media platforms can be the base for setting up an online presence and maintaining it as well as working as a constant source of lead generation.
2. Business Blog:
Publish a lot of thought leadership pieces that really matter to your niches and industry and can also interest the audience. Your pieces should be born of insightful market research and competitor analysis to specify subtly about how your solutions are different in solving the audience's pain points.
How to Hire your First Employees:
The toughest thing to do is to hire new employees when you are new to the market as well. Both the parties- the candidates and start-ups are not sure about the salary security and business stability.
To get people onboard there are certain tips that have to be followed:
The right time to hire your first employee and consequent employees is when you are sure you can’t do the work that you are hiring for on your own. As an entrepreneur, you are wearing multiple hats and there are a lot of responsibilities that you are taking care of. It’s exactly when your business starts to grow and expand that you fall short of accomplishing all tasks on your own. Add to that, your surety of achieving a good RoI on hiring and you can start to go about hiring.
2. Selling your Business Vision:
When you are hiring people to your startup, primarily you are selling your brand to prospective employees, just like you would to an investor. You have to convince the candidates as to what will they get in return- money or a challenging opportunity. You have to prove to them how you stand different than a host of competitors in your industry and niche. At this point in time, you can’t deal in transactional relationships- you are paying them a handsome package for their skills. You have to make them believe in your dream of entrepreneurship and going by this thought line, you first set of employees are also entrepreneurs in themselves- because each one of them will be making high-level business decisions and exposed to multifarious challenges, the solutions to which they have to find on their own based on their experience and expertise.
3. Hire People you Know:
In the initial stages, the only word you get to hear from candidates is ‘no’. It’s difficult to get people onboard and make them believe that your business will survive enough to give them stability and salary packages. You have to think of every possible known person in your consciousness- acquaintance, peer, colleague, seniors, managers, juniors, and friends and ask them to join you. A caveat to know before doing this is to have a good rapport and relationship with such people, be sure of their strengths and weaknesses, and know that they would be able to pull-off the startup responsibilities.
How to Make Time for your Health and your Loved Ones When you're Launching a Business:
It’s a monumental task to maintain a work-life balance, can seem implausible, but is certainly not impossible. It’s achievable by following a strict regime and sticking to it at all costs. Make it a personal commitment to spend a weekend a month with the family. Set daily limits for yourself beyond which you will not extend your working hours and not stress about the work not accomplished that day. This holds true for everything- exercise, startup commitments, and spending time with the family