By DESMOND CHNG
Things may be finally getting a move on at your start-up – but there is no time for slowing down. Here are some things to consider when going beyond the start-up phase and building a viable business sustainable for the longer term.
So you’ve managed to transform your big idea into a reality and your start-up is finally running on its feet. With today’s obsession with start-ups, it may
be easy to think that you’ve already made it once your business goes operational.
While a serial entrepreneur may choose to exit at this point and cash in on the business, others may wish to continue at the helm to captain the start-up into a sustainable, viable business venture. If you identify more with the latter, then things are only getting started. It’s time to take your start-up to the next level. .
Reduce Reliance on External Funding
The mark of a sustainable business is one that can fund itself. Those who have bootstrapped their start-ups may find this easier because self-funding is a strategy, or perhaps reality, that had to be grappled with from Day One. As you take your business further, try not to rely on the crutches of external funding.
The mark of a sustainable business is one that can fund itself. Those who have bootstrapped their start-ups may find this easier because self-funding is a strategy, or perhaps reality, that had to be grappled with from Day One. As you take your business further, try not to rely on the crutches of external funding.
To a start-up, external funding could provide the financial boost at a time when other sources of funding may prove difficult. With a successful business already established, you may find it easier raise equity or debt financing to enable your expansion plans. In any case, a sustainable business should be making enough money to run itself. It’s about time to put your monetising strategy to the test (if you haven’t already).
Get More Help
As you move your business into new geographical and product markets, you are going to need more help. While a start-up may be able to make do with a lean team, you may require more staff to keep up with the volume of an expanding business.
As you move your business into new geographical and product markets, you are going to need more help. While a start-up may be able to make do with a lean team, you may require more staff to keep up with the volume of an expanding business.
This is where things can get tricky. While it is entrepreneurial skill that makes for a successful start-up, you will need leadership and managerial skills to handle the demands of heading an organisation.
The key to managing a large team is to be able to delegate. This not only involves choosing the right people to fill key decision-making roles, but also trusting them to do their job. To do so, roles must be clearly defined and the necessary information must be made accessible to the right people. Measurable performance indicators are also important so that both you and your team can effectively gauge individual successes.
On the legal front, compliance and reporting requirements may increase in complexity when your business is scaled up, especially when there are multiple jurisdictions to consider. Moreover, if a large number of employees are exposed to valuable trade secrets, non-disclosure and non-compete agreements may become even more crucial.
Stay True To Your Start-up Roots
With so much going on, it may be easy to get distracted from your true passion – your product – and the entrepreneurial instincts that have got you this far. Don’t be afraid to outsource or hire more help with the managing of your growing organisation and its demands: so that you can keep your focus on your product, your customers and your business.
With so much going on, it may be easy to get distracted from your true passion – your product – and the entrepreneurial instincts that have got you this far. Don’t be afraid to outsource or hire more help with the managing of your growing organisation and its demands: so that you can keep your focus on your product, your customers and your business.
Most importantly, never lose the feel of a start-up. Continue to innovate. Keep your work environment creative. Hold on to what made your business successful in the first place. Deal with the demands of a growing business, but do so while staying grounded to your start-up roots.
SOURCE:startup.channelnewsasia
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