4 Things You Need to Know as a Budding Startup

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Everyone wants to run a business but no one wants to learn about how to do it properly. Everyone thinks that you can just go to the bank with an idea, get financed and then start up a company and make millions. Hold your horses, slow it down and take a breather. There aren’t many people that manage to make that dream become a reality and there are even fewer people that manage to make it past the first step: the pitch. Let’s face it, starting up a business is harder than you think and if you go in without any experience or knowledge, you are going to fail.

If you want to take your startup seriously you’re going to have to get your head down and study. To give you an idea of some of the things you’ll need to learn, here are four tips that you should read and study carefully.

The Pitch

If you don’t have a solid business plan you can forget trying to convince the banks that you know what you are doing. You could go to another lender that might even specialise in financing businesses that you want to run, but you’re going to get the same result. If you haven’t properly thought up a plan on how to get your business up and running, how to maintain it and then how to leave the industry, then you won’t get a single dime to start your business.

Financing

Banks and lenders aren’t the only way to get your business started, however. If you want to run something more humble such as YouTube channel or start up an indie development studio, then you can do so in the comfort of your own home with some friends and family members or even by yourself. You can finance this quite easily by just pitching in your own money, or you could even ask people to lend you some money to start. The other option (which is becoming increasingly popular) is to crowdfund it. If you have a great idea you can go to a website such as Kickstarter to gather interest and funds for your project. If you want to finance your content creation, then you can go to a different service like Patreon, where people can subscribe to you for your services and content.

Learning Material

There are hundreds and thousands of blogs out there that will teach you how to run a business and how to market it. This internet marketing blog has a tonne of information about how to expand your reach and grow your brand, and it’s all free information that doesn’t need to be paid for. There are countless online resources both paid and free, so do a thorough Google search and start learning.

You’ll Probably Fail

You’ll be lucky to start up your first business and have it run for longer than a year. Most business owners go into the industry without much experience and as a result, they use their first couple of months to learn. Even if you have a degree in business and you’ve studied under the finest mentors, there’s no telling what will happen when you open your doors to the public. Expect to fail, but don’t take it as a negative thing. When you fail, you should be analyzing why you failed, how you could do better, and future plans to improve.

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