Sadly, the statistics on start-up success rates make for miserable reading. Half fail within five years, and there are plenty of stories of others that manage to get beyond this stage but then fail further on.
However, most entrepreneurs who have come through and walked out on the other side will confirm that the most difficult part is actually not the first few years but the first few months: everything from staffing costs to feeling lonely can cause a new company, and its leaders, pain.
If you’re in this situation, then read on: this article will share some top tips on how to navigate these tough times and find some solutions that can help your burgeoning business to grow and thrive.
Web developers, marketing professionals, user experience experts and more all have high price tags, and many start-ups end up overspending on their team.
Instead of hiring full-time staff members, why not consider going for contractors? Many professionals often needed by start-ups – for example, developers skilled in coding languages such as C++ and Perl, or marketing professionals such as social media managers or copywriters – work on a contract basis, so there’s plenty of supply.
If you’re concerned about managing the additional payroll burden or ensuring that you don’t fall foul of tax rules, then you can employ the services of an umbrella company to manage that side of the contractor hiring process for you.
By taking steps to prevent feelings of loneliness from creeping in, you can give your start-up’s chances a boost. Networking events can pair you up with people in the same position while finding a mentor can give you a stream of invaluable advice. You may even get a direct material benefit from this, as you may find angel investors or venture capitalists at networking events.
For a start-up owner, getting through those crucial first few months is important for making sure that your firm doesn’t go on to join the half that fails at the five-year hurdle. While this may seem like a constant struggle, there are many ways that you can achieve this.
Whether it’s hiring staff on a more flexible basis or making sure that you get out of the office and start networking, there’s always a way to maximize your firm’s chances of long-term survival in the dog-eat-dog start-up world.
However, most entrepreneurs who have come through and walked out on the other side will confirm that the most difficult part is actually not the first few years but the first few months: everything from staffing costs to feeling lonely can cause a new company, and its leaders, pain.
Flexible staff
Often, a key mistake made by many start-up owners in the first few months of their company’s existence is to overspend on staff. Many start-ups operate in the US’s knowledge economy or service sector, which usually means that their most important assets are their staff members – but they come with salaries to match.Web developers, marketing professionals, user experience experts and more all have high price tags, and many start-ups end up overspending on their team.
Instead of hiring full-time staff members, why not consider going for contractors? Many professionals often needed by start-ups – for example, developers skilled in coding languages such as C++ and Perl, or marketing professionals such as social media managers or copywriters – work on a contract basis, so there’s plenty of supply.
If you’re concerned about managing the additional payroll burden or ensuring that you don’t fall foul of tax rules, then you can employ the services of an umbrella company to manage that side of the contractor hiring process for you.
Networks and mentors
As a founder, feeling lonely is one of the main problems that you’re likely to face. While it may not be the case that this will cripple your business in the long run, what’s definitely true is that your work ethic may be damaged by the sense that there’s nobody there to look out for you or help you out.For a start-up owner, getting through those crucial first few months is important for making sure that your firm doesn’t go on to join the half that fails at the five-year hurdle. While this may seem like a constant struggle, there are many ways that you can achieve this.
Whether it’s hiring staff on a more flexible basis or making sure that you get out of the office and start networking, there’s always a way to maximize your firm’s chances of long-term survival in the dog-eat-dog start-up world.
Ashutosh Jha
Ashutosh Jha is a professional blogger, Blog and IT Consultant. He writes about Blogging, SEO, Making Money, Internet Marketing and Web Design.
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