Launching a startup is a dream for many, and if you are here, it’d be a fair assumption that this dream is breathing inside you too. Having a brand to your name, making big bucks, earning an enviable reputation amongst family and friends, and pacing for frequent meetings while wearing sleek suits/pantsuits is how you fancy having a start-up life.
However, not everything is a bed of roses in the world of start-ups. You will have to put in a lot of hard work and effort to reach a point where you can make the aforesaid happen. You know that, right? Moreover, there are many other things that you may never have anticipated, and no one would ever tell you about.
Don’t you worry, as here we unveil the lesser-known things about start-ups, yes, the things that no one cares to tell you.
1. You may have to sustain a “broke” phase
If you have got cash flow from all the blocks, congratulations, but if not, you may have to sustain a phase where you will be broke. Your cash reserves may go dry, and you will just have little money left in your bank.
Before starting your start-up, prepare your guts to bear this phase. Tell yourself that you won’t make money straight away. It will be a long wait before you could reap profits.
How to deal with it?
If you mind going broke (who would not?) keep your day job at least for a while. It may double your hard work, but it will keep you in a safe spot. You will have a steady income to cover your expenses.
Do not quit your day job unless your side income outgrows your salary, or you anticipate it soon will.
2. You will have to negotiate at every step
Launching a start-up initiates an endless phase of shape-shifting. Sometimes you become a buyer, sometimes you become a seller. The only thing that remains common at every step is that you need to negotiate.
You will have to negotiate with your clients for settling a deal, with your seller while buying their services, with your customers while offering them your services, and maybe, with your employees while paying them for their services.
How to deal with it?
Before launching a start-up, learn some good negotiation techniques that could help you throughout the process and beyond. Research online to find some effective negotiation exercises and learn how to use them in different situations. Attend seminars that teach negotiation skills.
3. You will have to market your products or services
Marketing is not optional. Without proper marketing, your product or service will never be able to see the light of the day.
How to deal with it?
Plan a robust marketing strategy. Hire experts to help you in center-staging your product or services. Use various social media platforms to market your brand. Also, use old-school word-of-mouth marketing strategies wherever possible.
Also, become your own customer to garner the attention of your target audience. It is the most effective way of gaining the trust of your potential clients. Moreover, by using your products and services, you will know the shortcomings to work on and overcome them.
Finally,
Launching a startup is easy, but sustaining it is surely not. It will be a roller coaster ride. You will face challenges day in and day out. You will be drained mentally, physically, and emotionally. But, learn to have patience and faith in yourself. Further, these three lessons will help you pave your way to success.
