In thinking of ideas for business start up companies, it would usually differ from the nature of business you are in. So in this example I will just tackle on the most common business strategies that is crucial on the business start up stage.
1. Equip your employees for their job positions
I've seen many new good business concepts that has a lot of potential and would have done pretty well but have employees that are "half baked" which causes the business to fail in the start up stage.
Let us all remember that one of the most important assets of a business is its employees and manpower. If the weakest link of the business is its manpower, then it will soon go to an end.
Statistics say that 9 out of 10 businesses fail at the first 5 years (this five year period is what I consider to be the business start up stage) due to lack of system, unmotivated employees, lack of capital and many more.
For your business to grow, complete training should be given to every employee you have. Each should know their roles and responsibilities. Training should also be a continuous activity on your business start up because engaging in business is a continuous learning. Also the training should involve all levels of the company and make them aware of the direction of the business. Although the trainings should be based on specialization, but it must entail a holistic approach.
Also the word "equipping" our employees must be followed to the letter. Meaning for us to get the full potential of our employees, we do not only need to train them well but give them an environment that is suitable for the kind of business you are pursuing.
2. Inspire your employees by giving them room for career growth
1. Equip your employees for their job positions
I've seen many new good business concepts that has a lot of potential and would have done pretty well but have employees that are "half baked" which causes the business to fail in the start up stage.
Let us all remember that one of the most important assets of a business is its employees and manpower. If the weakest link of the business is its manpower, then it will soon go to an end.
Statistics say that 9 out of 10 businesses fail at the first 5 years (this five year period is what I consider to be the business start up stage) due to lack of system, unmotivated employees, lack of capital and many more.
For your business to grow, complete training should be given to every employee you have. Each should know their roles and responsibilities. Training should also be a continuous activity on your business start up because engaging in business is a continuous learning. Also the training should involve all levels of the company and make them aware of the direction of the business. Although the trainings should be based on specialization, but it must entail a holistic approach.
Also the word "equipping" our employees must be followed to the letter. Meaning for us to get the full potential of our employees, we do not only need to train them well but give them an environment that is suitable for the kind of business you are pursuing.
2. Inspire your employees by giving them room for career growth
In my experience, whenever I get hired by a certain company, I would always look at their career pathing and my possible growth areas where I can move on to. I asked them this question - "What are your basis for your promotions and what are the next level positions?". In most cases, a person starting in a new company gets very ecstatic because he is considered as a pioneer and once the company grows, his career grows with it.
At the idea for business start up, it should be clearly stipulated to each employee that their career has many rooms for growth and promotion or if it will not be with the company itself, encourage them that one day they will be able to use their acquired knowledge and experience through helping your current business start up.
3. Start with a good and proven system
Business is all about systems and all businesses with good systems will have a good head start among its competitors. Note that I have already mentioned it above that we have to equip our employees during the business start up, hence the business system will be the biggest factor in preparing our employees for the business start up.
The relationship between our employees and our business system will be the main factor of our business' success.
I remember in my early days, I joined a network marketing company that had very good products and even had very good people who worked as trainers and team leaders. At the start, it went very well until slowly there were problems on the monitoring of the affiliate's commissions. Each affiliate started getting depressed and unmotivated due to the delay in releasing of commissions. In the end that business decided to end it's operations and left a lot of people mad and cursing the business model of "Multi Level Marketing (commonly known as Networking in the Philippines).
Obviously the main factor here is that the system could not provide the "needed service" that the employees required, leading to the failure of the entire business.
Again in the business start up stage, systems with good people will lead to the success of the business.
Business is all about systems and all businesses with good systems will have a good head start among its competitors. Note that I have already mentioned it above that we have to equip our employees during the business start up, hence the business system will be the biggest factor in preparing our employees for the business start up.
The relationship between our employees and our business system will be the main factor of our business' success.
I remember in my early days, I joined a network marketing company that had very good products and even had very good people who worked as trainers and team leaders. At the start, it went very well until slowly there were problems on the monitoring of the affiliate's commissions. Each affiliate started getting depressed and unmotivated due to the delay in releasing of commissions. In the end that business decided to end it's operations and left a lot of people mad and cursing the business model of "Multi Level Marketing (commonly known as Networking in the Philippines).
Obviously the main factor here is that the system could not provide the "needed service" that the employees required, leading to the failure of the entire business.
Again in the business start up stage, systems with good people will lead to the success of the business.
4. Give 50% of your effort to sales and marketing
I repeat, 50% of your efforts should focus on sales and marketing. In my years exploring many businesses, I have never seen any kind of business that survives even without getting a sale. At the end of the day, no matter how great a product or service you have but if your sales people or marketing team can't sell a single cent, then your business is good as broke. Like they say, your sales force "brings home the bacon" for everybody in the company. They are like honey bees bringing nectar to the beehive, hence giving the queen bee more food and in turn grows more soldier bee's. Just like in business, the more sales we make, the faster we can grow the business. In my personal belief, management will have to fully focus on their selling and marketing efforts in the business start up stage since this will be the main topic fully discussed by the investors who are also looking at their ROI.
Well I hope I am able to help you with these four (4) business start up ideas. May these help you in your journey to growing your business.
Please leave you comments and suggestions below.
I repeat, 50% of your efforts should focus on sales and marketing. In my years exploring many businesses, I have never seen any kind of business that survives even without getting a sale. At the end of the day, no matter how great a product or service you have but if your sales people or marketing team can't sell a single cent, then your business is good as broke. Like they say, your sales force "brings home the bacon" for everybody in the company. They are like honey bees bringing nectar to the beehive, hence giving the queen bee more food and in turn grows more soldier bee's. Just like in business, the more sales we make, the faster we can grow the business. In my personal belief, management will have to fully focus on their selling and marketing efforts in the business start up stage since this will be the main topic fully discussed by the investors who are also looking at their ROI.
Well I hope I am able to help you with these four (4) business start up ideas. May these help you in your journey to growing your business.
Please leave you comments and suggestions below.
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ReplyDeleteAmazing post! Looking for Startup ideas after 12th? Here is a List of Most Successful Business Startup Ideas For Students. While there is no 100% guarantee that all the startups will succeed, innovative startup ideas are taking birth every day to solve problems existing in the country from time immemorial.
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