- The first year of a start-up is an emotional rollercoaster. “Your first year in business will be a more difficult than you could have ever anticipated, and not only on you; it will affect everyone around you. Prepare yourself and your family and friends for a turbulent period of ups and downs.”
- Australia is a tough market to crack. “In Australia seed capital is hard to obtain but it is critical to marketing and operations, therefore you need to persevere and when you do get it, make sure it is working effectively and efficiently.”
- Your team may not work out. “It is imperative that you bring the right people and businesses on board. When you make the wrong choice (and it’s inevitable) by recruiting an unsuitable colleague it will be very costly – financially and emotionally.”
- Customers are hard to get. “When you’re so invested in your idea and you know it’s a good one, it is easy to fool yourself in to thinking people will quickly follow suit. Be prepared for a long road of not only finding customers, but keeping them.”
- Plan for failure. “Your marketing strategy should entail a Plan B. And Plan C. You must have an exit strategy before doing any business because statistics prove that the majority of start-ups will need one.”
- Your perspective does not matter. “Surely you know what your market wants – wrong! Many start-ups fail because the marketer focuses on what they’d like to see happen. Learn to listen to your audience and speak to them in their language.”
- Negative feedback is gold. “You’re going to make mistakes. Daily. Use your team and target market as a source of information; implore them for feedback and advice on to how they’d negotiate the situation. While feedback can be difficult to take, it enables you to learn what works and accept what doesn’t.”
Is your business in its infancy? Have you survived your first year? Is your start-up still on the drawing board? Please share your experiences via our Twitter and Facebook.