Starting a business might be overwhelming. Where do you start? What practical things need to be done? How do you even start? This article outlines 6 tips to take into account, and ensure your startup will win from the beginning!
1. Register a .com Domain.
Often overlooked at the start but not less important. When thinking about your business name, always check whether or not the .com domain for your business name is available.
Many gold diggers registered .com domains in bulk many years ago, waiting for that one moment when someone like you is looking for the exact domain they have in their portfolio…
It is getting extremely difficult to find a good, short business name with an available .com domain.
To illustrate: we, at We Build Startups, spend one-and-a-half week trying to find a business name with an available .com domain. In the end we went for wbstartups.com. A short and recognisable, but mostly free, domain name.
The rest of the startup process took us… 3 days. Of course you can purchase your desired domain name from one of those domain sellers, but be ready to Pay with a capital P.
2. Start Small
There are two types of entrepreneurs in this world: those that make a 100-page business plan and those that have everything in their head.
Both might easily get overwhelmed by having too many ideas and wanting to pursue all of them simultaneously.
The key here is to focus on a small part of your masterplan. Go back to the drawing board and think of what’s minimally necessary to launch your idea. It might be even as small as printing 10 business cards and give them to potential clients.
Starting small and incrementally increasing the things you do ensures that you don’t get overwhelmed, which stimulates procrastination, and that you just go for it.
3. Get Committed
Getting committed to your idea/business is essential for your business success. Not being fully committed makes it very hard to keep working and grow your company.
Make monetary investments and push yourself to keep going forward.
For example, register your company at the Chamber of Commerce (KVK). It sounds obvious, but making an appointment to register your new company right away ensures that you get more committed to it.
The (small) fee that you have to pay might even be your first investment in your new company.
4. Act Fast
Once you feel confident about your idea, act fast. Don’t leave it on the table or think “I’ll do it tomorrow..”. The best moment to start is now. Countless of ideas are wasted by procrastination and once you know what to do, act on it.
The worst thing that can happen is that you lose some money over it. But the experience far outweighs the monetary risk.
5. See it as a Game
Seeing your entrepreneurial journey as a game makes sure that you won’t be disappointed by losses too long. It will help you put things in perspective and it makes investing easier.
Make sure you have “playing money” for more risky investments, but always have a buffer to keep things comfortable when it all goes wrong…
6. Reinvest it All
Don’t buy silly and expensive stuff when you start making money with your business. Focus on growth. Reinvest as much as you can and keep on doing that until you run out of ways to invest in your company (probably never).
This ensures that your company grows exponentially and you will reap the benefits in the long run. This doesn’t mean that you can’t treat yourself once in a while: you need to celebrate your achievements!