The Time of Transition: 5 Tips for Developing Your Startup into a Competitive Business

Category: Business 8 0

It is encouraging to think that, at such a turbulent time for politics and global economies, the number of people deciding to start their own companies has never been higher. One of the reasons for this is that countries all around the world, including Australia, are now providing more funding for entrepreneurs.

In fact, Australia recently launched an initiative, which is bringing crowdsourced equity funding to thousands of new enterprises. So, in many ways, there has never been a better time to turn a great idea into a profitable company. Nevertheless, there are still some big challenges to overcome for anybody who wants to move from startup to fully fledged market competitor.

This guide to developing a startup company will explore some of these issues and help you find effective solutions.

Don’t Get Locked In

One of the best pieces of advice for start-ups is to avoid costly lock in leases. There are plenty of alternatives, so you don’t have to commit to conditions that probably won’t be suitable in a year or two. Servcorp serviced offices, for instance, are impeccably designed and maintained. They provide everything that a conventional lease does, but these providers never ask for long term contracts. It means that you can up or downgrade at any time.

Pick a Superb Location

The other advantage of working from a serviced workspace is that all of the costs are rolled into one monthly fee. This makes it easier to manage overheads and allows smaller companies to afford offices which might otherwise be out of reach. It is an important point because location prejudice is high with investors in big cities. If you can grab a spot in a prestigious location, you’ll have a better chance of catching their eye.

Get Out and Network

On the other hand, it is not enough to pick out a great office location and wait for the investors to come to you. Entrepreneurs have got to be willing to create their own opportunities. Serviced offices are great for this because many include specially designed co-working environments. Here, business owners are encouraged to meet, chat, and collaborate. Don’t forget that there’s a whole world beyond your office too. Design yourself a fabulous business card and head out to local networking events, pitch nights, and workshops.

Prioritise the Workforce

While there are certainly limitations to having a very small workforce, every business has to start somewhere. So, instead of focusing on the downsides, amplify the benefits of working with a focused, compact team. For instance, smaller workforces are particularly well suited to remote arrangements and hot desking. This is when employees are given the opportunity to work from home, in their own time, and with their own initiative.

Investigate the Market

Whether you decide to set up shop in Melbourne, Adelaide, Sydney, or any of the other major Australian cities, it is yours to explore. The only way to find out who the big competitors are, what your target market looks like, and how you’re going to sell to them is to learn about the market environment. Read the newspapers, speak to people, and find out what your city is missing so you can be the one to provide it.

Why Success Doesn’t Have to Be Stressful

Owning a business is no mean feat and turning it into a success is an even harder prospect. However, it is worth remembering that running a company doesn’t have to be a stressful experience. There will be challenges. There will be hard times, but if you love being at the head of your own enterprise, it will always be enjoyable. Focus on your strengths, prioritise the needs of your workforce, and don’t forget to have fun.

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