Start-ups - 10 Tips for Entrepreneurs

Do you have an idea and want to start a company? Paymash provides ten tips and tricks, as your start-up gets underway.

1 - Starting is the first step: The idea should not only exist in the mind of the creator. A common theme in the start-up scene is - to put it in hip English - "just do it." Take action: Secure a domain name that will exemplify the product or will illustrate the idea of the construction of a prototype.

2 - A solid business plan convinces: A meaningful business plan includes important components, such as finance, personnel and a marketing plan and convinces potential financiers to invest in the idea. It is the basic road map and establishes that the general plan is detailed. It is important not to complicate the business plan and to formulate the idea clearly and convincingly.

3 - Seek advice: The business world has many facets. Since it is generally speaking impossible to be an expert. Trust in the counsel offered by qualified persons who are knowledgeable - and do so from the beginning. Lawyers, developers or designers. Also, for the payment of these services creative ways can be found, such as offering shares in the company.

4 - Experience is valuable: Relevant prior experience in start-ups is indispensable. But also when assembling of the team, one must ensure that the employees are experienced and confidently master their jobs. So you can, especially in the start-up phase, move forward quickly and efficiently.

5 - The team is the core: Two aspects are essential in the team constellation. Rule of thumb 1: "Teamfit." The chemistry has to be right. But interdisciplinary thinking is also required. New skills must be added to the team spirit. Rule of thumb 2: "Smarter than oneself." Driving the business requires team members with excellent know-how.

6 - Customers know: Listening is the magic word here. Learn all about your potential target group. The better one understands and recognizes their needs, the more purposeful can the control of actions be. 

7 - Without marketing nothing goes forward: The idea is there, but no one is waiting for it. In order to convince people of the product's value, marketing is one of the best investments that you can make. With even a little money  a lot can achieved. Work together with communication experts for a clever strategy on where and how you can reach your customers.

8 鈥 Meet fact-based decisions: Facts, not emotions, are the basis for decisions. So no one can take anything personally - such as in a situation where informality can go too far. Invest the time to find out what valuable analysis tools or statistics can provide assistance in daily business.

9 - Insist on advance payment: Especially as a newcomer to an industry, it is important to act confidently. As a safeguard, request advance payment from your customers and do not allow yourself to get carried away with dumping-discounts.

10 - Failure is (sometimes) expected: A start-up is quite a roller coaster ride, and setbacks just happen. One must learn from losses and move on. Additionally, nowadays if you fail, no longer will a negative stigma stick to you. Also, thanks to the global movement Fuck Up Nights, where failures talk about the failure of their idea, and other start-ups offer encouragement.

Conclusion: You have an idea? Then there is no excuse. Take action. With a lot of perseverance, a solid plan and a dedicated team, the  start-up idea can succeed. Moreover, Paymash provides young companies valuable tools, making daily business much easier, with the Paymash POS system or a tool to write invoices or offers. Thus should, could, would, might belong to the past.