This post is part three of a three post series.
In last week’s post, Chris Byers, CEO of Formstack LLC, gave us a few tips on what it looks like to build a successful start-up. This week, he will continue his discussion in Part Two by adding a few more encouraging pieces of advice on building business success.
4. Build Momentum.
We commonly tend to think that the day we release our software or service, the biggest part of the work is done. It’s not. My approach is to hink of life and business as a marathon rather than a sprint. While I have only run a half-marathon to date, my preparation takes place over the course of months and my distance slowly increases over that course of time. Even then, improving my half-marathon time over previous records takes years of consistently deciding to get out and run, committing to tweaking my running strategies and the resulting run-time. In the same way, you too need to build your startup over a number of weeks and months with small victories each week rather than hunting the big wins once a quarter. This will allow you to build momentum in your product as well as excitement about the days ahead.
5. Keep Expenses Low.
I tend to be very debt averse, though there used to be a day when I wasn’t. In my first startup, we started heavy with five staff members that needed to get paid each month. In addition, we got this idea that having awesome marketing and logos were going to make us successful. While the logos were pretty, that commitment cost us a great deal financially in the short-term. Also, we thought that nice offices were a key to running our software business. Three years of personal guarantees were wrong for our business and wrong for my personal finances. And finally, I fell for the “lease a car to save taxes” trap and committed myself to $20K of a brand new car. In the end, all of these debts and costs were a great detriment to our ability to make wise decisions for our company. The good news was that if we had been successful, we might have blown the money anyway. This told me I needed a few lessons in stewardship before my next startup.
I hope these tips were helpful for those of you thinking about starting up your own company. There are always going to be lessons you have to learn along the way, but it’s always good to take as much advice as possible. Good luck in your venture.
If you have any questions or comments for Chris, contact him at Chris.Byers@formstack.com.
Formstack LLC., is an Indianapolis, Indiana located company with a mission to give businesses and organizations of all caliber a solution to their online needs. Formstack provides a way for companies to develop, design, create, and manage online forms with little to no knowledge of HTML coding or programming. Users can create any type of form desired including surveys, contact forms, event registrations, and more. These forms are used by companies with a desire to collect data in a smarter, more convenient and stress-free way. Formstack’s online forms can also be integrated with multiple third-party applications. Check out Formstack athttp://www.formstack.com.