Time is money: 3 reasons why starting a business faster is better – StartupSmart
Starting a business is a fragmented process. The faster you get your idea to market, the faster you get real feedback in the form of paying customers.
The principle remains clear – in business, time is money. There are many different steps to complete before opening up your doors: from registering your business and setting up a bank account to getting online and designing a logo. The process can become cumbersome; even for experienced entrepreneurs this process might drag on for weeks.
“The most common hurdle we see business owners face is not knowing what steps to take, or what order to take them in. For many it can take months,” says Matthew Pearson, co-founder and director of online management tool Honcho. As a result you may find yourself stumbling back and forth between tasks wasting huge amounts of time.
Honcho makes starting a business easy. The subscription-based tool takes you right through the startup journey so you can start trading in about an hour.
“We started in a garage in Sydney. Back then it was two friends sharing a desk and a dream to improve how businesses are started,” says Pearson.
“We kept things lean and tried out many ideas very quickly, so we know how important it is for a business to start fast, stay lean and find those first customers.”
These three key steps will help you get a head start and establish your business with ease:
1. When you are ready, act fast
Is your idea viable? Who are your competitors? Before you commit, it’s important to do your research and find out if there is a demand for your products or services.
According to Pearson, for many businesses the best way to find out if you have a viable business idea is to test it in the marketplace.
“Once you commit to starting a business, start fast. Maybe your idea is great, maybe it’s not. You will only know when you launch and find your first customers. ”
2. Avoid paying high startup costs
During the early stages of setting up your business, one of the most common delays is trying to save enough money to get started.
“The traditional approach has been for people to pay startup costs before they get started. People can spend thousands before starting their new business. We think that approach is risky and outdated,” says Pearson.
“Honcho helps break down the cost barrier to starting your business with speed in those critical early stages,” he says.
“The more you can reduce the time, money and effort it takes to get your idea into the world, the better your chance of being successful.”
3. Get started in the right order
Whilst there isn’t one correct way to start your business, there are certain things you can do to streamline the process. Starting your business logically and seamlessly saves time and money.
But this process can be stalled if you don’t have the correct registrations. Services like Honcho simplify the process by ensuring you start up in the correct order.
To learn more about starting your business within minutes click here.
Written by: Thea Christie