Five Tips for your Next Startup Business

The Startup Gathering hosted in early October had events all over Ireland. Organized by Startup Ireland, the week was filled with opportunities for startup businesses to connect and network with each other, established companies and their peers. Startups learned techniques necessary to take their businesses forward. New inventions from startups had the chance to shine through, this was key to a successful and productive week.

One such opportunity came through an exhibition called the Invent Showcase. The showcase gave entrepreneurs a space to make their products visible and other businesses the chance to get to know them and relate them to their own business ventures.

The next big ‘thing’ could be just around the corner – so why not learn from the risks taken by others and understand what turns an idea into a successful product and business?

#1 – Stick to what you know

Grew up in a farm? Spent hours watching your mother bake delicious cakes? Turn what you know into a marketable product by thinking of ways to streamline and modernize processes. Most “inventions” are not truly brand new concepts, but rather adaptations of existing ideas that can be used in new ways.

#2 – Start with what you love

Working on something you love can reduce the headaches that come from any creative process. No passion subject should be off bounds when it comes to new inventions. Starting a business will include a lot of work, energy and inevitably stress – working on something you’re truly passionate about can makes it easier to motivate yourself to keep going.

#3 – Know the market

Stick with what you know, start with what you love but always, always keep the market in mind. What you might think is a genius idea might not be desired or required by your target audience. If you want to sell your product, you need to solve a problem or carve out a niche – what is missing from your area of interest? What are consumers demanding?

Keep in touch with technology, use social media and research what has been done in your field so you’re as prepared as possible for what lies ahead.

#4 – Keep your head in the game

Manufacturing even a prototype of a product will be time consuming and difficult. You will want to break it , quit and take a long vacation. By all means take the vacation but don’t quit. Keep yourself focused on what you’re creating, and the possibilities it will bring to your life in the future.

#5 – Trust (yourself and those who work with you)

Having faith is an obvious part of the process. You will have to be the one to believe in your product, convince others to like, buy and promote it… and keep motivated throughout the entire process. But you also need to trust the people or companies you choose to work with. Opt for reliable, established and available companies who will provide you with what you need and help you when all fails.

If you’re a startup, you don’t want to be wasting time thinking about your phone bills or trying to fix telecoms issues. Choose companies who can take care of the logistics, while you focus on developing your product. Magnet can offer you a package adaptable to your business needs – and make sure that it can scale as your business does.

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