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8 Tips to Scale up your startup
For those starting on this journey, here are 8 practical tips that could be useful for you. These tips were shared by @VonSeidels and I have expanded them and also added personal experiences to amplify.
[Thread] 1/11
For those starting on this journey, here are 8 practical tips that could be useful for you. These tips were shared by @VonSeidels and I have expanded them and also added personal experiences to amplify.
[Thread] 1/11
1. BE ORIGINAL: before you start moving forward with your business idea, check that someone else is not already doing it for your target market and location. This is a cancer in Malawi - most people just copy and paste busines ideas....first indicator of failure. 2/11
2. TEST THE WATER: Test your biz name and product idea with friends, family, the would be customers to see if it has traction. Naming a business is one of the issues I have seen most start ups in Malawi struggle with. A name must be simple, catchy, relevant and memorable. 3/11
3. BUILD YOUR VILLAGE: Like raising a child, you need a village for support including cofounders & or partners, mentors & other entrepreneurs. Let's be clear here, Nobody trusts a loneranger business. Malawians love 'Me, Me, Me'. Second failure Indicator. 4/11
Before I go to the next point, a little bit of my own story. I cofounded @zuwaenergy with a British-Indian, & a Sri Lankan-Australian. I am Malawian. I have benefited and learnt alot from my 2 cofounders who are my Brothers now. The 3 of us are a great and formidable team. 5/11
4. BE HAPPY PUBLIC SPEAKING: Sharing ur business idea & purpose convincingly and comfortably is crucial. If your public speaking skills are lacking, invest time into it...you need to be great at it, not good at it. 6/11
5. GO FREE: There are many free tools and services to use in the early stages for example, for marketing, document management, software etc. Most freemium models work just fine in the 'freemode'. Dont rush to pay for expensive licences, you dont need them yet. Take it easy. 7/11
6. GET SCALABLE SYSTEMS: Invest in reliable, scalable systems from the beginning as you will need these to expand. This include developing Std operating procedures, accounting systems, HR policies etc. Even if you have employee, you need to have policies. Start strongest! 8/11
7. GET PROTECTED: Protecting your Intellectual Propeety (IP) is essential. TM, copyrights, patents, UDs etc. This is big weakness for Malawians - we dont protect our IPs. Talk to your lawyer. Note that when valuing a business for investment, IPs can boost your valuation. 9/11
8. RECORD AGREEMENTS: Set up a clear legally sound agreement with your cofounders and partners. Normally this is done with your MemArts of Association at the time of Incorporation. Draw up std NDA to use when necessary. 10/11
BONUS: Put in place accounting systems from the word go. B4 you can think of hiring anyone, think of hiring an accountant / bookkeeper even if it means part time. Financial Management is very key to startups and investors are very particular on this. 11/11
Thank you!
Thank you!
