1. Understand how the money flows
Trying to reinventing the wheel when it comes to new business models is difficult in the Australian market. When looking at your new business, try and focus on understanding how the money flows in that market and do it better or more efficiently at launch.
2. Customer needs, not wants
With first-hand experience across several start-ups over the last 15 years, I’ve seen many new business owners focus on the wrong things. Building a product or service that no one really needs and is prepared to pay for wastes precious time which could make or break the business. Instead, focus on a potential customer's needs in their life and see how you can make that business idea grow.
3. Test and do manually
Don't bother with building back-end systems to make sure the processes are automated and ready to scale at launch. Focus on driving people to your business and taking action. Sign up for a trial, buy a product, refer friends and manually service the customer with email and phone. These basic fundamentals of a good business can go a long way at the launch stage of a business.
4. Revenues and customers
Focus on revenues and customers that value what you have to offer from day one. Building pretty web sites and an office that makes you feel good when you’re starting a new business is nice if you have the funds to do so, but without customers spending money to pay for your product or service you can kiss it all away!
5. Build a business, not a start-up
In my opinion, there’s a lots of hype around the term ‘start-up’, which drives an expectation of raising capital from early stage investors as the key milestone. Founders should be focused on building a business and solving a simple need with a product or service that is differentiated in the market. Don't kid yourself with capital raising articles.