3 Tips That New Entrepreneurs Must Know - SockSeed
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3 Tips That New Entrepreneurs Must Know

Every new beginning is difficult unless you have the necessary tips and knowledge next to you! The 2 most important topics for discussion when you are about to start your own company are money and customers.That’s why we provide you with 3 tips which every new entrepreneur should follow.

1. Make valid forecasting assumptions for your business market value

Do not try to impress customers by promising them a huge amount of dollar market value because if in the end your business is not able to achieve such a big amount, you will lose your investors and you will receive zero amount of money. Hire people that have knowledge on business forecasting so as to help you predict a market value that is based on your business’ true cost, price, market, competitors, product. Doing this, your investors will understand that this market value is an honest value without exaggerating so as to impress them.

2. Provide paychecks that grow as your business grows

A startup company is faced with two options. One option is to pay your employees a market salary  with the hope that in the near future the company will grow so as to justify this high salary. The other option is to pay well below the market salary since it is a startup company. In this way the risk is shared between the employees and employers. One way to share the risk with your employees is to pay them a salary that is increasing as your company is growing. The decision is up to you! However, do not forget that risk is not something we should play with!

3. Make your customers be the first!

If you can make your customers feel that if they are your first customers, they will be given the feeling of exclusivity then this will attract a lot of people. If they are the first customers then this means they will help you launch the business too. Not only this, your first customers can take beta tests of your products and talk with them about your future plans. If you can test your product first, then there is no need to exaggerate the perfection of your product  with the aim to attract more customers.

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SockSeed’s platform can help you with all these tips so do not hesitate to contact us. We know that every beginning looks scary but those tips should help you feel more motivated. If you find value to this post then get ready for many more articles to come written just for you!

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Panayiota Pari
panayiota@sockseed.com