The most successful entrepreneurs like Carmelo Cerrelli have faced the same challenges that startups are grappling with today.
Here’s some expert advice for avoiding startup failure from seasoned entrepreneur Carmelo Cerrelli:
- Do what you love. You are going to devote a lot of time and energy to a startup and building it into a successful enterprise, so it’s really important that you truly deeply enjoy what you do.
- Start your business while you're still employed. How long can most people live without money? Not long. And it may be a long time before your new business actually makes any profits. Being employed while you're starting a business means money in your pocket while you're going through the starting a business process.
- Don't do it alone. You need a support system while you're starting a business and afterwards. Find a mentor or apply for a business start up program. When you're starting a business experienced guidance is the best support system of all.
- Get clients or customers first. Don't wait until you have officially started your business to line these up, because your startup can't survive without them. Do the networking in order to make the contacts. Also sell or even give away your products or services.
- Write a business plan. The main reason for doing a business plan first when you're thinking of a startup is that it can help you avoid sinking your time and money into starting a business that will not succeed.
- Do the research. You'll do a lot of research writing a business plan, but that's just a start. When you're starting a business, you need to become an expert on your industry, products and services if you're not already.
- Get professional help. On the other hand, just because you are starting a business, doesn't mean you have to be an expert on everything. If you are not an accountant or bookkeeper, you need to hire one. If you need to write up a contract, and you are not a lawyer, you need to hire one.
- Get the money lined up. Save up if you have to. You will be needing to approach potential investors and lenders. Also figure out your financial fallback plan. Don't expect to start a business and then walk into a bank and get money. Traditional lenders don't like new ideas and don't like businesses without proven track records.
- Be professional from the get-go. Everything about you and the way you do business needs to let people know that you are a professional running a serious business. That means getting all the accoutrements such as professional business cards, a business phone and a business email address, and treating people in a professional, courteous manner.
Following Carmelo Cerrelli’s expert advice on startups above will make starting a business both a smoother, less stressful process and go a long way towards ensuring the business you start lasts and thrives.