By Omoruyi Edoigiawerie, Esq
Founding a start-up is challenging. Having the monetary capacity and knowledge to get a business off the ground is one thing; surviving the competition, the unstable economy, as well as the volatile and unpredictable marketplace is another kettle of fish.

To survive, there are some key rules which matter more than others. People, who have successfully managed their start-ups, will tell you there are some steps and strategies you need to internalize and inculcate to achieve success.

Here are a few practice codes or do I call them “cheat codes” which if start-up Founders adhere to, they will gain the traction they need and edge more productively towards a stronger and more sustainable start-up.

1. Amplify wisely– don’t overspend

Because your business is growing, every income is important, you must amplify the work you do through branding, advertisement, and product marketing but be wary of spending too much money on this. Keep in mind that the cost of your marketing services impacts heavily your net income, so you must spend wisely.

2. Remain Relevant

Keep your product or service relevant. If your service or product is deemed less of a necessity, it’ll be difficult to get your business back on track. Remain on top of what people want and need, and be aware of public perception of your service or product. Reinvent if you need to and keep moving ahead and expanding. The key to being relevant lies in providing something better, easier, and more amenable to improve your existing services, or develop a new service altogether. Either way, pay close attention to how relevant you ought to be and ensure you remain relevant.

3. Don’t Compromise Customer Expectations

Building client trust and reliance is hard but rewarding in the long run, however, it is also very important to keep in mind that a simple error or act of complacency can kill this trust and diminish all the gains built from the relationship. Irrespective of your reinvention, expansion, or growth, high-quality customer service must be non-negotiable. The entire workforce must understand the imperativeness of building qualitative customer relations and must be thought to embody that value at all times.

4. Embrace the proper technology

Start-ups today are actively pursuing innovations and technologies which assist in easing many of the operational activities. It is however important that as they try to scale and build, start-ups don’t deploy technology too advanced for their client base or too detached from current realities. Technology is good and is best when used properly.

5. Take risks – Calculated risks (Don’t be too afraid to dip your feet in the water)

It takes a bold step to bring something new and unknown to the public. There is the likelihood of failure but even as strong is the chance of success. While it is advisable to be careful, it is also important to know when to take risks. So take risks but these risks should be calculated risks, not rash emotional decisions that are half-baked.

6. Failure is normal. Do not be afraid to fail

It is often said, the road to success is often paved by failure. It is nearly impossible to succeed without having to fail first. It is possible to learn as much from your failed project just as much as you can learn from a successful project. Perhaps the most important thing you should learn from failure is how to get back up on your feet and keep on trying bearing in mind the pitfalls to avoid.

7. Pick the right team

Most MDAs don’t account for money they collect – Senator Urhoghide

With serious expansion will come serious job opportunities, be certain not to take this lightly. One important business growth strategy is learning not to hire those you need desperately for the present and neglecting to employ those you need for tomorrow. Envision your future and hire those whose role you can see in not just the present but also the future. Avoid hiring to meet customer demand alone, because when you do this you hire employees that do not fit into the company culture at all. Also, keep in mind that employees share bad habits and the productivity per employee can be grossly affected by this factor. Take all of the resources and time needed to discover the ideal match for each role.

8. Keep on doing what is working

As the saying goes, if it isn’t broken, don’t fix it. Expansion happens as you are fulfilling a need. If your start-up is expanding, it means individuals require and like what you are doing. To alter your approach now might be to change what it currently is that makes you a success. Avoid the temptation to reinvent the wheel if it is not necessary.

9. If it is not working don’t wait, stop it!

Once you’ve identified what is working, fixate on it, and don’t over-sweat what isn’t working. Identify all expenditures in the business which are not generating results and shut them down, successful start-up founders have a good eye for identifying the items that drain their resources and yield minimal results, if it is not working, then it probably needs to be shut down while you focus on the aspects that are working

The above tips are not exhaustive, but rather they provide a guide to navigating the intriguing and demanding world of entrepreneurship, innovation, technology, and development.

Omoruyi Edoigiawerie is the Founder and Lead Partner at Edoigiawerie & Company LP, a full-service law firm offering bespoke legal services with a focus on start-ups, established businesses, and upscale private clients in Nigeria. The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances. His firm can be reached by email at hello@uyilaw.com