Tips for New Startup Owners – Success Without Compromising
The topic of this post might seem a little odd for a company that sells LatinX T-shirts, hoodies, coffee mugs, and artwork. But we have learned a lot since starting Plurawl. We think that some of what we learned is worth passing on to new startup owners.
Plurawl was a startup at one time. Our founder knows what it is like to struggle to get things off the ground. But he and the rest of his team were committed to succeeding without compromising. That principle is the very foundation of what Plurawl stands for.
If none of this makes sense to you, keep reading. Make it through the following tips for new startup owners and it should all make sense at the end.
1. Offer Something You Can Be Proud Of
Business experts often tell entrepreneurs to find a niche. The idea is to choose a product or service that people want but cannot easily access. We do not necessarily disagree, but we think it is equally important to offer something you can be proud of. Whether it's a product or service, it should be something you are so proud of that you're willing to shout about it from the rooftops.
We are extremely proud of the products we sell. We are proud of the messages we speak to the LatinX community. We are proud of our quality, our pricing, and the many loyal fans who trust our brand implicitly.
2. Clearly Define Your Mission and Goals
Success as a startup rests heavily on a company's ability to fulfill its mission and reach its goals. But to do either one, both need to be clearly defined. We recommend defining your mission and goals long before you set up shop.
Our mission is one of redefining professionalism by empowering LatinX communities to be their authentic selves. We fulfill that mission partially through meeting goals designed to get the dual messages of authenticity and LatinX pride into the hands of our customers, by way of our products.
3. Let Your Principles Guide the Business
Running a business should not be just about making money. Why? Because money doesn't buy happiness. Money is fleeting. You can have a lot of it today and almost none of it tomorrow. So rather than chasing dollar bills, run your business based on those principles that are near and dear to you.
Let those principles guide your business decisions. When you have tough decisions to make, don't abandon your principles in favor of profit. Yes, you need to make a profit to keep the business afloat. But you also need integrity to be genuinely authentic.
4. Get Involved in the Community
While you are busy getting your startup going, don't forget to give something back to the community. Get involved in community events in ways that keep you connected to those around you. Community involvement is good for the soul. It is also good for the bottom line.
Getting involved in the community shows your customers that you care. It shows that they are more than just dollar signs to you. They will have more respect for you and your business. They will show their loyalty in return.
In closing, don't pay attention to all the negative chatter about business failure rates. Sure, businesses fail all the time. But they also succeed. Approach your startup with the mindset of offering something you can be proud of. Support that product or service with a clearly defined mission and goals. Then let your principles guide your business decisions. You'll be well on your way to turning that startup into a long-term business endeavor.