Residents of Rewired: 10 tips to scale your start-up
Pictured above, Rachael La Pine, L&D Programme Coordinator at BlueSkyMinds in one of the meeting spaces at Rewired.
Rewired is a co-working space that houses some of New Zealand’s best and brightest small businesses that want to grow or expand globally. Nestled inside Xero’s Auckland office in Parnell, Rewired offers a co-working area for permanent, flexible or casual workers, as well as an event space, and support and mentoring from Xero.
Here are some tips from the residents of Rewired themselves, about how to grow your start-up.
- Create a flexible plan, assess your goals, opportunities and challenges. Keep referring to your business plan to guide decision making. This will make sure you’re considering the bigger picture and the impact of each decision on the business.
- Get to know your customers. Go out and learn about their unique pain points, habits and what matters most to them. Use these insights to build customer profiles and tailor your plan to your target audience.
- Hire the right fit for your company – culture as well as role. Don’t just hire anyone because you need the help. Attend events to network – you may be surprised how many people are looking for part time or contract work.
- Create a healthy culture from day one. Define your values and ensure these are woven into every aspect of the business. Having a positive culture is key to hiring great people, and working as a team to grow the business together.
- Keep updated on the competition as well as new developments in your industry. This helps to identify new opportunities and it keeps you motivated to grow your business. “We have to really try and anticipate what’s coming, so we can up-skill the team. We have to ensure we’re offering the best service so we don’t lose clients by being behind the curve.”– Ross Cockton, Limesharp.
- Don’t be a jack of all trades at the expense of you or your business. Outsource as much as possible; if you are not an expert in law, or design – find someone who is. This means you are not paying someone full time for a part time job.
- Build a network of people in other start-ups or in the industry who you can bounce ideas off and share tips with. For instance, sharing industry news and business hacks is a great way to learn fast even if it’s with online connections. “Surround yourself with people you can to learn from. Get out there and try to meet new people who you can share ideas and advice with.” – Hannah Wood, Little ‘Lato
- Hire an intern. They are eager to learn by doing and can bring fresh ideas to your business. An intern will be happy to grow into the role as the company does, as they are new to the workforce – it is mutually beneficial.
- Establish a strong advisory board. Find the right people who can guide your business and introduce you to opportunities and people that will help you scale the business. “It’s important to strategically choose people who can help grow your business and open doors, as well as give sound advice.” – Kristen Lunman, Hatch Invest
- Don’t be afraid to go global and expand your business into new markets. Get involved with Kea Connect to meet the right people for your business. Kea Connect powered by Xero, fosters connections to a network of high-impact Kiwis around the world.
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Source: Xero Blog