6 tips for how to survive your first year as a startup
Even the ones who have the ambition to create a global company taking over the world has to start somewhere. When you have registered your company and started working, it’s only the rest left — Step 1 is to survive the first year.
Here is a list of my tips!
1. The team
- Make sure all team members have clear responsibilities and know what is expected of them. By avoiding misunderstandings and cooperating effectively in the beginning, you can spend more time and energy wherever it is needed.
- Diverse companies tend to show better results. By having diversity in mind at the start, you will benefit quickly along the way.
2. Planning
- Make a realistic schedule for the first year. Set a side at least one month for “learnings”.
3. Expand your network
- Build relationships. The more people you have in your network, the more chances you have at both getting the word out and to get help. Ask for intros from people you know, go to events where you know relevant people are and keep in touch afterwards.
- Do not be afraid to contact someone in your network to ask for help when you need it, whether it’s product testing or strategic issues — and step up when others asks for help.
4. Product
- Of course, you have to believe in your own product when launching it, but rather launch a first version that is good enough, than sit at home and work to perfection.
- Be sure to have an ongoing dialogue with your users and do not be afraid to change, develop and iterate the focus based on the feedback you receive.
5. Financing
- Investment rounds in all respects, but dilute your company as little as possible at the beginning. Apply for grants from Vinnova, corporate loans at Almi or see if there are other relevant ways like competitions to raise capital without giving away anything else than time.
- Focus on getting paid customers as quickly as possible. It reduces the pressure, gives greater security and also means that you get valuable insights about what your audience likes about the service.
- Use the help and tools available for free. For example, TheHub.se contains templates, employment contracts, and much more for free.
6. Create a “sense of urgency”
- To surround yourself with people in the same situation as you help keep your team motivated and development pace up even when energy drop. Applying for an accelerator program may be a good idea. After that, I recommend applying to member organisations like SUP46 with even more networks and opportunities.
Stina Liland has previously been the program manager for 500 Startups Nordics, worked as organiser and mentor for Startup Weekend and was a co-founder of Startup Norway.
Now she is Country Manager for TheHub.se, a digital platform for startups created by SUP46 and Danske Bank. Over her years in the startup industry, she has seen both startups grow and fall.
