10 Tips For Launching Your Own Startup On The Side
You’ve been working at a startup for a couple of years, but you know you can do so much better. You have an idea that you’ve shared with your mum and a few friends down the pub and they think it’s great.
You’ve started confiding in colleagues and they too think your idea has potential. You actually start to think you can do this. Not only does this mean you could be the founder of a business that you truly believe in, but a little part of you is motivated by the fact that your current boss will be insanely jealous.
So now you’re ready to go solo or with a small team. But how do you make that transition from full-time employee at a startup to your own boss of a startup.
Here are our top 10 tips to help you get the most out of your last days at a startup:
Get prepared for life after paid work before you go. You need to remember how people talk about startups. Learn the Bullshit Bingo phrases. Platform, global marketplace, SaaS. It helps you think bigger.
Most great startup ideas are easy to pitch. Practice with your friends. If they don’t get it in 30 seconds, then you either need to rethink your idea or get your pitch better. Aim to generate a proxy net promoter score of 70 from them.
Your colleagues may think you’re up to something. This is easy to deal with – you’re buying a house or looking for a new flat, refinancing your credit cards, or even researching holiday destinations. They might think you’re interviewing for a job, so remember to stay stealthy and use the usual diversion tactics.
Keep your startup work on your own laptop. Don’t use any equipment from work to help you launch your new business.
If you have Slack on your phone and have created a new workspace for your startup alongside your current employer’s make sure you post to the right workspace. The same goes for Google Drive, email accounts and social channels etc.
Learn what not to do. Startups make lots and lots of mistakes so watch and learn. This is why if you plan on founding your own business some day it’s a great idea to join a startup, particularly a successful one.
Save money. Apart from trips to the coffee shop and working lunches to get your startup going, you should cut back on some expenses. Fewer boozy Tuesdays and impulsive eBay purchases. You might even need to find somewhere cheaper to live.
Stay positive. The euphoria will go up and down. Stay focused and talk to as many people as you can. Worry about your own success rather than the risk of someone copying your idea.