Broadly is a venture-funded technology firm with more than $20 million in funding to develop the technologies that help small businesses effectively interact with their customers. Founder Josh Melick formerly worked as an executive leadership for both Intuit and AT&T, where he was an engineer by trade.
We asked Josh to share the twelve steps that every new business should take to set itself up for long-term success.
1. Understand your industry
“If you do your homework and understand what’s happening in your industry before beginning, you’ll not only have a better product but also be able to position yourself properly when launching.”
2. Prioritize your needs
“You’ll need to prioritize the fundamental aspects of your business before you begin. For example, what problem are you solving? Where is your market?”
3. Duplicate yourself
Melick says that one of the biggest mistakes he made was not creating a scalable process that would allow him to grow the company. “Make sure there’s a clear process for how things get done so you can scale up when necessary.”
4. Define your key performance indicators (KPIs)
“You have to be able to monitor ‘key performance indicators to quantify what’s working and what’s not. If the KPI isn’t achieving its purpose, then why are you using it?”
5. Know your numbers
“Switching from a product mindset to a customer acquisition mindset is tough, but it’s the only way to validate your business idea before you spend too much time and capital.” “You’ll need to know how many visitors (daily, monthly, etc.), conversions (how many users follow through with what you’d like them to do), and your KPIs (which will help you measure the success of your product).”
6. Hire for quality over skill
“You should be careful about hiring those with a desirable skillset– if they don’t fit in culturally or don’t share the same vision as you, it’ll make working together much more difficult. Instead, it’s better to hire those with a great personality and a strong work ethic.”
7. Always be selling
“Be prepared to answer the question ‘how will I make money?’ Never stop selling your vision for success.”
8. Keep it real
“If you play your cards right, bootstrapping can be one of the most rewarding experiences of your life. Every entrepreneur should experience it at least once.”
9. If you need help, ask for it
“There are countless networking opportunities to meet like-minded people who can help you with your business. If you’re hesitant about asking, don’t be afraid to simply reach out and see what kind of response you get.”
10. Never stop learning
“Always keep your ear to the ground– take time to learn from your competitors and those who are doing well in the industry you’re entering.” “Always find ways to hone your craft, whether it’s by taking a course or simply reading up on what others are doing.”
11. Keep an eye on the market
“One of the biggest mistakes that entrepreneurs make is not understanding their market before they dive in. Being so excited about your product that you fail to realize it’s not what the market needs right now can be quite frustrating.”
12. Be prepared to take risks
“It may seem like a daunting task at first, but taking calculated risks will put you in the best position for success.”
