Launching a startup is an exhilarating journey filled with challenges and opportunities. Whether you’re setting up a bookkeeping company, a consulting firm, or any other business, the initial goal remains the same: find your first 10 clients. This milestone is not just a test of your business’s viability but also a crucial stepping stone towards sustainable growth.
Over the past decade, I’ve founded two successful accounting firms, and the strategies to attract those initial clients have remained consistent, regardless of the industry. Here’s how you can apply these timeless tactics to your startup.
Be Willing to Hustle
Success in the startup world is not achieved overnight; it demands a high degree of persistence and resilience. As an entrepreneur, you must be prepared to dedicate a substantial amount of your energy and time during the early stages of your venture. These initial phases are critical as they lay the groundwork for your future success. The flywheel will come.
Make Connections
Tap Into Your Network:
When I launched my latest venture, Tee Up Advisors, I didn’t have a single CFO client. I felt a mix of nerves and excitement. I reached out to my network to update them on my new venture. It turned out to be quite enjoyable, especially since I hadn’t caught up with many of them in over two years. Hearing about the changes in their lives and sharing updates from my own was really fun.
Practicing your pitch with friends and acquaintances is also incredibly beneficial. It’s much better to refine your approach with them before taking it to your first real clients.
They say luck is what happens when preparation meets opportunity. That certainly rang true for me. I ended up talking to someone who had just invested in two companies in need of CFO services. Then, another connection needed M&A diligence for a potential acquisition. After delivering good work and serving them well, I was introduced to their entire investor group.
Hit Every Event:
In the beginning, your time is less valuable, so use it to attend as many networking events as possible. Whether it’s industry conferences, local business meetups, or seminars, get out there and introduce yourself and your business. Books like Dale Carnegie’s “How to Win Friends and Influence People” can dramatically improve your networking skills.
Schedule One-on-One Meetings:
Think about businesses and professionals who serve the same market but don’t compete directly with you. These can be invaluable, synergistic, referral sources. For instance, a startup selling eco-friendly packaging might partner with sustainable product companies.
In my case, I offer Fractional CFO services to growing companies. I don't focus on compliance work such as tax or accounting. Therefore, I network with accountants and bookkeepers so we can serve the same clients better.
Consistency Compounds:
We all lead busy lives filled with various responsibilities. The key isn’t necessarily the volume of work you do, but rather the consistency of your efforts.
Imagine if you reconnect with one person you know and meet one new person each day. In a week, that’s 14 connections. Keep that up for a month, and you’ve made 60 connections. Extend that over six months, and you’ve networked with over 300 people! While there are no guaranteed results, this approach significantly boosts your chances of finding at least 10 clients. Once you secure those clients, focus on delivering exceptional service and let the momentum build from there.
Work Life Balance:
Finding balance during this initial phase can be challenging. However, many successful individuals will tell you that the aim isn’t to achieve daily balance but to find equilibrium over time. Commit fully for the first six months to secure your initial client base, and then you can adjust your pace to achieve a more balanced lifestyle.
What Not to Do
1. Avoid Overspending on Advertising: Early on, avoid heavy investments in marketing. Without the budget to reach a wide audience, your efforts might not yield the desired ROI.
2. Keep Your Website Simple: While a website lends credibility, it doesn’t need to be intricate or expensive. Use platforms like WordPress or Squarespace to create a simple, clean site that provides essential information about your business.
3. Don’t Get Caught Up in Aesthetics: While branding is important, it shouldn’t stall your progress. A logo and a basic corporate identity are sufficient to get you started.
4. Don’t Wait for Clients to Come to You: Success in the startup world requires proactivity. Your skills are crucial, but without visibility, they can’t attract clients. Regularly engage in outreach and networking to build your presence.
Reach Out for More
Navigating the early days of your startup can be challenging, but you’re not alone. If you’re looking for advice, support, or just a sounding board, feel free to connect with me at info@teeupnextgen.com. Remember, the beginning is about laying a strong foundation—focus on these basics, and watch your business grow from zero to thriving.
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