Many people dream about starting their own business with SME’s accounting for almost 98% of businesses in Australia. However, there are huge risks associated with starting your own business, with approximately 20% of all start ups failing in the first year.
If you want your business to succeed you need to know what to avoid and how to overcome challenges. We gathered tips from Taylah Allen, the CEO of triSearch who shared her experiences.
The triSearch Journey
Prior to starting her own business, Taylah had over 5 years of experience in the legal tech space where she learnt what technical support was currently available. During this period, she identified a gap in the market, where firms needed a cost-efficient search solution without compromising on platform-quality or service.
Taylah started triSearch in 2018 as the industry’s first low-cost search platform. The triSearch solution allowed law practices more time to be client facing, building trust with them while still providing a cost efficient service. Over the past two years triSearch has built a brand in NSW, QLD and VIC. We asked Taylah a series of questions about starting a business. Her answers below:
What was the biggest challenge starting up?
Finding the right people for the job is one of the biggest challenges for any startup. Hiring the right candidates can be a factor that determines the long-term success of a business. By being transparent with the job at hand and what is expected of individuals in the initial meeting, it will help with the level of acceptance to the role. There is a difference between ‘hiring people who will do the job’ and ‘building a team where everyone will make an impact’.
“Spending time hiring the right people is one of the best things you can do for your business. Rushing the process often leads to misjudgement which can significantly impact business performance.”
How did/do you drive growth?
Business development is crucial for any new business and it starts with the people. Getting employees on board with the vision for triSearch has really moved the dial for this business. A motivated workforce, all driving in the same direction and operating with the idea that we’re here to ‘build relationships, not buyers’ is the main reason for our growth. For anyone else starting up, growth should always be on your mind, and the mind of your staff.
“Deliver results by working hard, delivering on promises and never losing the client focus.”
What’s more important, people or processes?
Neither is as important as the other. The right processes won’t work with the wrong people and the best people will struggle without proper processes. Finding a balance between these two aspects is something that will create a great business.
That being said, drawing on the knowledge and experience of your employees can sometimes lead to better process development. Allowing them to have input into the systems and processes chosen, as well as promoting a collaborative environment, can be beneficial.
Goal setting – is it Important?
Goal setting should consist of a long-term objective and the steps in place to get there. If you don’t have goals how will you track where you are heading and measure your achievements? Having a vision is important but planning how you will get there is what will keep you focused and on the right path. Having goals that are challenging is what will set you apart from your competition and be the difference between mediocrity and excellence.
It is important to ensure goals are achievable yet challenge you and your team to grow. Goals can be financial, client based or anything in between.
How important is a company’s brand
Building a brand is a constant work in progress and something a start-up business cannot rush. Brand awareness isn’t something that happens overnight and by trusting in your people/processes, you will see its growth over time. Something to remember is that your clients will be your biggest brand advocates. Spend time making sure they’re experience with your brand is positive and as a result, word will spread.
In summary, every business owner will face different challenges when starting. Some key takeaways to help you navigate these challenges include; make sure you hire the right people, find ways to constantly motivate those people, find the right balance between people and processes, set ambitious goals and take your time to grow your brand.