Is a little bit of funding and a killer business idea enough for a start-up to be successful? While some people may think it is, the answer is precisely the opposite! According to the BLS, as many as 50 percent of start-ups fail during the first five years. And while poor financial management is a primary reason, imagine having enough money and no brains and skills to use it smartly. Therefore, hiring the right people to fill significant positions is crucial to ensure a business thrives.
If you’re starting fresh, listed below are a few key people you should hire first for your start-up.
1. Customer Service Representative
If there’s one crucial task that every business should master, it’s customer service. The cornerstone of your brand is to build positive relationships with your clients and customers. And this isn’t happening without hiring the right resources.
Well, you might be offering some of the best products/services. Still, if your business isn’t communicating with its customers the right way, your start-up will fail. If you fail to handle your customers’ concerns, calls, or questions, you’ll be putting a dent in your reputation. Therefore, hire for this role on an urgent basis.
2. Chief Financial Officer
According to “some” experts, start-ups should outsource their accounting and finance operations. However, if you can hire a highly qualified CFO with a tremendous amount of experience under their belt, that would be ideal. Keep in mind that such professionals usually demand a salary that can burn a hole through your pocket, though. So if you have limited funds, consider hiring a junior resource and then later persuade them to upskill when your business expands.
Fortunately, the upskilling process is also easy with the help of the internet. Get the junior enrolled in an MBA with accounting concentration online, and you’ll have yourself a CFO ready in no time. During the initial days of your start-up, a chief financial officer will help you a lot in, for example, managing the petty cash, paying suppliers, securing bank lending, leasing premises, etc.
3. Business Development Manager
With a business development manager, you’ll be able to grow your business from both a sales and marketing standpoint. This person will focus on developing partnerships or relationships with other companies (such as suppliers and contractors) to increase the growth potential, and therefore, the revenue.
A seasoned business development manager will also identify new business opportunities within your business and other organizations. While doing this, they’ll consider ways to appeal to your customers, tap into new markets for growth and expansion. For instance, perhaps a rival is providing a product/service you haven’t taken note of. In that case, a BDM will help you retain your competitive edge while simultaneously attracting more attention to your brand.
4. Sales Manager
This is one of the most crucial team members who will bring in money for your company by generating new leads and sales. If you’re able to rake in more sales early on, you’ll increase the chancing of your business lasting longer. So, hire an experienced sales manager and then use the money they bring to hire more salespeople. While this is easily the trickiest position to fill, getting the right person is worth the time and effort. If your sales manager is skilled enough and has relevant industry experience, generating and closing leads won’t be too much of a problem. You’ll soon have money pouring in like a river.
5. Community Manager and Chief Marketing Officer hybrid
Hybrid resources will help you save big bucks when funds are limited and there’s a lot to be done! That said, a marketing hybrid will not just focus on your customers but also their perception of your products/services. By hiring a candidate with managerial and marketing skills, your start-up will have a higher chance of reaching a wider audience.
Try to find a marketing manager who is a jack-of-all-trades. Perhaps, look for someone who can handle social media marketing, run ad campaigns, code landing pages, design collateral, and write copy. By working with the product manager, this hybrid resource can also incorporate customer feedback into product development. In addition, the person will help maintain positive relationships between your start-up and clients by acting as an interim community manager and interacting with your customers.
6. VP of Engineering and Chief Technology Officer hybrid
This job role is especially crucial for tech start-ups that need someone with specialized know-how in tech development. Hiring freelance back-end and front-end developers may make sense initially. Still, it’s always better to have someone in your in-house team take charge of development-related tasks to streamline work. But as your team expands, you can split this role into the two positions stated above.
It’s essential to have someone with the skills to oversee the management and integration of various IT and tech-based systems and decide the best options for your business. From mobile technology to software and hardware, they’ll need to consider even the minutest of things.
7. Product Manager
This expert will manage everything related to your products and services. The person’s job description may include controlling the development, vision, and strategy for the value your business offers to people – your products. Typically, a product manager works side-by-side with marketing and engineering teams to develop and promote items customers need and want.
Typically, business founders are the default product developers and managers and are pretty involved in the process. In such situations, they may be reluctant to hire a designated person for the job. However, hiring a product manager will add more long-term value to customers and the company. Therefore, try not to be short-sighted in this regard.
8. Chief Operations Officer and Chief Executive Officer
There’s no denying that both these positions will be crucial for your start-up to succeed. While the primary job of a COO is to ensure the smooth functioning of day-to-day operations, the CEO is the big-picture person who controls the company’s culture, vision, and direction.
You can hire someone from outside the company for these positions or assume the role of one of the two yourself. Or ask a cofounder to shoulder the responsibilities instead. Filling both roles within the company will save you tremendous hiring costs and ensure your business propels forward. Start by naming the CEO first, though.
Growing your start-up requires you to hire the right people to fill the right roles – this will take your company towards success. This article has mentioned a few key positions that you should consider first. These include a CEO, COO, CFO, business development manager, marketing and tech hybrids, sales manager, and product manager. Filling these job roles with skilled resources will ensure your brainchild grows into a successful and profitable giant company within your niche.