Top 7 tips in selecting projects for a startup
Here in this blog we bring to you some quick daily tips and tricks we choose in selecting our projects. As you have a bucket of projects coming your way and limited time and resources you will find these tips handy. These tips may be more geared towards a startup focused approach as that’s what we know best but may be suitable for other businesses as well.
So, you have got a lead and they want to hear from you..It’s a great opportunity to start working on a project and as a startup it may be a dream come true to work with a big B2B client or get leads which are far from your current league of clients you have?
Well sometime not, we have curated some thoughts on the judgement you need to make when selecting a project so lets have a look at what projects should you work on and criteria to select a project?
The end goal for different companies can vary but when you pick a project it should be one of the bigger goals that you are working towards. It is an easy pick where it could be something you have mastered before and is completely in your primary service offerings, so this is a no brainer that you would go for it. Listed below are some factors may change from company to company depending on their level of expertise and growth and stage of the startup. Lets see some of the other pointers are.
- In the initial stages you may do all sorts of work to figure out the ones which you like vs don’t want to do again. Like we did some video editing work to earn some quick bucks but soon realized that it was not worth the time , effort involved and moved over to do one of our core skills instead.
- A project has come your way where your skills and service offering match only 10% and you have to outsource the remaining part.
- If you rely on the external person or a new employee even if you know them personally is a risk.
- The risk increases if you do know the person but have never worked with that person before and is not your full time employee and you have no idea on how to get the project started or progressed ahead and are completely dependent on the other person
- Since the external person would not be client facing they have very little at stake and is better to get into smaller tasks than a big bang project in such cases or to avoid getting into such projects at all
- In some cases this may be start of a new skill
- It has got good financial gain and if you plan to outsource or do inhouse it has a good profit margin and you already know whom to outsource this to
- Working with the client improves your reputation and gives you a body of work and Client is one of the big firms and you want them to be added to the list of your clients.
- Project team members you assign his work to have learnt something new by working on the project
- This is not in your primary skills of work but would give you a chance to try something new and to add to your portfolio
- Company has a known history which you could read from the review on Glassdoor, Freelancing sites, Word of mouth of not treating their employees/ Vendors nicely while you may think this may change for you but the reality is that if you don’t see yourself working with a client/ organization for a life time it is not really worth the pain and effort.
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