The process of starting a new company can be  tiring, costly, and frequently overwhelming. Still, the rewards can be equally substantial. With success, you will have the opportunity to be your own boss, to do something you love, and to express a newfound degree of creative control over your life.

There is hardly one secret for success with a startup. Plenty of businesses have success, while others fail, often utilizing similar methods. Still, while there are no guarantees, you can take a number of actions to give yourself a better chance of success. Read on for three suggestions that can make a major difference.

1. Exercise Careful Financial Planning

Margins will almost inevitably be tight at a startup. While this is unavoidable, you can take steps to exercise as much control as possible.

An important one is careful budgeting. You simply cannot afford to overspend or waste money at a new company. In fact, even before opening your business, you should be carefully planning via a sterling financial plan. This will serve as a blueprint for your business, allowing you to hit the ground running and carefully manage finances.

2. Be Sure to Hire Effectively

As the leader of a startup, you will be in a unique position to see the business have success. However, that success will also heavily depend on the caliber of employees you hire. As such, do not skimp in the hiring process! 

Instead, seek out uniquely creative, talented, and/or experienced employees, who can help your business thrive and ultimately grow with it. Ideally, you should seek workers you can trust, to whom you can give orders, but to whom you can also delegate. A strong team will significantly heighten your odds of success.

3. Don’t Neglect Your Personal Life

Life at a startup can often feel all-consuming; you will likely end up spending long hours at work, and taking work home with you. But to the extent it is possible, you must make time for yourself. Having time off to rest and recharge will allow your mind to relax, and will allow you to be looser and more effective as a leader. While it may seem like every moment requires work, you must give yourself breaks.

In short, running startups is tough, and success is sometimes a significant challenge. But the tips above can help boost your odds and put you in the best position possible.