13 Tips to Consider Before you Launch a Startup
Around 50% of small businesses fail in the first 4 years of entrepreneurship. The reasons of failure vary from one industry to another but are somehow interrelated to each other. Owning a business helps an individual to grow over the time. Startups are owned where the opportunity is present. For that, you need to first set the right direction, to identify the up comings for your business.
The reasons of failures are known to us already but the milestones to success are still difficult to understand. From different examples we have gathered 13 milestones to launch a startup for Entrepreneurs.
Let’s have a look at all:
- Stay Consistent and focused , you’ll see the results
Do not jump into several different ideas simultaneously just because one is not working. Stick to the number one idea and focus on every possible way you can make it work. From the start Apple’s owner Steve Jobs has remained highly focused on the three main product offerings i.e. iPad, iPhone and Mac. His main focus remained on two different customer groups – business and consumer which made success possible for him. Choose the best medium that will cater the target audience in the most profitable manner.
- Have Passion for it
Passion is the top most important thing required to drive a business. If you are short with the resources do not worry, be passionate for it and you will ace the ways. There are 69% U.S. home based startups including eBay and Etsy that started from selling vintage clothing and similar goods from home. This help businesses to stay cost effective in the initial stages.
- Look around the market statistics
Every industry has different on-going market trends that you need to know about. Stay updated with the latest trends in your industry and how it can affect your business idea. Take preemptive measures for avoiding the pitfalls of the market challenges.
- Dive in where others are lacking
You need to make a research for the competitors active in your domain. Look for a niche market and offer services that are specifically aimed to satisfy their needs. If you decide to serve those who are not yet satisfied, it will provide you efficient room to work. The bulls-eye for Starbucks thought to be as limited but it turned out as a giant after years.
- Serve the ones who need you
As a startup, if you decide to provide services to startup yourself it will definitely work. They are the ones operating with limited resources and in need of almost all kinds of services. Startups require services for designing, developing, promoting their products and services in accost effective manner. Offering services to startups helps in gaining popularity and trust of your target market easily.
- Be adaptive – change your strategies with time
Never thought of sticking to the same way of doing things just because you initiated it. Look for better options that are being introduced and used around. If other things are present to add efficiency to your work, go for it.
- Study your Market Thoroughly
Comprehend the demographics as well as insights of your market. You must understand the preferences, decisions, lifestyle and associations of your market. This will help in building strategies accordingly.
- Ask Suggestions from online discussion forums
Looking for the suggestions for your business idea? Take feedback from the audience who is lesser concerned with your success or failure. They will give the honest and most unbiased opinion to you. Your family and friends might ruin it at times with their protective opinions.
- Spend your Time Smartly
You need to know how much time should be spend on what? In the growing stage of a startup the most precious asset you have is your time. If you learn to utilize your time smartly you will probably not be wasting your time in the less resourceful areas of the business. Time management is essential for success of startups.
- Avoid Risky Ways for Funding
So you are about to take off your plan of startup but still contemplating the ways of source funding for your business. Go for the easy payment terms instead of opting for the complicated ones that might get problematic in long run. The most common ways to fund your startup are; small business loans, friends and family, trade equity, crowd funding etc.
- Build a Team of like-minded People
You need a team to join heads with and find ways to success for your startup. But what comes before it is having a consensus over the vision of the startup. If you work collaboratively with the same aim and vision there is higher probability of generating better results.
- Be Tech Savvy
No matter what sort of business you are into, it is always necessary to have knowledge of the technical platforms that can add benefit to your work process. Not only is it cost effective but covers majority of your audience easily.
- Welcome the Uncertainty
Always ready for the uncertain situations that might occur at some stage in your business. It can be due to any reason and especially when you are working at a startup you should always be ready for new changes.
Startups can be successful with a competitive strategy and strong analytical techniques. This will help you in getting ahead with your startup idea easily.