Owning your own business, being your own boss and working to your own schedule. These are things many of us dream about, but few actually try to start their own business, and even fewer succeed.
It’s estimated that as many as 90% of startups fail. This stat may be surprising but that is probably due to the fact that we hear a lot more about the success stories than the failures.
We think of Facebook, Uber and Airbnb, not of Dave’s Cheeto Scented Shampoo.
All successful startups begin with a great idea (something that Dave clearly didn’t have), but there are many other factors that are key to making your startup successful.
If you want to be in the 10%, and not a Dave, then consider the 5 tips and tricks below as you work to turn your big idea into a reality.
Understand your Market
All successful entrepreneurs solve the problems of other people. Whether it’s a problem that they know they have (think nicotine patches for smokers) or a problem that they didn’t even know about (think about the guy that invented the Pet Rock), the key is to realise what people need and then to satisfy these demands.
One way to do this is to ask. Conduct surveys and test your product to get feedback. Another vital step is to research competitors and to see what opportunities they may be overlooking.
Without this kind of deep knowledge of your field, and how others perceive your product, you will have little chance of turning your idea into a viable business.
At the end of the day, it doesn’t matter if you think your idea is worth millions, after all, the customer is always right.
Create a Strong Team
You may not be so keen to share your brilliant plans with others but the reality is that teams are almost always stronger than the individual. Think of Maverick and Goose, Frodo and Sam, and Shrek and Donkey.
Teams get things done quicker, they motivate each other and they pick each other up when the going gets tough.
A team of two might work, but maybe three, four, five or more will suit your startup better. Try to build a team that has different strengths and fill the positions where you are the weakest. Maybe you’re good with numbers but perhaps you need a creative mind and a hands-on worker to get your business off the ground.
Above all, don’t be afraid to share your passion with others and let them help you to realise your dreams.
Have Passion for What You Do
Speaking of passion, it’s one of the most important assets you’ll need to get your startup running and thriving.
Most of us have had jobs that we didn’t like in the past (maybe that’s the reason why you want to start your own business) and so we all know what it’s like to feel unmotivated and bored.
Building a company also requires plenty of effort, for very little financial reward (in the beginning). That means that having a love for what you are doing is one of the only things that is going to keep you going.
If you want to open a candy store, you better have a sweet tooth. If you want to create a website that compares all the betting sites Australia has then you should probably be a big Australian sports betting fan. And if you want to create an app that teaches goat yoga to Japanese mothers you had better be a maternally-minded, goat-loving, yoga-practising, Japanese-speaking app developer.
If you have a passion for what you are doing, you are much more likely to go the extra mile and make sure your project succeeds.
Stay on Track
You can read all the blogs you want, go to all the networking events in the world and develop the most comprehensive and in-depth social media marketing plan the universe has ever seen but it’s all going to be for nothing unless you knuckle down and focus on building your business.
Of course, networking, social media and Feedster entrepreneurship blogs are all good things to think about but sometimes you need to just get the work done.
If you have a plan, follow it, and if you don’t, make one. Your plan should help your business to grow, generate revenue and capture market share so focus on these things above everything else.
After all, there’s plenty of time to sit beside the pool and take Instagram photos when you’re an important CEO.
Grow at the Right Time
When your business venture starts to grow, and you begin to monetize your idea, it can be tempting to expand quickly. However, it’s important to realise that this is perhaps the most delicate phase of your burgeoning startup.
A bit of success, in the beginning, is no guarantee that it will continue into the future. You are sure to face many more changes, roadblocks and hurdles, not to mention competition from other new and existing businesses.
The worst-case scenario is that your cash flow dries up and you now have new employees and business costs that can’t be paid.
Growth is fine, great actually, but be sure to approach your expansion phase with caution. You’ll want to make sure that you understand the benefits and risks of taking the next step and you’ll want to stick to a plan that is both smart and safe.
The post 5 Top Tips & Tricks for Launching a Successful Startup in 2021 first appeared on Feedster.from Feedster https://www.feedster.com/startups/5-top-tips-tricks-for-launching-a-successful-startup-in-2021/
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