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10 Tips For Startup Success
Startup Success
• Essential business needs such as website design, staffing, product development & marketing are accessible to practically everyone at much lower costs than previously
• The challenge now is how to launch & run a startup with minimal hiccups & potential for sustainable growth
Pondering over a great idea for a startup business, looking for some tips to avoid rookie mistakes?
Here are some tips for a successful Startup…..
1. Perfect your Idea
• There should be a sizeable demand or a real need for your product or service in the market
• Your idea should be unique
• If the idea is not unique consider what could make it exclusive
2. Assess Competition
• Be aware of your competitors
• Keep a look out for other competitors In the same business
• Develop your idea to get a unique edge over competitors offering similar services
3. Structure A Startup Business Plan
• Create a mission statement ,conduct market analysis & plan a sales strategy to set priorities & make decisions
• Reflect on how your business idea will survive & grow
• Determine what sort of funding will you need in future
• Analyze your strengths & weaknesses
• Be confident about what makes your product or service different from competitors
• A solid plan will come in handy if you start dealing with aggressive growth
4. Emphasize On Funding
• Dexterously figure out how to bring in revenue • Think through on how to earn money & then look into growing your
concept • Try different approaches like crowd-funding your idea besides the usual
route of securing a loan or investor
5. Build A Brand
• Build a strong brand strategy
• A brand is a strong element of how your company is seen by your customers
• The brand identity should remain consistent to reinforce business values continually
• The brand should immediately communicate why your customers should choose you over competition
6. Create A Digital Presence
• Digital media is a powerful media
• Having a digital presence of your business is essential for any business
• Digital media needs a proper strategic plan to deliver a maximum sales & promotion impact
7. Decide How To Incorporate Your Business
• Choosing how you want to incorporate your business can be daunting
• One has to consider all the legal & tax implications
• Two common options for small businesses are to structure as an S corporation or a Limited Liability Company (LLC)
• Think about your long-term business needs & consult your financial/legal advisor to determine the best setup
8. Gather A Great Team
• Build a team of trusted advisors that can serve as an emotional, maybe even spiritual support group
• The group can be comprised of friends, family members & mentors but also include specifically skilled people where required
• Running a business is hard work & knowing you have a team behind you can be incredibly motivating
• It is important to not only hire the right people but also hire the best person possible to do the hiring
9. Get Used To Doing More With Less
• Startups usually have limited resources
• Be constantly creative about the way you can make things work with restricted resources
• Many daily tasks may have to be dealt with on your own
10. Stay Patient & Positive
• You’re going to make mistakes along the way
• You’re going to encounter failures, negativity & unthinkable odds, that’s just the nature of startups
• Stay patient, keep your head up & keep moving forward, you’ll have a much better chance at success
• Keep expectations reasonable & understand that growth takes time & effort
DON’T THINK WHAT’S THE CHEAPEST WAY TO DO IT OR WHAT’S THE FASTEST WAY TO DO IT.
THINK “WHAT’S THE MOST AMAZING WAY TO DO IT”- Richard Branson
Images are for representation purposes only
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