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

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