According to a new research study by Small Biz Trends, about 90% of startups fail, due to various reasons, such as incompetency, lack of experience and personal problems CEOs are facing. However, you don’t have to be a part of the statistics. Excellence is not accomplished without stumbling upon a few hurdles down the road. Look at this information as an opportunity to learn from other businesses’ mistakes – find out how to understand, avoid and overcome them. You don’t have to do that all by yourself, though. Here are some tips that will help you be a successful startup owner.
Have specific goals and means to get them
Goal: Be an entrepreneur; means: form a startup (check); goal accomplished
Oh, wouldn’t it be perfect if things were that easy? Unfortunately, they are not, and you need to have more specific objectives and make sure that the things you do to achieve them are measurable on a daily basis. This will help you understand what went wrong and what you are doing well. Working hard may be the staircase leading you to success, but planning hard is the foundation of that path.
Make a name for yourself
You may have the best product or offer the most required service, but if nobody knows about that it is not worth much. Advertising your business is much easier than you think. You just need to establish the audience base you are targeting and discover what kind of messages reach them most efficiently. Besides regular marketing strategies, you need to work on building your brand. This includes not only the logo and catchphrase but also how you are represented in your community.
Put your focus where the world is
There is nothing wrong with handing out leaflets and starting a guerilla marketing strategy, but you need to be aware of the possibilities the new media has to offer for businesses. You have the entire world within your reach, but the internet is far more complicated than you think and it has its own rules. This especially goes for social media, where most of your potential customers reside. If you are not confident in your employees knowing this area like the back of their palms, it is best to turn to professionals offering a social media monitoring service to get the most out of the data gathered through online platforms.
Form a dream team
Most startups are understaffed at the beginning, which means you will need to make the most out of the people you have. Be sure the individuals you choose are equipped with skill, strengths, enthusiasm, passion and knowledge. Also, it is vital for your employees to get along. This may not come naturally at first, but you can try to achieve it through open communication and team-building exercises.
Spend money to earn money
Counting your pennies for every little thing you do to make your business grow is the feature of almost every new entrepreneur. As your workload increases, however, you will need to hire new people, invest in more equipment, train your employees and maybe even relocate to a new office.
Cherish your customers
Your customers are the most precious things you have. Without them, there is no profit, no paycheck for your staff, and no money to pay taxes. Most importantly, those are the people who recognized the value of your product or service and decided to invest in you. You need to give back, not only with the quality you are offering but also with professional and kind staff, loyalty programs, rewards, appreciation and acknowledgment of customer feedback. This way, they’ll always come back for more, and one day they can bring an army of followers with them.
Only active work, dedication and constant learning can prevent your startup from becoming a part of the devastating statistic of failure. Follow the tips we gave you and make sure you always plan, strategize and analyze.