The modern business world offers unprecedented opportunities enterprising people to make it big. On the other hand, the global economic climate is so competitive, that organisations need to constantly be one step ahead of the game in order to succeed. This is never truer than for startup businesses. There is no shortage of bright minds with amazing ideas but 90% of them will fail in the first year. The ones who plan well and prepare themselves for the rigours of the marketplace will be the concepts that become reality. So what are some ways that a startup can get itself primed to compete, survive and thrive?
Be Smart About Your Space
Every startup likes to think that they are Google or Apple and set themselves up in a hip, upmarket environment in order to create the kind of atmosphere that promoted the culture they want to develop. Unfortunately, that inner-city converted warehouse comes with a price tag that can cripple a fledgeling business. You are far better off being patient and saving your cash for product development and seek alternative office arrangements. Virtual offices, for example, can be the perfect solution. Follow this website link to find out more information about how you can present a professional face at an affordable cost.
One of the biggest frustrations that I hear from startups is that they are so busy chasing funding that they don’t have time to attend to product development, sales and marketing. Fortunately, recent times have seen the emergence of numerous microfunding websites that harness the power to match investors big and small with concepts like yours.
Know Your Users
The world is changing at a staggering rate and consumers are evolving with it just as fast. One of the best assets you can have is a firm finger on the pulse of your target market’s wants and needs. For tech startups, in particular, your digital presence is extremely critical to how you are perceived and the way in which users interact with your brand. However, market research can be incredibly expensive and way out of the range of most businesses in early growth mode. The good news is that help is at hand. There are numerous technologies that specialise in customer satisfaction measurement, that can assist you to get valuable feedback from your users without the huge cost.
The Right Stuff
We all want to surround ourselves with people we like, so involving friends and family in your startup venture can be a natural reflex. Unfortunately, doing so can not only hurt your business but damage those relationships if things do not pan out as hoped. Sure, if the person in question is appropriately qualified and motivated, go for it! On the other hand, if you’re thinking of giving your deadbeat pal Jimmy a token job as the warehouse manager, you could be making a mistake. Surround yourself with people that are as passionate and hard-working as you are and you will be far better off.
Find a Mentor
The average age for a startup founder is around 40 years. While this is an age where people have some experience, all of us can benefit from learning from those who have been around longer than us and achieved success. Most successful business people are more than happy to mentor someone in whom they see a spark and can establish a strong connection and rapport.
When added to a healthy dose of inspiration and a mountain of hard work, these tips should help you chart your path to success.