Top 5 Ways to Ensure Your Startup Company is Successful
Launching a startup company is no easy feat. Beyond an excellent idea, it takes commitment, resources, and courage. It can be incredibly satisfying to create an idea and build it into fruition and have it thrive. If you have invested you heart, soul, and wallet into your own startup, you certainly want to achieve your targets.
That said, there is the common fact that 90 per cent of startups fail.
Ensure you are part of the victorious 10 per cent by considering these factors:
1) Have an Idea
Granted, you need an idea for a startup - but that can begin with very broad strokes. Focus on transforming your idea into a tangible and manageable product or service. In the beginning, it is indeed better to master your consumer offering than to go overboard with multiple aspects. Define your overarching objective and target and ensure that your startup focuses on that alone. It will be easy to get sidetracked and go off on a tangent with other ideas, but stay on track. Consumers can only understand your product as clear as your idea presented to them is.
2) Find Your Target Audience
Consumers want a tailored experience and it is important to provide a customized or personal interaction. Research your target audience or aim to fill a consumer niche. People have different preferences and thus it is difficult to have one idea that will satisfy everyone. As such, you will have more success if your startup offers a product or service for a specific group.
3) Lockdown Capital Resources
Building a startup takes cash, and often lots of it. Growing the business and ensuring success takes even more cash. For this reason you will want to ensure that your startup grows fast and can keep up with the rapid growth. Accelerated growth will permit you to re-invest profits and secure more funding. Make a financial plan to ensure the upkeep of growth - you must be able to meet customer demands or else a competitor will provide the service or product you cannot. Having proper financial resources is important for success.
4) Find Human Resources
Your startup team will be your second family. Endless hours of sweat and tears are put into a startup - you will ride the successes and roll with the punches together. Make sure you surround yourself with people who are just as committed as you are, and are not afraid of hard work and challenges. There will inevitably be setbacks - you need a team who can persevere, learn, and adjust quickly. You also want a versatile team that possesses many harmonious skillsets. Everyone's time and energy should be focused on the business, not on personal conflict or drama. As you will be in close quarters daily, ensure you have a team that is respectful of each other and are synchronized and collaborative. A strong team is required for success.
This may be the biggest factor of the equation. You must ensure that your launch to market is suited to the landscape. If your idea is ahead of its time, then the consumer market may not be ready to accept it—even if it’s novel. If your idea arrives too late, then you will have to battle to distinguish yourself amongst competition in a potentially saturated market. Perfect launch timing can get you the attention and sales to grow and refine your business as you have filled in a consumer gap. There is no formula to determine perfect timing for a startup launch; however solid market research, learning about your target demographics, and testing the field can provide a good lead. Do not dismiss this critical step - having a great idea is important and capital and human resources are necessary, but when to go to market is crucial to success.