The Secret to Success: 9 Key Ingredients You Need For a Successful Startup
Did you know that 50% of all startups fail within five years of opening their doors?
No wonder that those looking to start a new business do their homework to lessen their chances of failing.
Do you want to know the secret recipe for starting a business successfully? Keep reading to learn the 9 key ingredients you need for a successful startup.
The secret to Success: 9 Key Ingredients You Need For a Successful Startup
One of the biggest mistakes that small businesses can make is scaling too quickly. When this happens everyone in the company is spread too thin and no one is working to their full potential from trying to wear too many hats to get the job done.
1. Know Your Market
It's important to know everything about your own product or service to make you an expert at what you do but it's also important to be an expert on what the market and your competitors are doing. If you research and do your homework to know your market inside out you will know how to take care of your customer's needs.
You will also have an advantage over the competition if you stay one step ahead in learning what customers are asking for and what they're needing. It can take months or years to truly understand who your market is.
2. Do What Works for You
This tip involves knowing who you are and what works for you. Some people work best in the daytime and others work best at night time. There's no right or wrong way.
Don't compare yourself to others. Do what works for you not everyone else.
3. Vision and Passion
The startups that are led by an entrepreneur with a clear vision and passion are able to survive the storms that come with starting up a business. Things can sometimes get tough and it takes someone with vision and passion to make it to the other side.
Vision makes people insist on pushing even when things don't go as planned. Vision also gives startups the determination they need to succeed no matter the circumstances.
4. Pick and Choose Advice
Choose the advice you listen to wisely. Every business is different and the advice that might work for one business might not work for yours. You might receive advice that sounds logical, reasonable and great but there's a possibility that it's not the best advice for you if you're business is different or follows a different model.
Follow your intuition and stick to your vision when you take advice. If the advice you receive is not aligned with your end goal or who you are as a company it's ok to not take it.
5. Money Talk
Let's face it you're going to need money to get your business off the ground. No matter how many ideas you have you will need to figure out where the funding for your business is going to come from.
Nowadays you can use your own savings, credit cards, loans, crowdfunding or angel investors. Successful founders of startups share the strength in knowing how to manage their money. No matter how much money a business brings in if it's not managed the business won't see profits.
Bottom line is you have to have finances in order to be successful in any business.
If your plan is to have a venture capitalist invest in your business to help you have a successful startup you'll have to collect data.
You want to get data from your market to be able to back up the fact that what you are going to offer is what your market is asking for. Having the data to prove that there's interest in what you are bringing to the table with your company is important if you're seeking an investor.
You can collect this data from surveys (online or in person), focus groups, and asking people for their insight in person.
7. Business Culture
While you're writing down your business plan it's more about how you plan on running your business. What is the culture you want your startup to have? Nowadays it's not only about how you're going to make and sell your product or service.
Deciding your values and your business standards before you open up shop is important to help you stay focused as you grow your business. You want to stay true to your standards and the culture you seek to create.
There are many benefits to establishing a unified company culture.
8. Skip the Work You Don't Have to Do
Thanks to technology there are many things you can automate so that you don't have to spend hours doing tasks that take away from your strengths. Research what automation tools your startup can benefit from and make sure to have that ready to go.
Hire people that can take care of tasks that take time away from what you have to do as early in business as you can.
If you can do it before opening your doors even better but if that's not possible make this a top priority. You don't want to do work you don't have to do when there's someone you can hire to take care of certain tasks for you.
9. Long Term Affair
Get prepared mentally that a startup is a long term affair. It's a journey full of ups and downs and if you haven't heard by now sometimes a person's business is like having a baby. Growing your business will mean you have to nurture it and take care of it not rush through every task.
Enjoy every milestone including your very first sale, the first day your website goes live, and so on.
Enjoy Your Journey
Make sure that you enjoy the journey as you watch your vision go from your mind to something others can also see and get value from. Having a successful startup doesn't have to make you feel overwhelmed.
Are you looking for someone to take care of all of your online accounting needs? Contact us today for a free consultation to choose what you need to ensure your business thrives.