So you’re launching a startup business – congratulations! After the initial excitement wears off, it’s time to address vital components that will not only keep your new venture from going down the path of failure but will ensure that there are plenty of room for growth and success.
These are 5 things you simply can’t ignore when launching a startup business.
- Right Timing
Idealab founder Bill Gross said that the reason why startups with intense funding and great business model still encounter failure is because of wrong timing. You have to be honest enough with yourself and with your partners to ask questions such as: Is the world ready to accept my idea? Is it too early that I still need to educate everyone about it or am I already too late because there are already many others offering the same thing?
He cited AirBnb as an example. Most people, he said, are uncomfortable with the idea of letting strangers use their homes for a fee. But the fact that it was launched during the recession when cash is tight for many has wiped out the stigma attached to it.
- A Niche Market
Every other marketing article you can find online has already discussed the topic of knowing who your customers are, but many of the authors have little to say about the importance of targeting a unique set of audience.
So if you don’t want to get lost amidst a sea of competition in a crowded market, you have to determine the central unique factor that defines your prospective customers. This will help you make informed decisions on designing the kind of product or service that is not being addressed or offered by other businesses.
- Commitment to Positive Cash Flow
Let’s get right into it: money is going to be an issue sooner rather than later. And the last thing a startup needs is to trim back costs or rack up debt in its early days.
Most of your growth and success will highly depend in your initial investment. In order to avoid cash flow issues being the focus of your energy and effort, you have to plan it all out way before even thinking of launching it up. Create checkpoints that keep you on track, encourage clients to pay on time, and make sure to take early payment discounts if that is possible.
- Peer-Support Network
More than having enough funding or an amazing startup idea to begin with, a strong support structure is an invaluable resource that must not be ignored by new entrepreneurs. The key characteristic that distinctly separates highly successful people and mediocre ones? It’s the ability to create and maintain a network of contacts.
Look for professional organizations that provide excellent support and mentorship for startups in your field. Attend workshops and conferences with informative speakers so you can meet industry experts, business influencers, and likewise-minded people who can provide legal advice and help you on your entrepreneurial journey.
- Marketing and Sales
In this hyper-connected era of digital-savvy consumers, you cannot just expect that word of mouth is enough to build hype for your startup business. It’s also a mistake to simply rely on consumers to find your product or service and straightaway put their loyalty on you.
Without proper marketing and sales, your startup will soon get into a lot of trouble. This is because your marketing and sales people are responsible for boosting your startup revenue – faster, better, and with greater efficiency.
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