While striving to become one of the next successful startups is exciting – especially if you’re quitting a corporate job – it has its fair share of challenges. You have to learn how to manage cash flow, hire employees, manage your time, delegate tasks, choose what products or services to sell, and develop a marketing and sales strategy.
It certainly isn’t easy, but it IS possible, especially with a few tips along the way…
Successful Startups: 5 Tips to Help Get You There!
The biggest shift you’ll make in your thinking is to view things from an entrepreneur’s perspective. Here are five tips to help build your brand.
Tip# 1: Follow Your Calling
If you do work you love, then you’ll be able to handle the long, hard hours and stay calm even when dealing with the difficulties.
The sweet spot to launching a successful startup is to identify what you love and find a business with market demand. If, say, you love flying drones, you can build a business around it, though simply flying them is not a business model by itself. However, if you’re an expert at flying an aerial photography drone, many companies might be eager to hire you. A real estate company, for instance, could use your drone aerial photography to improve property sales.
And, if there is something you love, but you’re not an expert at it, you can always upgrade your skills by taking classes.
Tip# 2: Understand The Risks
Although optimism is a wonderful trait and enthusiasm will help you make progress, you want to avoid naivete. It will lead to expensive business mistakes.
So, learn from the startup failures of other businesses to avoid common errors…
- like selling a product with little demand,
- experiencing cash flow problems, and
- bad business partners.
By understanding the risks, you’ll be able to make better decisions on what to sell, how to manage your money, and how to select the right partners.
Tip# 3: Know Yourself
Unless you know your own strengths and weaknesses, you’re liable to overestimate what you can do and underestimate your business’s challenges.
- If, for instance, you’re an introvert, then you’ll put an enormous strain on yourself by going to live network meetings.
- However, if you’re self-aware, you’ll choose some other marketing methods that will work just as well (or even better) like digital marketing,
- Conversely, if you’re a gregarious person, then marketing in person will work far better than sitting in front of your computer all day.
Tip# 4: Create a Customer Avatar
The better you know your customer, the better able you will be to give them what they want, need, and desire. While you may have a fairly good idea about the type of people who would like to buy what you have to sell, it’s still a good idea to do some customer research.
It pays to continuously fine-tune your customer avatar. You can do this directly by asking your customers what they like about your product and how well it serves their needs or you can do it indirectly by sending customer surveys to your email list.
Tip #5: Research the Competition
Even if your business is unique you will still compete with other businesses. They may not have the same product or service, but they may offer something comparable. By understanding what your competitors are doing well and where they are falling short, you’ll be able to make far better decisions on how to serve customers better.
Successful Startups: They Don’t Happen From Greed…
If you’re only motivated to build a startup for the money and prestige, you won’t be able to sustain the enormous effort it takes to create a successful business. However, if you do work that you love and understand the risks, you’ll feel motivated to do well. If you also understand yourself, your customers, and your competitors well, then your business will flourish.
Are you looking to grow your startup? Use the tips above and keep grinding! You can do it!!!
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.