Around 90% of startups fail. You need more than just a great idea. In this article, you will learn 8 essential tips to guide your startup to success.
To get your startup off the ground, you need:
- A well thought out product that fulfills a specific need
- A solid business model
- A business entity
- Employees who are 100% invested in the success of the startup
- The right product at the right time
- Safeguards for your ideas
- Online visibility
- To keep it moving
Sell What They Need, Not Just What They Want
It starts with the product or service. Find something to sell that people don’t just want, they need. Know the market you are getting into. Ideally, you will have worked in this industry or field for some time, before venturing out on your own.
Build A Solid Business Model
Make sure the numbers work. It’s great to do what you love, but it’s just a hobby unless you can turn a profit doing it. Double check your sales projections, overhead costs such as utilities and advertising, and then check them again. A rock solid business model is essential to securing funding for your startup.
Establish A Business Entity
Establish a business entity in order to keep personal and business credit separate. Then work on securing funding and building stellar business credit. A business entity will protect your personal assets.
Be Picky About Who You Hire
Hire the right people. If you hope to succeed, you will not be able to do it all. When the time comes to build your team, make sure your employees share your vision and are passionate about what you’re selling. New hires should jive with your personality and the company’s ethos. Lackluster employees who aren’t invested in the company’s success will dishearten and drag down the rest of the team.
Time Your Launch Right
Don’t rush, but don’t drag your feet either. You don’t want to launch your product if you haven’t worked out all the kinks, but you also don’t want to get mired down in the planning phase. At some point, you have to put yourself out there.
Also, consider what is already on the market that is akin to your product. If something similar to your proposed product just launched, then right now might not be the best time to try and market your idea. On the other hand, it may be the perfect time. If your product is part of a new market that just opened up, then now is the time to act before the buzz dies down.
Protect Your Ideas
Safeguard your ideas. No need to tell every Tom, Dick, and Harry your thoughts and plans. Before pitching to investors, consider NDAs to help protect your intellectual property. Even with friends and associates, keep the details of your ideas to yourself. Patent your product as soon as possible.
Make sure your startup is seen. Blog, vlog, post, snap, tweet, and whatever else it takes to get your business name out there. People don’t buy what they don’t know about. An online presence is vital to the success of any startup.
Don’t Get Lazy
Once you have done these 8 things, keep it moving. Success is never handed to you. It takes early mornings, late nights, and a great deal of the time in between. Constantly innovate and brainstorm ways to improve your product line, services, and productivity. Set goals for your company and reassess quarterly.