John Maddox
We all know that most startups don’t manage to survive their first year. It’s what everyone tells you when you start a new business. Don’t let that thought weigh you down though. There are plenty of things you can do to make sure that your business doesn’t become a part of that statistic.
Take note of these essential tips if you want to make a success of your startup’s first year in existence.
Research, Research, Research
You should always prioritise the research you do when you are starting your business. In fact, this is something that should start before your business is even up and running. You should, first of all, think about researching the competition. You will never be able to beat your rivals and dominate the market if you don’t even know what your rivals are up to. You can carry out some competitive analysis. This will then help you to formulate your own strategy and approach to business. You want to exploit the weaknesses of your rivals and do the things they do well even better than them. It’s a big challenge, but it can be completely more easily when you know what you’re up against. Visit https://www.hallaminternet.com/2012/3-easy-ways-to-keep-an-eye-on-your-competitors/ to find out how to keep tabs on your rivals.
Specify Your Target Market
Your target market is the people that you will be trying to sell your product or service to. You need to know who exactly you want to target if your business is going to be a success. The target market should be analysed and researched in advance. And then you can come up with advertising and marketing strategies that target precisely the kind of people that you want to appeal to. Your target market might be flexible, and you might end up being surprised by who is most interested in your product. This is not unusual, but it doesn’t mean that identifying your target market isn’t important too.
Keep the Finances in Check
Financial planning is one of those things that many business owners struggle to get to grips with. But ignoring your finances and acting recklessly is exactly the kind of behaviour that causes startups to fail every year. You may think that a great product will be enough to carry your business. But, unfortunately, that probably won’t be the case. You also need to make sure that your finances are kept in check. Your product and its quality will be worthless if your finances are not under your control at all times. It might be a good idea to hire an accountant who can check things over once a month.
Hire the Right People
Your startup will only succeed if everyone is pulling it in the same direction. So, you need to make sure that you hire the right people with the right mix of skills that the business needs. It’s not just their skills and talents that you need to take into consideration though. You also need to think about how they all work together in one big team. Being collaborative is a big part of the modern workplace. So, make sure that you hire the kind of people who can work together. A set of disparate individuals is never as successful as a cohesive team of people who work together to find solutions.
Keep Costs Down
There are lots of expenses that have to be dealt with when you’re running a business. And you don’t want to be spending even more money than you need to be. So, you should always be looking for new ways to keep costs down if you want your business to be successful in the long-term. They always say that making your first $100K is the hardest, and it’s true. But it’s even harder if you are spending lots of money on unnecessary things. Visit http://www.dividendmantra.com/2015/07/is-the-first-100k-the-hardest/ for other tips on making money for your business.
Get Top Advice
The advice your business receives from people who have been there and done it all before can make a big difference. You should talk to established business owners who know what it takes to survive and thrive in that very first year doing business. Talking to these people can give you inspiration as well as ideas for things to do to make your business more likely to succeed. Networking in influential circles can help you to meet these kinds of people. Listen to what they tell you and then put ideas into practice if you think that they can help your business to grow and succeed.
