This year, there will be hundreds more startup companies joining the market. People all over the world think they have an idea right now that could be a massive hit in a couple of months. This could be the production of an original product or a unique perspective on an already established service. It could be anything and if you’re lucky, your business will succeed. It’s possible you’ll become a sensation overnight. But the truth is that the law of averages is hard at work. Very few startups survive over a year. Those that do won’t be making the level of revenue you might be imagining right now. But is it luck or are there key fundamentals you need for a successful start up? We think the answer is simple. If you want your startup to a be a success, these are the factors that you should not overlook.
The Importance Of The Team
When you begin your start-up venture, there might only be a few people on your team. This number will grow as your business reaches higher levels of success. But even when there are only a couple of people joining you, you should be able to trust them and count on them. There also needs to be a leader. That could be you or someone else on your team. But they need to be strong, charismatic and a person who others are willing to follow. There have been cases where startups have succeeded without strong forces behind the wheel. But if you want to increase your chances of success you should pick someone to guide the process. Otherwise, you might find that little progress is made.
Picking the right people for your startup team can be difficult. But you will need someone with some experience in the business industry that you’re entering. Without this individual, you’re going to struggle to get the contacts you need to succeed. You’ll also need someone who has strong organisational skills. It’s crucial that there is a plan for your company that can be followed in the coming months. Picking people for a team who do not serve any particular purpose is one of the first makes new entrepreneurs make.
As your business grows, you will hire more people for your team. Eventually, you will have a full staff of employees. When choosing people, you still need to get the right individuals for each job. It’s also worth considering how big you want your team to be. We suggest you keep things as small as possible until you are sure you have found your footing on the market. If you’re struggling to find the right people for your new business, try using a recruitment service. Using a recruitment company, you will be offered the CV of people they believe would be perfect for your new company. By doing this, you can surround yourself with best minds in the business.
The Role Of Technology
Technology plays a crucial role in every modern business on the market today. It allows business owners to connect with employees and clients. It enables the possibility of effortlessly running an international company. But for the start-up owner, it gives one significant advantage that can not be overlooked. The right tech will allow you to cut costs in your business while running a company that is ready to compete.
You might think that when you start a business, you need an office to run your company. But not with the latest tech. With the latest advances in technology, it’s possible and advisable to run a business from home. There are a few advantages to doing this that you need to be aware of. The first is that your home is now your business address. This means that you’ll be able to claim back some of the cost of this address on taxes. You’ll be paying less on tax each year. The second is that you won’t need to spend extra money, buying or renting an office. If you do need to meet or impress clients, you can hire an office for the day. You can then use this as your virtual business premises. It’s even possible to get mail sent to a hired address that actually has nothing to do with your company. If you’re worried about keeping in touch with members of your company, there’s no need. You can keep in contact with them 24/ 7 using the tech at your fingertips.
Of course, to do this, you need to buy the right services and equipment. You might think that by doing this, you’ll be losing money already. You’ll be spending a lot on services and equipment to get your business up and running. The good news is that most of these services are quite cheap. As well as that the money that you spend will be counteracted by the amount you end up making. One example of tech you’ll need is cloud and data servers. VPS servers will allow you to send and store data internationally. That means it doesn’t matter where your client or employee is. They’ll still be able to either buy from you or work for you. You’ll have an international company run from your own home.
You should also think about ecommerce services. E-Commerce companies allow new start-up businesses to buy everything and anything they need online. There is no need to try and set up complex business transactions when it’s easy to get everything you want with a simple on-screen purchase. This includes software like website templates or tech for your company.
The Marketing Revolution
Since we mentioned, website templates, it’s important that you understand the part that marketing has to play. The role of marketing in business has changed recently. These days, most marketing occurs online. This is good for the startup venturer. It means that marketing is considerably cheaper than it used to be. That allows smaller businesses to play on a much bigger field. A field that is filled with potential for profits.
But again, to gain those profits you need to understand some basic facts of online marketing. First, no matter what you read, it is simply not possible to set up online marketing yourself. At least, not at the level that we are referring to. If you set up marketing yourself you may see some success online but it won’t be demand that you can count on for longevity. It will quickly fade and you will be at the bottom of the pool.
Second, there are forms of online marketing that you should not use. When you look into marketing for your new business, you will find a large number of sites offering quick solutions. True promotion does not occur overnight. If you see any businesses offering services that take effect in 24 hours, ignore them. This is blackhat marketing. Real promoters know that success will take at least a couple of months.
Third, everything that you do online related to your business has an impact on promotion. If you put an update on your business Twitter account, you can bet it’s going to have an effect. If you add a link to a piece of content, this too will have a small effect. That’s why you can’t afford to make mistakes. If you make a mistake in online promotion early on, it will still hit your company and cause you to lose potential profit margins.
The Risks You Must Take
Finally, you must realise that running a company is going to involve certain risks. You are not always going to find yourself coming out on top and that’s why you need to have confidence in your business. Even when you are just at the beginning you will have to spend money to make money. If you’ve read claims online you can start a business with nothing, don’t believe them. You will have to either borrow a loan or use your own cash to get your company off to a running start.
You will need to speak to loan companies and encourage them to take a risk on your business. They will only do this if they think your company has a good chance of success. You will need to show them that you have confidence in your idea. You will also need to present a five-year plan of profitability for your business. If you can’t do this, you might want to quit right now. No company is going to give money to you if you don’t have a plan for the future.
Or, you might attend a tradeshow to gain the interest of investors. This too is going to cost you in funds. You can not head to a trade show with no money in your pocket. The marketing alone will cost you a good amount. Again, you need to have the confidence to be willing to take the risk in an idea you believe in.
If you have taken these four factors into consideration, you might just have the ingredients for a startup that will succeed.