Nibletz Staff
Ask any entrepreneur who’s built their business from the ground up, and they will tell you that there is a lot of emphasis on surviving as a business startup, but what about thriving? Of course, the fact that so many startups fail within the first year of being launched doesn’t help.
Entrepreneurs are told time and time again, that survival is all that matters, but it’s not, thriving is just as important. If you are aiming for your business to run successfully for many years to come, knowing how to ensure that your business thrives rather than just survives is of the utmost importance.
The truth of the matter is this: you have to be willing to take risks that could potentially pay off in a bag way. It’s all well and good allowing your business to judder along, but if it’s going to be a success in the long-run, then you need to know what it takes to make your venture thrive.
Here are some pieces of advice for ensuring that your startup not only makes it past a year but also thrives and becomes a prosperous and highly profitable business, just like you always dreamed it would.
Find a mentor
The importance of having a mentor cannot be over-emphasized. The fact is that any business owner who is determined to succeed, needs a business mentor, even if they don’t realize it. A mentor offers guidance, tutoring, and monitoring; they have the knowledge and experience to help you to make a real go of your business. A mentor can help you to mix within the right circles; they can introduce you to important people within the industry – a mentor really is invaluable. A mentor should be someone within the industry that your business is in, who has built a successful business from the ground up and can educate you about how to do the same.
Know when to skimp & when to splurge
It’s no secret that a lot of startups are working with a tight budget, which means there’s often a lot of skimping going on. However, for your business to thrive, you need to know when to skimp and when to splurge. For example, when it comes to your business website – a crucial tool for success – it’s best to splurge rather than skimp. Don’t attempt to design the site yourself, hire a skilled web designer to do it for you. Look at your hosting options and think carefully about which to opt for – shared or private? Another option, if neither of these are suitable could be to look for a cheap VPS that uses a cloud-based infrastructure, although the server is shared, you get your own private part of it, speeding up how quickly your website runs. Some things are worth splurging on, others it’s best to skimp on, it’s just a case of successfully determining what you should save on and what you should splurge on.
A business plan & strategy are crucial
Your business plan should highlight what your business does, what its values are, and what the goals are for it. A business plan should also talk about the financial side of the business, such as how funds should be distributed. A good business plan is at the heart of any business, which is why if you don’t already have one in place, now is the time to create one. Part of a business plan is the business strategy. Now, for a startup to be successful, having a strategy in place that outlines what needs to be done is crucial. This should include the tasks that need to be completed to meet your goals. Think of your business strategy like stepping stones leading to a big pond – to succeed you need to have a set of carefully thought about steps in place to take so that you can make it big.
Above all, one of the most crucial things is to be consistent, stay motivated, and put in the time. There’s no point running a business that is just surviving. If you are going to make a success of it in the long-term, your startup needs to thrive.
