There’s never been a greater time to set up your own business. The increased connectivity, growing access to technology all over the world, and a receptive marketplace are all key elements of modern culture that make startups and entrepreneurs so successful.
But starting a business is easier than keeping it afloat, and although the current landscape is welcoming to entrepreneurs at the start, maintaining momentum is increasingly difficult.
According to Startup Genome, despite good ideas and an interested market, 90% of startups still end up failing. There can be several reasons for each failure. Previously on the blog, we talked about the ‘7 Most Common Goof-ups Startups Commit and Role of Startup Mentor (Consultant) in Such Scenario’. Today, we’ll talk about what most startups need to flourish. Sure, there are no easy recipes to success, but there are certain things startup founders can keep in mind. Here are a few of them below.
Table of Contents
↣ A Vision for Success
The first thing that startups need in order to get past their early years is a vision for success. Many startups have interesting concepts and a receptive audience, but they falter when it comes to scaling up. Mostly this happens because they lack a business plan — a solid foundation for the direction of the business.
The Balance Small Business claims that most business plans require several sections, including a general description of the business, an operations plan, and a management plan, among others. Well-written business plans not only help guide you in terms of the directions you need to take in order to scale up, but can also be the key to securing steady funding from investors.
↣ A Path to Funding
The next thing you’ll need is a path to funding. Like any business, you’ll need funding to get your idea off the ground — money to pay for overhead costs, materials costs, and other direct expenses. This funding needs to be enough to pull you through the early years until you’re able to start raking in revenue.
Luckily, the exciting thing about startups is how much opportunity you have for pulling in investment. You have the option to go the traditional route with bootstrapping or equity investments, or make use of technology and networking via crowdfunding. A post by TechWorld’s Charlotte Lee details several of these methods in depth, including newer options like initial coin offerings (ICOs). The key is to do your research and figure out which method works best for you.
↣ A Good Marketing Plan
Next, you’ll need a solid marketing plan. With easy access to technology and affordable digital marketing tools, many startups might take this aspect of the business for granted. They might fall into the temptation of spending too much on big marketing campaigns too quickly, without taking into account the needs and wants of their market.
Finding the right approach to marketing can be tricky. You’ll want to make use of all the avenues available to you, including digital and traditional methods. Cost may also be a factor, which is why you’ll want to pick techniques that can help you pull in a higher rate of response. For example, a report by Triadex Services about direct mail marketing states that it has some of the highest ROI and lowest cost-per-lead compared to other marketing techniques, which can be especially attractive for startups on a budget.
↣ A Strong Data Set
In this era, data is king. Many startups may think that investing in data science is the sole realm of tech, but it’s actually become a key part of success for all businesses. An interview with Zank Bennett of Bennett Data Science discusses just how important data is for budding entrepreneurs. Most entrepreneurs have a “gut feeling” for creating personal connections with their customers, but might struggle to scale that process up. That’s where data comes in.
Data can provide information on what people are looking at, what they’re responding to, what they’re searching for, and how they’re doing all of the above. By analyzing these information points, startups can begin making informed decisions on how to tackle their business. This information can help with determining what marketing approaches are successful, which content is generating interest, and how to expand on this interest for the continued longevity and profits of the company.
↣ Good Guidance
Finally, if there’s one thing that every startup needs, it’s the right kind of guidance. While many startup founders may feel that they’re able to steer their business through whatever comes next, the fact of the matter is that everyone’s got their blind spot. Availing Get Everything Delivered Startup Services allows you access to some of the best mentorship and strategies available. Receive guidance on how to structure your business plan, scale up your business, build your marketing campaigns, and much more. Listening to your instincts is great, but sometimes they will lead you down the wrong path — and that’s where the startup services can help you.