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How to Survive Your Start-up’s First Year

How to Survive Your Start-up’s First Year

Starting your own business is exhilarating, but not without its dangers. Only 80% of all startups make it to the second year, while around half of all startups actually survive to their fourth year. To survive, and even thrive in our hyper-competitive environment, you will need to build a solid foundation that includes things such as:

  • Promoting your business
  • Having a plan
  • Growing your network
  • Knowing how to hire

In this post, we will explain how to take care of each of the item on this list.

Prepare and develop a plan

Your customers are always low on time, so they won’t waste hours of their busy schedule researching why your service/product will most likely suit their needs. If you deliver on your unique value proposition and quickly convert them, chances are you’ll earn their business. For example, some of the leading questions you should ask yourself in the beginning stages are:

  • Does your product or service do what it says it does? Having a credible and attainable product is a part of your brand positioning. If you cannot credibly provide what you offer, the consumer is left with an empty promise.
  • Are there other options on the market that are similar to yours? What are they missing and how you can fill in that blank?
  • Is there an adequate location for your business?

Promotional products

One of the most important aspects of surviving the first few years of your startup is promoting your new business efficiently. The easiest way to do this is through promotional products. Promotional products can generate for your business new customers since almost everyone enjoys to get something for nothing. However, in order to be efficient, it’s crucial that your promotional materials are targeted and you’re not just gifting items away for the sake of it.

Australia is a prime example of how it’s done. In the land down under, companies hire Fast Promotional Products NZ and other agencies to help them deliver promotional items that would appeal to the types of people coming to their business and that suit their target audience. Different ages, industries, locations, and genders will all have various desires and needs, so identifying a product that they will like the most will encourage engagement and make it more memorable.

Understand the hiring process

Your business is only as good as the employees who work in it. Hiring low-performing workers will facilitate low morale and affect your company’s bottom line. Moreover, bad hiring practices will result in lost confidence in leadership, and the possible destabilization of the staff.

However, at one time or another, everyone hires the wrong individual. The point is to minimize these cases and handle them appropriately and quickly so the entire business isn’t damaged. Checking their references is crucial, as well as researching the psychology of interviewing. And don’t think you’re wasting time if you have second or even third interviews.

Grow your network of contacts

Building relationships is the key to a successful business. The more people you gather in your network, the more likely you will get the word out and find help. Asking for intros from people you know is the first step. The second is to go to events like industry conferences where you can meet relevant individuals and keep in touch with them later on.

Don’t be scared about contacting someone in your network to ask for help if you need it, whether it’s resolving strategic issues or testing a product. And of course, you should always step up when others ask you for help.

There are many different parts in every startup, and integrating them all together will offer a delightful experience to the customer, and a fruitful one for the founders. Guides like this one can serve as a glue that brings the most critical elements together – enabling you to survive and grow your business.

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