Starting a business isn’t the hardest part of owning a business, something all entrepreneurs learn sooner or later. There are about 50 million new startups every year and about 90% of them fail. But how will you ensure that your startup business is among the lucky few that succeed?
There is no magical recipe for success or a universal one-size-fits-all solution for a successful startup. But there are some rules that successful business owners follow.
Build An Online Presence
It’s 2020 and by now, it’s become crystal clear to everyone that building an online presence is crucial for raising awareness of your business and your brand. Successful startups have taken this seriously and have started working on it since their early days.
Building a good, appealing website, sharing useful content, connecting with potential customers, it’s all included in building an online presence.
Being present on social media and having a website enables you to showcase your products to people and market your brand.
Invest in Marketing
Speaking of marketing your brand, successful startups only became successful because they invested in marketing. Having a website and social media accounts is not enough if you’re not boosting your posts and investing in paid ads.
Marketing has helped successful startups establish an identity and enabled them to differentiate their businesses from their competition.
Investing in marketing may seem like an unnecessary expense that you can’t afford but if we are to learn anything from the businesses that made it, it’s that you need to invest in what brings value to your business, and marketing does that.
Study the Competition
Learn from your competitors. Borrow their practices and methods that you can see which ones are working for them. All successful businesses have done that and are still doing that. That’s the only way to stay on top of your game and keep up with the competition.
The market is constantly evolving and so are the needs of customers. You must keep up with them. If these competitor businesses are doing so well, they must be doing something right! Study your competition and then apply similar practices.
Build a Good Team
There is no room for doubt with this one. Having a good team is one of the safest ways to the top. A single hiring mistake can cost you both time and money. And you can’t afford to lose either in the startup phase of your business.
Successful startups have great, capable, like-minded people on their team who share their vision.
When you’re just starting your business, you’re likely to have a small team so you’ll be spending a lot of time with them. You must hire people you can trust to do their job and most importantly, you should be able to spot a mistake quickly if you make one.
If you’ve hired the wrong person, rectify this as soon as possible so that it doesn’t affect your team and consequently, your business.
It’s difficult to find the right people but it is something you should devote all your attention to because you’re not just hiring employees to do a task, you’re bringing in people who will make your business grow. We know many startup owners tend to do it but don’t hire your friends and family just because they are friends and family. Hire people for their skills.
Incentivize Your Employees
Hiring a great team is one thing but keeping them motivated and engaged is another. If you have been lucky enough to hire great talent, don’t let them go. Incentivize them, offer various benefits such as flexible hours, free coffee and snacks, talk to them to see what they would appreciate, etc.
Take Financial Planning Seriously
Perhaps you haven’t really done that in your personal life, but if you want to run a successful startup, financial planning is a must. That doesn’t mean you have to hire an in-house accountant right away, but you should seek some form of professional financial help when developing your financial strategy and business budget.
It’s safe to say that all successful businesses that have gone far have done so due to meticulous care in financial matters such as keeping track of their expenses, sticking to a budget, consulting an advisor to develop an emergency plan and funding, etc. Because if they didn’t carefully plan their finances, they would have failed at the first obstacle.
Take Advice From Successful Entrepreneurs
Lastly, what aspiring startups should do is take advice from successful business owners. When you first start a business, you’ll notice that everyone has advice to offer, even though it’s unsolicited. However, not all these individuals are eligible to provide advice on such successful entrepreneurship.
If you get honest advice from an entrepreneur with an established business behind, you should listen to what they have to say.
Michael has been working in marketing for almost a decade and has worked with a huge range of clients, which has made him knowledgeable on many different subjects. He has recently rediscovered a passion for writing and hopes to make it a daily habit. You can read more of Michael’s work at Qeedle.