Launching a startup business is a big step to take, and you probably feel anxious about what the future holds. Launching a startup is a long process and it’s impossible to be an expert in every single field required to make your business a success. Startups are susceptible to failure. Numerous reasons are to blame, but we’ve outlined some of the most important things you can do early on to ensure your business is a success, and avoid startup failure.
Have the foundations in place – starting with a strong business plan.
Lots of entrepreneurs are so excited and passionate about launching their first startup that they think nothing can go wrong. The world of startups is competitive and there will always be another startup out there about to catch up to you. Therefore, it’s important to be realistic and honest about your projections for the future, starting with your business plan.
Business plans are hefty documents that can make or break your business in the early stages. They help you to gain investment and provide the very first structure for your business. Try not to set your sights too high and always get expert advice on your plan. Many banks offer business planning advice, as does the UK government website and there are even multiple business planning templates out there on the internet to help you get started in the right direction.
Hire Good People
Hiring for a startup is different than hiring for an already established company. Startups need more support for the team and things don’t often go a miss. Startups are ‘all hands on deck’, as responsibility and roles are often shared and lines are blurred. Working for a startup is great fun and hugely rewarding but you need to have the right people around you to help you build your empire. You want to try and hire interested people who want to work for a startup and expand their skill set, and have fun along the way, rather than people who have a one track mind, just want to do their job and get paid. Startups need a team mentality to succeed, and it’s your job to keep the team motivated and on track.
Learn about Marketing
If you don’t know anything about marketing, then it’s time to expand your skillset. You don’t need to be a marketing expert, but you should have some basic marketing knowledge to know how best to market your business. You can hire a marketing agency or in house marketing specialists later down the line when you are making profit, but initially, your marketing will probably fall on your shoulders until you have the finances there to draft experts in.
Marketing is hugely important for start up businesses as it is what gets your business seen by the world. We all know the power the social media has to make (or break in some instances) a business, but marketing comprises so many other aspects that contribute to the early success of your business such as Google rankings, SEO, paid advertising and events.
Do your market research
There’s no point starting a business if there are already too many people doing it and not enough demand. In the beginning it may be unclear if there is a gap in the market for you, that’s why market research is so important. You don’t want to be competing with too many similar businesses as you will then be destined for failure. As well as contributing to a healthy business plan, market research will help to determine:
- Where there are gaps in the market.
- Where your business will sit.
- How to adapt your business to cater to demand.
- The demands of your target audience.
Thinking about creating a startup? We can help your business start off on the right foot with advice from our experts. Get in touch https://freshthinking.group/contact for more information.