February 21, 2017
According to one report, 50 percent of small businesses fail in their first four years of inception. Startups over the last few decades in many industries have suffered major setbacks. Though many established businesses today began as a start-up. The resurgence of the internet and online business, have made millennials to take this approach to start something on their own, and grow the economies of countries.
Of course, many people are delving into businesses as a start-up, only few are able to break even, get the required attention from investors, get funding from organisations, or even become a significant business model in their society. In this post, I’ll share five tips that every startup must follow to succeed.
1: Start Small
To succeed as a start-up business, you must start small and then grow up progressively. Starting small helps you a lot. When you start small as a business, you will be spurred to achieve more as you are aware of the challenges ahead. Your society will be inspired by your actions, as your business will affect them positively. Investors will be eager to assist you, as they will believe that someone who can manage a small business from inception will do better when it grows. A mistake most start-ups make is to start big. This make potential investors scared of funding them as they have nothing to show for it.
Many wannabe start-ups fail to start a business because they want to start big, hence failing in actualizing their dreams.
2: Have a Mentor
Show me your mentor, and I will tell you your business potentials. The importance of mentorship for any startup cannot be over-emphasized. With a mentor, you will be sure of tutorship, guidance and monitoring. A mentor is a person who has achieved reasonable success in whatever he/she does, and who you look up to.
A mentor not only inspires you but also educates you. He not only guides you, but also refers you to the right people. Many startups fail in this: they think they do not need the support of others. They fail to value and respect the insight and experience of those who have threaded the path before them. They relegated mentorship to the background, and the outcome is visible for all to see.
3: Develop a Business Plan
A business plan is the document which highlights your business, its vision, mission and goals. It also documents the financial strength (or otherwise) of your business. Likewise, the SWOT analysis i.e. Strengths, Weaknesses, Opportunities and Threats of your business. A business plan is the backbone of any startup.
With a good business plan, you portray your startup as serious and show that you have made your findings well. A good business plan puts you in the good books of potential investors, and challenges you to work harder. A grave mistake any startup could make is to be without a business plan. As a startup, you must have one (even before starting), but if you do not have any yet, you should consider it in your priority list soon.
4: Develop a Business Strategy
A business strategy is the key to the success of any startup. You must have a strategy in place if truly you want to grow your business. Some of the strategies you must have as business startup include marketing and financing. The strategies must be well thought-out: A good business strategy makes you attractive potential customers, and investors will be willing to assist you with this too.
5: Be Consistent
Many startups who started businesses many years ago were not able to stand the test of time. Consistency matters in everything. You must believe in your business’s vision and mission and work towards it. Of course, hard times will come, you might get discouraged, and you might feel like quitting, but consistency will keep you going. If you can remain consistent as a business, you will achieve your aims and objectives in the long run.
Many startups fail today, not because their business ideas are not great, but because they failed to breathe life into them. They didn’t realize that to succeed as a startup, you must not only dream but also act. If you wish to achieve great results as a startup, you need to internalize these and work on them.
Did you like this article?
Get more delivered to your inbox just like it!