According to a Wall Street Journal Report, most VCs around the world follow a simple rule – for every ten startups that they invest in, three fail completely, while the next three somehow manage to return the original investment. It’s only between two and four startups that attain the profitability and give VCs the expected returns.
Becoming one of those rare 20 percent startups that enjoy sustainable profitability is not an easy task. You need to work on many things simultaneously without wasting any time at all. In case you have just started your journey in the startup world and want to survive the initial grinding period, then make sure you focus on adding value to your users’ lives. This is the best way to achieve sustainable growth. Here are some of the tips that will help you do so:
Value vs. Valuation
Entrepreneurial success is often associated with the amount of funding a startup receives. However, delivering core value can go a long way in facilitating startup success and has become one of the toughest jobs for an individual. As a founder, it’s your duty to set priorities and work accordingly. Many businesses fail to understand this point as they relate success directly with the funding and valuation. Don’t make this mistake. Be clear with your vision and work hard towards serving users with the help of world-class products and services. If you can do it successfully over a period of time, you will never have to think about valuation ever.
Many startups are already following this approach and reaping amazing benefits. They’re adding value to people’s lives in a unique way without focusing on something that’s beyond control. You should also do the same for a long-term success.
User Experience Matters
You cannot simply sideline the user experience and expect to be successful in the market. Because having a website has become unavoidable for businesses, make sure you create a web property that can add value to users’ time. For that, you need to focus on two important aspects: graphical representation of your website, and the security measures.
Start with selecting a good and light-weight theme, and then take the help of a custom logo design service provider. Believe it or not, but a good logo can be a huge game changer in the overall readership and user base your website will gain in the coming months. So, don’t fall prey to common designs; go for the one that can get users’ attention in the first instance itself.
Once you select a good design, you’ll see a dramatic change in user behavior on your website. People will start spending more time on your site and will be engaging with content more and more. The next step for you is to ensure that whatever information they enter on your website, like email addresses, login data, or credit card information, doesn’t get compromised. For this, you can take into account a couple of important points. The first and the most important of them is to select a well-known web host that carries a solid track record. Since web hosting is something you don’t change every day, it’s good to spend some extra time in the research and select a host that is widely known for its services.
Once the web hosting part is over, the next step is to secure your website from unwanted hacking attempts. In case, you are not much of a technical person, then go for SSL certificates without any second thought and be free from all the security related concerns.
To really facilitate startup growth, follow your customers everywhere they go, be it on the desktop devices, smartphones or tablets. Create multiple versions of your website that can run well on different devices. Doing so will enable you to serve your customers in an effective manner, and thereby grow faster than your competitors in the market.