There is no secret sauce for success, but there are some simple things that we ignore and go to focus on more complex things, then wonder after things go wrong Why aren't we so successful. Check these simple 7 tips for your startup success.
1. Know what you’re getting into before you kicking off
More than half of the startups close in less than five years because they didn't actually know what they are getting into, they did not know the advantages and disadvantages, the risks and opportunities.
They only got attracted to the general look of the entrepreneurs and therefore their journey did not continue.. so you have to know all of the minute details in the industry before you decide to start a company.
Think about what you add to the market, your value proposition which separates you from the others. This can be your unique product, or an existing product with enhancements, or a different way of handling processes which will deliver customers more added value.
Know your competitors and collaborators which will give you the directions of integrating to the market, study the market well and learn from them, see what they do, get the benefit of their work that had been done already. Find your position well according to it.
2. Manage your financial resources
Project management experts always say that things take longer and cost more than expected.
The available resources will be fairly limited in the early days of your project and this is a risk but has a great opportunity within... You can achieve the desired success... Only if you could manage these resources wisely and properly.
Build your possible cost & revenue structure very detailed, get your income statement studied and forecast your pros and cons with good research. Find your key resource and breakdown to costs which will lead you to revenue after adding your activity.
3. Adapt to change
Heraclitus said, “change is the only constant in life.”
Your life will be so full of changes. Change can be extended to an entire industry and in this case, you will have to keep up with this change and develop your products to be able to continue your journey.
There are remarkable examples of failures and successes where companies lost their tracks and their market share in time or they boomed up their businesses with a great vision future and adaptability. Every key decision and action will lead you to a result, be confident with your actions if you know what you are doing. Our world is changing rapidly, and each day we see new trends, products, ideas finding their way. There is a huge competition, you have to adapt, or fall.
4. Keep your customers
Focus on retaining your existing customers in a long term relationship as long as possible, because if you didn't, you will always have to spend a lot of money to attract new customers. Think of new and different ideas and make many offers if you want to keep your customers and therefore keep your business.
Giving importance to customer relationship is crucial because we know you are already giving lots of efforts for the acquisition of new customers, so why lose them? Maintain your business and express your face to them continuously with new offers, attractions, events or deliveries. You have already studied your customers well and you know what they want, or which channel they mostly use, e.g. social media, so, let them know you are there too.
5. Find a mentor
Try to find the person who advises you and give you an experience not shared among the bookshelves, He will help you get what you need through his network. and if you found this person, he will help you stay in business longer.
You are the body of your business, whatever you do will have an impact on the business as well, but why should you be alone in your way? You might increase your knowledge in many ways, but still, you cannot possibly know everything. An expert’s help has inevitable support to you and your business. You can see yourself.
6. Refresh betweenwhiles
Working for yourself will not be easy, you will have to work more hours than being a regular employee, but don't let your problems or concerns keep you from taking care of yourself, you will need to have a break from time to time, to re-imagine everything and get back stronger.
Let us agree that success journey is not the straight line that we imagine, We will face many, many obstacles to reach our desired goal; so we have to believe that what we do is important enough to be a motivation to continue as adversity intensifies.