Startups are exciting creatures. Whether you are looking to start your first company or you are a serial entrepreneur, you’d relate to the excitement of embarking on a new journey. However, not every startup tastes success and entrepreneurs face a number of challenges, especially in the first two years.
It is important to ensure you have done sufficient groundwork before exploring the idea of starting a new business and that you have set realistic expectations. Here are some points to consider:
Do your research
Behind every successful business, there is a detailed business feasibility study and a well thought-out business plan. Whenever an idea, business or industry takes off and starts booming, it is easy to get tempted into thinking “Hey, I can do that” and jump on the bandwagon. The hard truth is, unless you offer something new to the market or solve a need that others aren’t solving properly or solving at all, chances are your venture might not succeed.
Focus on the longer term
Entrepreneurs start their own companies and new ventures with the aim to earn money (of course there are other aims too). You’ll be surprised to know how many seasoned professionals end up making wrong decisions initially focussing only on short-term gains. The fact is that businesses take time to mature and most don’t breakeven for the first couple of years. Some businesses might actually end up making more than expected in the initial years but many fail to sustain a progress. In both cases the problem is the absence of longer-term objectives and planning.
Find your passion, find your niche
No niche is too small for business success. In fact, if you have expertise in a small or non-traditional niche and have the passion for the type of work you are doing, you will surely be able to find success in one way or the other. Usually professionals who specialise in a small niche are able to take it a step further and become innovators in their field. So don’t be afraid to combine your passion and expertise.
Technology and tools are great investment
As many a startups have found, technology is their best friend. You’ll be surprised to see how many entrepreneurs swear by technology, testifying how use to tools like Cloud-based applications, Customer Relationship Management Software, Social Media Management tools, Analytics and Business Intelligence software among others helped their startup become lean, efficient and productive.
Make it authentic and personable
As any successful entrepreneur will tell you, as a startup, it is your personable approach that wins the business. If you’ve founded the business on the principles of authenticity and you are able to offer that personable experience to your customers, it is more likely that your startup will gain traction quickly.
If you’ve started your own business recently or are interested in setting up a new company, we would love to hear from you. Continue the discussion with us on Twitter @ExpoConsults or email us directly at firstname.lastname@example.org.