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Startup Essentials for a Business That Will Succeed

Many are the misconceptions regarding startups, from the belief that they are a veritable gold mine for anyone lucky enough to get in on the deal early to the one regarding them as almost certain failures. Of course, there are plenty of examples to back up all of these claims, and that’s because the truth is in the grey area between them. While a startup can quickly rise to great heights under the proper guidance, it’s also true that any enterprise just starting out is at a particularly fragile period, a situation which you can come out on top of if you follow the correct principles.

Get the financials straight

One of the biggest problems startups face is not just the lack of sufficient starting capital to warrant survival during the starting phase of setting up shop but also the lack of a well-organised internal financial and budgeting structure. There is an unfortunate trend related to startups, where too much focus is set on the idea or the product, which is extremely important, but not on the realistic ability to execute the idea. The importance of having a detailed and all-encompassing plan cannot be stressed enough and part of that is keeping a close eye on the financials. This includes initial funding for the startup, whether you receive it from investors, family and friends or crowdfunding. Once you’ve established what kind of resources you can utilise, you’ll also want to do a projection of the revenue and see how you can spread the capital across various sectors and for what purposes. Also, take into account any taxes and monitor your expenses closely so they don’t get out of hand. A startup biting off more than it can chew is sure to choke, so avoid this at all costs.

Market smart, not hard

Marketing is what’s going to get the attention of your clients or customers, but it’s hard to pull off a successful marketing campaign without the budget needed for such an undertaking, or it is if you’re not thinking outside of the box. Fortunately, there are plenty of ways to execute best marketing practices and generate organic traffic at a low cost if you’re willing to explore those avenues. Building an attractive personal website to showcase your brand is a must, along with SEO optimisation. Without these, any business is virtually invisible, but with the proper application of key marketing principles, you can stand toe to toe with competitors who would otherwise be out of your league. You can also add a chatbot to your website to improve customer experience and apply the best marketing practices. Social media marketing should also be a priority as it will provide you with a chance to interact with and advertise to your target audience at a very affordable price, or even for free. Another, more traditional way to execute a marketing campaign would be by getting your mailing list managed and creating an email marketing campaign which is still one of the surest ways to generate leads.

Two heads are better than one

No company can achieve success without at least one team of professionals working in unison to make the mission and vision of the enterprise a reality, and while a startup is more likely to consist of a smaller number of people, that doesn’t mean they don’t have to discuss, consult and compromise. Quite the opposite, the coherence of the team, especially if it is a team of founders, is going to be crucial in completing the objective of the startup. Assess the assets and liabilities, the unique talents and abilities of all the members and make sure everyone is on the same page when it comes to duties, obligations and expectations. A small team can use its size to its advantage as it is probably more coherent, allowing for a quicker flow of information and faster reaction time, while on the other hand, a rift in a small team is sure to tear the company apart.

Interpersonal skills

For any team to function, most of its members need to have the adequate interpersonal skillset to rise up to the challenge of making a startup flourish, but this is not related just to communication within the team itself. The founders of the new enterprise must be ready and able to leverage their existing connections and make new ones as it will drastically widen the array of possibilities the startup has. Connections can be instrumental in acquiring new knowledge and information and in the business world, allies are invaluable.

The factors mentioned in the previous paragraphs are essential to the survival of any startup, but each startup will find itself in a particular situation and it is imperative to assess it and act accordingly. While a work-life balance is important, the early stages of a company’s development will likely require a great amount of effort and the true test of any entrepreneur is the test of dedication.