Young Upstarts

All about entrepreneurship, intrapreneurship, ideas, innovation, and small business.

5 Key Elements That Make Startups Successful

Start up concept

Stepping out into the world of business is an exciting prospect. However, the overload of information to take in as a new startup can be overwhelming. Worse still, not all of that data will necessarily help your company.

The main thing to remember is business doesn’t have to be complicated. Essentially, it all boils down to the single goal of making money. You can do this by either lowering your costs, or increasing your sales. It really is that simple.

Retaining that outlook is key but turning it into reality is another challenge altogether. These tips should go a long way to helping:

Be Realistic.

Living within your means is as vital to business as it is to personal life. It’s great to have ideas and work towards making those dreams come true, but it is important not to run before you can walk.

Do you need that huge office space? All of that equipment? As many staff? If the answer is no then you should make cutbacks accordingly.

Collaborate.

Another great way to lower overheads is to collaborate with other businesses. It could be something as simple as placing a bulk order on stationery or printing, but those little savings will make a big difference during the infancy of your company.

As well as sharing resources, you could also trade services. For example, a graphic design company could knock up some posters for an accountancy firm while they do the business tax forms in return. Those man hours have got to be cheaper than splashing out on external expertise.

Embrace Technology.

Technology has changed business forever. Utilise its potential and your company is bound to thrive.

There’s a whole world of resources at the tip of your fingers and you should make the most of it. This awesome post by Fat Joe will give you a good idea of the apps that helped them as a startup. Meanwhile, there are plenty of other tools at your disposal to help make the day to day running of your company run as smoothly as possible.

Basically, if you aren’t up to date with technology then your business could get left behind.

Be Creative.

Computers and technology aren’t just a great way to assist the running of a business, they can actively boost your market reach.

The combination of effective online marketing and a strong SEO system can drive a huge surge of traffic towards your business. And if more people are aware of your company then there’s a far greater chance of them using it.

Outsource.

For most startups, ideas about moving forward aren’t the problem. The main issue is doing it in a cost effective manner that won’t swallow the business before it ever gets going. Cutting expenses is crucial and thanks to the market of willing freelance professionals, it is now possible to do that with ease.

Rather than hiring staff, you can now get people to work remotely. The first benefit of this is that you only pay for the work needed. Better still, it can also cut down on physical overheads of office space and equipment.

Lower your costs and the business will have a far greater chance of success.

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Young Upstarts is a business and technology blog that champions new ideas, innovation and entrepreneurship. It focuses on highlighting young people and small businesses, celebrating their vision and role in changing the world with their ideas, products and services.

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