Young Upstarts

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

Beat The Odds And Make Sure Your Startup Succeeds

success_kid

Every new startup owner dreams of reaching incredible levels of success and fortune on the market. We bet you’re already thinking about what you’re going to buy with your first million. Perhaps you have your eye on a luxury mansion or maybe a speedboat. Having confidence and faith in what you’re going to be selling is certainly an advantage on the market. Particularly, if that faith is based on evidence that your product will be a hit. There’s just one problem. Thousands of new startups are opened every year, and every owner has the same dream. They all vision themselves as a multi-million dollar success story a few years line.

Now, here’s the hard truth. Most of the companies that attempt a setup this year will fail. We’re not talking about a slump in demand here either. We’re talking about failure on a catastrophic scale. You won’t see limited demand for your product, you’ll see zero demand. If you have some spare time, type in any keyword and then traipse through to the back of the SERPs. Here you’ll find companies that failed to hit the ground running. Instead, they were left in the dust, and now all that remains is a dead site online that is never visited and never updated. Okay, now we’ve scared you let’s think about how to avoid this type of situation. We need to consider what makes a new startup successful. Fear not if you have no idea because we have the answers.

Excellent Levels Of Innovation.

If you want your business to be a massive success, it’s not enough to think about delivering quality. A quality product should be a given. You need to think more in depth about what your product is and what you’re offering. Ideally, you want to be introducing something that is completely new and exciting to the market. For instance, you may want to consider the possibility of being bold with your business idea. Don’t just explore a new product, investigate a completely original market.

An example of this would be the recent creation of VR technology. Before VR was created, there was no market for this product because it simply didn’t exist. Once it was conceived a new market was born. The first company on that market were running their own private monopoly. As long as the product worked, they couldn’t fail. But don’t forget, that new product didn’t just open up one new market, it unleashed more that were devolved from VR. For instance, VR Marketing was suddenly a marketable product. Now, there is companies specifically setup to create VR advertisements.

You can see then how to bring an entirely new product to the market is the best plan. Of course, this is easier said than done. It’s all very well telling someone to create something brand new. But as a popular brand constantly points out, originality is dead. It’s far easier to look at an old idea and try to create a fresh spin. There are various ways that you can do this, but you won’t succeed alone.

You’ll need to the help of companies and producers who can make your new product. Despite what you may believe the manufacturing industry has not been left out of the age of technology. In fact, many manufacturing firms are using brand new processes to create new products. For instance, some manufacturers are using laser lighting tech. With laser lighting, products can be designed at optimum levels of precision to create a brand new output. This is the type of solution you will need to examine if you want to introduce a product that has evolved from an old idea onto the market. You can discover laser lighting here or look at other unique processes online.

Hitting The Target, Finding The Market.

You need to make sure that there is a demand for your new product. Can you think of any product that failed because there simply wasn’t a demand for it? Look no further than the Zune. If you don’t remember, the Zune was the product that was intended to be the direct competitor to Apple’s iPod. We hasten to remind you that this wasn’t developed by a startup. It was released by Microsoft, one of the biggest tech giants in the world. Yet it still failed because the demand wasn’t there. First, the product didn’t bring anything new compared to the iPod. Second, people were already catching onto the idea of using their phones to store music. There was no need for MP3 players anymore. You can learn two lessons from the history of the Zune. First, make sure the demand is there and second bring in something new.

Of course, it’s not just about making sure there is a demand. You need to be able to find them and make sure that they are aware your product is on the market. You need to delve deep into the world of marketing and ensure you have all the resources needed to make your product a success. A lot of people believe that there’s no need for offline forms of marketing anymore. They may be right with businesses focusing most of their marketing push online these days. However, if you are marketing online, you need to know how to use it effectively. Make sure that you are fully utilizing all the major social media networks. The power and potential of social networks such as Instagram and Snapchat are absolutely staggering. These platforms are starting to drive more sales than any other resource online. You need to make the most of them.

If you don’t know how to market a product, invest in the services of an online agency. Make sure that you have one of the best marketing teams working for your company. You may find that a lot of your business funds are spent on marketing, and this is to be expected. If customers aren’t aware of your product, they can’t buy it.

Less Money, Less Problems.

It might seem odd to encourage you to spend more on marketing and then immediately move on to cutting costs. However, there is a point to understand here. We are suggesting that marketing would be money spent in the right area. You need to ensure you are not wasting money in the wrong areas.

There is absolutely no reason for a startup business to have an office. At least not in the first five years of the company. After the business starts to grow and expand, it might be worth looking into this possibility. However, in the beginning, we suggest that you run your business from home. By doing this, you can immediately cut out the majority of the bigger business costs. Don’t forget that if you run an office, you take on the responsibility of all your employees. Running a company from home, this issue is completely diminished. Instead, the only costs you take on are the ones in the setup of your business. Everything else can be kept under control. As such you will have more money that can be spent on a promotional campaign. No doubt, you will also have money to pour into the production and ensure a quality product is the end result.

You may be wondering how you can get everything completed running from home. The answer is simple, the solution is outsourcing. Through outsourcing, you should be able to run a full business without the typical costs involved. The trick here to be an expert at handling money and funds. We don’t expect that you necessarily have this skill, but you can hire someone who does.

An accountant or team to manage your funds will be an essential hire for your business. You will be able to keep costs under control and ensure a strong financial future for your business.

Stop Looking For A Zebra.

In medicine, a zebra is a rare medical condition that shares the same symptoms with common diseases. If you look online, you’ll find multiple, complex reasons for why new startups fail. But as is true in most cases, the simple answer is the correct one. It’s just the law of averages hard at work. For a few to succeed, the majority must fail. Tackling the issues we’ve already discussed will help you tip the odds, but they won’t completely be in your favor. Is there a surefire way to guarantee that your new startup succeeds?

If you play it safe and take zero risks, your company will reach a low level of success. This is almost a guarantee. You won’t be making millions, but you might make enough to earn a basic standard of living. If you want to make a fortune, you need to take calculated risks. By calculated risks, we mean that you must examine each decision that you make carefully. Having a great team behind you will help here. You can start a business by yourself, but as the old saying goes, two heads are better than one. Companies with a small group of people are more likely to succeed than one individual entering the market.

We hope you can use this advice to reach tremendous levels of success and beat the odds of failure.

Share

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.

Tagged as: , ,