Starting a startup is definitely no easy endeavor. There are a number of goals to accomplish, and a variety of things that can go wrong along the way. In fact, many experts say that around 90 percent of startups end in failure. That’s a pretty startling statistic.
However, there is hope for all you startup founders. With a bit of due diligence, how to develop a successful marketing plan for a startup and rules to ensure your endeavor grows and becomes successful.
Here are the top nine startup tips to adhere to in order to keep your startup or small business from becoming a failure statistic.
1. Understand Your Target Audience.
Simply assuming you know exactly what your customers want can be a very costly mistake. Luckily, researching your target audience is not very expensive, because you can search forums, utilize social media by asking questions, or even spend some money to send out a survey to gather what your customers actually want.
2. Focus On Funding.
To facilitate success for your startup, you need enough capital to get things moving in the right direction. However, remember that having too much could make you slightly less hungry for growth and success. You may also want access to emergency funds when unforeseen expenses arise. Ensure that you stick to a strict budget and define what is considered an emergency.
3. Build On Your Passion.
If your heart simply isn’t into your startup idea, the temptation to leave during difficult moments will be high. If you get to do something you’re passionate about, you can approach each day with powerful motivation. Startup businesses need more than just a 40-hour workweek, so be sure that you are ready for the pressure. But don’t worry, it is rewarding down the road.
4. Get Paid From The Get Go.
Never do free work, even if you’re starting out. Stop and do something else until you are ready to accept payments from clients. You may think that it won’t work without freebies, but free work is the fastest way for your agency to crumble financially. Ask your client’s to pay in advance, and be ready for payments. You may need bookkeeping for small business tools to ensure you are handling finances with growth and success in mind.
5. Be Wary Of Discount Clients.
If you have a new client asking for huge discounts, move on. The more generous you are with discounts, the more your clients will develop unrealistic demands. Those who demand discounts from you may never be happy with your work, and far more likely to ask for discounts again.
6. Hire Experience.
The value of experience is often overlooked, especially in the startup space with the tech industry in mind. People usually have bias toward young talent instead of experience. A common thought would be to just train new hires fresh out of college. However, experience matters, since having seasoned talent is important to grow a successful startup. Talent is worth every penny.
7. Keep Success On Your Mind.
If you’re not looking for investors, or placing a large sum of money into your startup, you may not need an overly detailed business plan. You still need a plan though. Your business plan should have clear goals, a future projection, and provide a roadmap for how you can get to where you want to go. As you grow, the plan could change and you may learn more about your customers, as well as your competition. Your plan will keep you focused so you can move in the right direction.
8. Failure Is A Teaching Moment.
The main difference between people who are successful and the rest of people is that successful people learn from their mistakes and move on. Do not dwell on failure, or let bad luck enter your brain. This is a waste of mental energy. If the way to your goal is blocked, simply look for another path to achieve greatness.
9. Always Be Learning (ABL).
Things that are profitable now may not necessarily be profitable next year, or even a decade from now. Don’t let yourself to stagnate with current operations, plans, and so on. Be open to new things. Search for better ways to market your services or products. Ask yourself if customers want what you do not have, and consider other types of customers that you could target. These questions can open up growth opportunity that may not exist for your startup today.
The above tips for startup success are just the tip of the iceberg. There are a variety of hacks you can employ to grow your small business idea into a global company. Develop powerful practices now, and evolve with consumers for maximum profits. What’s your number one tip for startup success?