Startups that are able to identify opportunities and manage risks are able to succeed in the longer run.
Starting up is the hardest thing to do but if you follow the right strategies, you are surely going to win this race. Here are 5 tips that every startup must follow in order to avoid failure.
1- Get Your Finances Right
Raising startup capital for your business can be a difficult task if you don’t know how to raise proper funds. Follow the below tips to get started:
- Crowdfund your business. Kickstarter is an awesome platform to get the required funds via crowdfunding.
- If you have a great business idea with a strong market potential then take the help of Angel investors.
- If your business is already generating some revenue and has a good list of customers then consider opting for venture capital investment.
- Bootstrap your business and opt for a personal loan if your credit score is good. Loanable is a great platform to apply for loans for any purpose.
- Try and get some funding from business incubators and accelerators.
- Apply for a business loan from microfinance providers.
2- Spend Wisely
Startups always look for capital and when they have it, they foolishly spend the money on things that aren’t required. Don’t get overexcited, and stick to the basics.
Here are some things to keep in mind:
- Rent a small office with basic necessities. Remember, there should be no space for pomp and show.
- Rent office systems instead of buying them and this will save you a lot of money.
- Invest your money in affordable tools like Zoho which provides you with all the apps you need for your work.
- Opt for LinkedIn Premium as this will allow you to connect with highly influential prospects.
- Do not start the hiring processes if you don’t need a workforce. Hire only when you have loyal clients.
3- Adopt The Right Marketing Strategies and Convert Your Leads
Do not make the mistakes of keeping all the eggs in one basket, meaning, do not spend your entire advertising budget in one channel. The biggest catalyst for success in the case of startups is the generation and conversions of leads.
This resource shares some of the best ways to generate relevant leads for your business. Almost every business has leads but it is the successful companies who intelligent adopt strategies to fully convert them.
Moreover, you can use tools like ClickMeeting to schedule and present effective sales demos that demonstrate to prospects the real value of your products, so you can more easily convert them.
By doing a bit of homework on your leads’ specific use cases ahead of your demo, you can prepare an environment on your end that mimics how they’ll be using your product. Then, during your virtual presentation, you can use screen sharing to actually show people the value they’ll be enjoying once they sign with you.
4- Hire Intelligently
Hiring is an important process that can make or break any organization. If you are not hiring the best people in your company then your startup can’t succeed in the long run.
Employ a software like People HR that automates most of the basic HR processes and acts as your virtual HR helping you hire potential candidates for every position. This complete HR system only needs a browser to get started.
When you are hiring people, always think of the long run and provide ample opportunities to the candidates so that they can grow and learn extra skills.
5- Don’t Underestimate Your Potential
Do not underestimate your potential simply because you are a startup. A startup has every reason to rejoice and think bigger. Have confidence in your idea and keep negativity at bay.
Do not pay any heed to people who make fun of your company. Believe in your sources, your people, your capacity and drive your way towards success.
Don’t let your challenges burn you out! Always think about the customers and take every step to win their hearts. Once the customers starts to trust your business vision and products, there will be no looking back.