The Ultimate Success or Failure of A Startup Depends On These 6 Factors
Launching a startup business is a big step towards your growth but keep in mind that there are going to be many challenges along the way.
The truth is that entrepreneurship is more than just about having the heart and perseverance to fight through the competition as well.
Recent numbers suggest that a staggering 90% of startups fail. They fail for various reasons but mostly, it’s just because the startups don’t make enough of an impact to stay relevant. It’s the harsh truth but it’s very easy to fail when launching a startup but it’s a lot harder to succeed as well.
It’s already brave that you took a big risk and launched a startup company but the journey is far from over.
If you want to succeed, then you might want to consider these 6 important factors that can make or break the path of your future company.
The beginning of your entrepreneurial journey begins with the time you launch your startup. The period through which you launch your business matters in more ways than you think. Launch during a time when competition is tough, and you’ll most likely see failure.
A good situational example of this is launching a restaurant business during the recent pandemic. People didn’t want to eat out as often as they did.
That means new restaurants during that period had to struggle just getting their startup wings off the ground.
Study the market carefully and pick the perfect time to launch your business. This will give your startup a necessary boost in terms of engagement.
You can’t start making money without investing the money yourself. Capital is another important aspect of a startup that you need to work on before you even think about launching your business.
This starting capital will be used to provide quality products and services even if you’re just starting up.
Raising capital on your own can be tough. The good news is that there are many ways to raise funds for your business.
You can take out a loan for instance. Just make sure that you properly prepare for paying for this loan in the future as it can do more harm than good if you don’t plan accordingly.
Another good way to raise capital is to launch a crowdfunding campaign. Platforms like Kickstarter and GoFundMe are good ways to begin raising the capital you need for a startup.
However, keep in mind that there are certain niches for each platform so study well to check if you are launching a campaign in the right place.
As early as you can, you need to legitimize your business. People aren’t easily going to trust startups especially if there are other companies in the industry already.
One way you can get a head start in terms of establishing trust is by simply registering your business as soon as you can.
Registering your startup comes with benefits. For one, it helps make your business more trustworthy in the eyes of others.
Another is that the government you are under the jurisdiction of will also begin treating you as an official part of the business sector as well.
When registering your business, you might want to choose a limited liability company (LLC). LLC can protect you from any liabilities that come with the company. Basically, it protects your assets and separates them from the ones that the company has.
Registering a business is easy. If you want a hassle-free way to do so, consider registering online.
Just do some searching and you can find the best LLC service available online easily. You can have your business set up in no time thanks to these helpful companies.
Even at the startup phase, marketing is very important. You should begin establishing your startup’s presence as early as you can because this will be a good launching pad for the business. A good way to begin marketing is by focusing mostly on social media.
You can reach out to hundreds if not thousands of potential customers if you market your business on social media.
It’s even free to create your own account on platforms like Facebook, Twitter, and others. It’s a cost-efficient way to make your name known.
When doing social media marketing, remember to be consistent when it comes to posting relevant, entertaining, and memorable content on your business accounts.
Customers are going to be the backbone of your business. If you want to guarantee success, you need to treat your customers well and you need to make them feel special even if you’re just at the startup phase. Good customer service actually means many things.
For one, you need to train the front-end employees of the business on how they can best handle your customers.
Teach them proper etiquette and techniques so that your customers always leave with a smile on their faces after every transaction they make with you.
Customer relationship matters because people are going to want to recommend your business to their acquaintances once they see that you can treat your customers right.
This might just be the kickstart you need to begin rolling out a steady stream of income for the startup.
Apart from your customers, you should also broaden your social network. Connect with other professionals who can help your business out.
These include marketing experts, legal experts, and other entrepreneurs from whom you can get tips. No man is an island applies very much so in the field of business.
The larger your social network is, the better it’s going to be for your business. You’ll have people who can help you get out of sticky situations.
A good way to begin broadening your network is by attending business expos to meet other people.
Launching a startup can be quite challenging. However, many business owners will tell you that once you go over the reins of the startup challenge, it will be a lot easier to help your business grow. Keep these factors in mind if you want to give your startup better chances of succeeding.