What Are the 7 Things a Startup Needs To Do?
It is estimated that nearly 90 percent of all startups will not be successful, but instead of making you feel depressed, that figure should motivate you.
Because it means that many of your would-be competitors are out of the game, largely because they haven’t made the right preparations to launch their business. Here’s how you can buck that trend.
The Key Things a Startup Needs To Do
In no particular order of importance, here are seven things that can ensure a successful launch of your startup:
1. Identify Your Market – if you don’t target your market and determine that there is a need for you product or service, you will fail.
2. Have a Product/Service That Works – this may sound obvious, but you’d be surprised how many startups don’t test their product/service to ensure no tweaks are needed.
3. Know Your Competition – do you know who else is selling a similar product/service? If so, is what you’re offering different? What are you doing that the competition isn’t?
4. A Budget – without an ironclad budget, most startups fail within six months because they spend too much money. If you’re not good at budgeting, find a professional who is, and make sure that person lists every single item necessary to run your business.
5. Be Flexible – nothing ever goes according to plan with a startup. And once you hit a wall, you must be flexible enough to adapt and change your process to correct mistakes. Rigidly adhering to a flawed business model will lead to problems.
6. Trust Your Team – many startups fail because the owners of these businesses incorrectly believe that they have to handle every single task. But the truth is that you’ve hired people you think are competent and good at their job, so let them do their jobs and that will make your job—leading—much easier.
7. Website – you need a website whether you are a brick-and-mortar or a digital company. Your website communicates your vision, draws new customers, and is open 24 hours a day, 7 days a week.
The Importance of Establishing a Foundation
One of the most common reasons that startups falter is because business owners do not prepare for success in the right way. Although it isn’t possible for you to account for every possibility, the best chance you have to achieve your business goals is to set up the foundation upon which your company is built. The Elissa I. Henry Law Firm, PLLC has the expertise in business law to help ensure that you have all the legal protections necessary to grow your company. Please call us today at (512) 766-4529 for a free legal consultation.