The term startup was a term associated with an old garage or warehouse crammed with rudimentary small business infrastructure. It brought up memories of burning the midnight oil, a big sense of pride and a not too impressive bank balance to begin with. Every organization from Apple to Microsoft has followed this way and went to make waves in the global market. A startup is not as simple as the interesting visual that I just have conjured up. It includes a brilliant and exciting idea, which has to be coupled with huge amounts of drive and large amounts of structured planning leading to growth and a huge dollop of good fortune!
Entrepreneurs have to make many tough decisions on the road to seeing the startup making it as a valid and established business entity. Some startups have seen successful, there is an equal or higher amount of startups that have lost their way and shut shop after a short stint in the market. I have listed below the top tips from entrepreneurs who have grown their startups into huge corporate entities.
1. Understand the Business
I would have to say this is the most important tip that can be given. It is – to thoroughly research the market for your product and find out what can be added to the market that is completely new. I as a prospective business owner will have to do my homework such as business forecasting, the projection of business timelines. I would have to in-depth analysis of the competition that exists in the market and how I can make my product or service can stand out from the said completion. In this phase, I will have to set up my business goals and objectives and get my market research right. I would naturally have to choose something I am deeply passionate about it.
2. Laying Down a Business Plan
Once I would have sorted out all my business goals and objectives I would have to lay down a detailed project plan to follow for the coming year (s). This would involve me chalking up recruitment plans, acquisition of infrastructure, clientele, management of client roster and other key orders of a startup. This is the next logical step in turning a startup into a valid business establishment. This success of this step will dictate all future steps in setting up the startup that follows.
3. Explore New Business Strategies
Now that I have laid down an appropriate blueprint for the growth of my business, it is advisable to be open to new and trending business strategies. For example, if I had planned earlier on to hire employees on a permanent basis and I find out that I am running out of funds, I could quickly switch my employees onto contract mode which would mean I would have to spend lesser on salaries, taxes, and benefits compared to if the employees were on permanent rolls
4. Diversify to Strengthen the Startup
I would next have branched out in the services and products I provide to distribute the risks in a particular product or services segment in the market. This will ensure that my business will always have certain revenue coming even if a particular section of product or service is facing a temporary slump in the market. This helps diversify risks and ensure a steady stream of revenue for the business.
5. Do Not Fear Failures and Learn from them
Since this is a startup, I will have to learn to roll with the punches. Startups always face obstacles in terms of a dip in sales of the product or service. In this period I, as a business owner must use this as a tool to planning failure proof business strategies. It is best to not be too afraid of small failures in the startup domain and should carry on with the business plan as decided earlier on and finish what was started.
6. Never Look Back
As a business owner, I should never look back and ensure that I would give all I have to make sure that the business will achieve its full potential. In spite of setbacks and challenges, it is best to handle them in the most efficient way possible. It is best to be determined and confident about the business venture in all respects and handle the business obstacles as they come along without losing heart. It is always best to adjust the means to achieve a business goal that was set earlier on than to change the business goal itself according to the market circumstances. This means business strategies will have to be adaptable according to the market scenario so that the business can remain profitable and stay afloat.
All businesses require great amounts of passion and drive from the founder, which cannot be replaced in any way. So take your best shot, use the tips given here to make your startup into the dream company it is meant to be!
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