The survival statistics for startups has never been overly positive, but that hasn’t stopped many budding entrepreneurs from setting up their own businesses and attempting to go it alone. How can they ensure that they will go the distance? Well, strictly speaking, they can’t. The markets can be highly volatile and with things like poor money management, lack of strategy and not enough hours put in, business owners can quickly find their venture going down the pan. What’s needed is a strong and effective business growth strategy. Follow these tips to give your business its best possible shot at success.
1. Find your position.
Find your place in the market and own it. Know it back to front and inside-out, understand exactly what you offer that others don’t and get to grips with the things that you need to change in order to cement your niche. Define your USP, solve performance gaps, offer proof for any and all claims you make and, most importantly, deliver. There is no point in having a USP and making bold claims unless you can deliver on them. Your startup will have a fighting chance if you understand your position and do everything you can to improve.
2. Learn how to sell.
Put simply, a startup is either building things or selling things. There is no other space for a startup to occupy. If you aren’t the person who is doing the building, the coding and the creating, you’d better be good at the hard-sell. Being able to sell will obviously be much easier once you’ve got to grips with the points made in the first point here, and it is crucial that you learn to combine the two.
3. Ask for help.
If you’re new to the business scene, don’t be afraid to ask for help. There is nothing more daunting than setting up on your own, with no experience, knowing the financial security of yourself and potentially your family depends on your success. That’s why business mentors and coaches are available; to help businesses and SMEs to learn the skills they need to succeed and thrive in their new role.
4. Be fastidious.
If you’re looking for new staff, it can be tempting to simply pick the cheapest or the person who shows up first for your interview. If you’re looking for premises, it can be tempting to pick the first one that looks like it would comfortably house your laptop and isn’t out of your price range. It is important to be fastidious and picky about the people, the products and the premises that you are linked with. Get these things right in the right instance and you will be setting yourself up for more success in the long term.
5. A little faith goes a long way.
If you don’t believe your business will succeed, no one will. You must have faith that whatever you are creating, whether it is a product or a service, it will be useful for people and it will convince them to part with their cash. However, don’t become so blindsided by your confidence in your business that you can’t see what is staring you in the face. Ensure there are people outside of the business, such as mentors or coaches, who will be able to see what you can’t.