Running one’s own business is a tantalizing idea. However, there are reasons that so few new businesses thrive, let alone evolve into major companies. But there are some basic differences between startups that fall and thrive.
Here are the 6 things every startup needs to succeed.
1. A Plan
Suppose you want to make a social networking app. Great! How will it be different from the other social networking apps out there?
Is there a way you can implement this app to have unique features people want? How much will it cost to program the app, and what is your timeframe? Do you have a digital marketing strategy? Be sure to plot this before making your startup.
2. Money
It’s no secret that all startups need funding. Once you are done planning, set a budget for everything (for example, how much will you need to pay to program the app?).
Set aside money for rainy days, too. And, of course, do not invest more than you’re willing to lose. Look for funding anywhere you can!
3. Opportunities
Getting your startup off the ground is sometimes a matter of being in the right place at the right time. You can strategize and plan all you like, but sometimes, the wind simply will not blow your way. Worse still, someone may have had the same idea.
The only way to use luck to your advantage is to be opportunistic. If it seems like a good time to sell your product to someone, it can’t hurt to offer (politely, of course). Keep your ears open for anything that might help your startup.
4. Know Your Competition
Unless you have a truly novel product or idea, you will inevitably have competition. And if you came up with a miraculous new invention, do not rest on your laurels; someone will be after your work.
Facebook and YouTube are notorious for copying their competition or buying them out. When Instagram was a threat, Facebook bought them; with TikTok picking up steam, YouTube made YouTube Shorts.
Your startup probably will not have enough capital to buy the competition, but if you think copying your competitor’s strategy might benefit you (without copyright infringement), it may be worth attempting.
5. Social Skills
Many people with college degrees do not get jobs immediately out of school. One of the most common reasons for this is that they don’t use the best resource that in-person education has to offer: connections.
The ability to make connections transcends college. Anyone who can utilize social networks well has a decent chance of their startup getting noticed.
And nobody is perfect; if, for example, you have a great product idea but are terrible at public speaking, it may be better to hire a spokesperson. You cannot do everything yourself, so find people who can cover your weak spots.
In other words, you must become someone who “knows a guy.” Just make sure that it’s the right kind of guy!
6. Flexibility
Despite the talk of planning, one of the most important assets a startup can have is flexibility. The best-laid plans could go up in smoke in an accident or become moot thanks to a new technological advancement. Some of your planning must therefore be made for random events, odd as it may sound.
This is a pessimistic sort of flexibility, however. Remember the opportunism from earlier? While it’s not wise to plan for every opportunity, it doesn’t hurt to plan for what you might do with unforeseen funds.
Anything that can go wrong, will go wrong…but one must also be prepared for when things go unexpectedly well.
Conclusion
Millions of people dream of starting their own businesses, but few consider how hard running a company can be. It requires planning, money, and more luck than most would like to admit! But now you know 6 secrets to lift your startup off the ground.
From here on, it’s up to you to make your business soar!
