I won’t bore you with the statistics, but anyone who’s taken even a quick look into the business industry knows that the majority of startups fail. If you’re going to put all of your time and money into a venture, the last thing you want is to end up sinking instead of soaring. With that in mind, below are three simple secrets to startup success that the majority of business pros swear by. Take these on board, implement them, and you can make a real go of your startup.
Step 1: Be financially savvy
The number one reason startups fail is because of money, or a lack of it. The truth is it doesn’t matter how large or small your budget is, all that matters is how you manage it. A business that starts off with £500 in the bank could do better than a startup that has £15,000, depending on how savvy they are. There are plenty of resources available to make managing your businesses finances easier. So make sure to take advantage of them.
Step 2: Prepare for every eventuality
As a business owner, you will come up against an array of challenges. While most of these can’t be prevented, what you can do is ensure that like the boy scouts, you’re prepared for every eventuality. This means having the right people on hand, so that should you need a little help, you’re covered. This doesn’t necessarily mean taking on a full-time support team. It just means having a list of trusted companies that you can outsource to when you’re in need of some help. Say you need help getting your company accounts in order, it pays to have the contact details of an accountant that you can outsource to. Or say, for example, your computer systems keep crashing and you need IT support to help prevent problems. You need to know where you can get quality support from. It pays to do your research beforehand, so that when trouble strikes, you can get the problem quickly dealt with.
Step 3: Understand the importance of professionalism
A fatal mistake that a lot of startups make is undervaluing the importance of professionalism. As a small business, you may not feel like you necessarily have to be as professional as your larger competitors. However, if you want to be successful, you need to be professional at all times. This means having a smart, easy-to-navigate website complete with well-designed branding. It also means having a dedicated phone line and email address for business enquiries. It means dressing in a smart manner, to ensure that you give off the right image. Just remember that first impressions count. That’s why being professional from the get-go is so important.
So there you have it, the three secrets to guaranteed startup success. Obviously, there’s a lot more to running a business than these three things. However, these are three of the most important things to take note of if you want to ensure that your startup is a success.