Starting a new business venture is a challenging task. In a world where anyone can create a business, finding your niche and implementing it in the right market can come with a whole host of unexpected setbacks.
I’m sure we have all heard the phrase ‘90% of startups fail’ and though that statistic might hold some truth, there are always ways to improve your startup success rate. Whether you’re looking to open your own bakery, digital marketing consultancy, clothing brand, or even a new sustainability solution, TechRound has some expert tips to help startup businesses achieve their goals.
Top Tips to Growing a Startup
So, what exactly makes a startup successful? Here are some key tips for making your company grow successfully and at a good rate. From finances to marketing startup tips, we will take you through the core practises you need.
1. Create a Professional Image
There are different areas to consider when budgeting for your startup. Some things you will be able to compromise on, whereas others will deserve slightly more attention. When it comes to branding, you want to make your image as polished and professional as possible, even if it comes at a higher cost.
As the first point of contact for the majority of potential customers, your branding is crucial in creating a respectable first impression. A good business name, professional website and social media pages can all contribute to how your organisation will be perceived by the public. Remember, in order to attract the right clientele, you need to appeal to them.
2. Understand Responsibilities
Acting as a financial expert, tech specialist, lawyer, and marketing manager all in one might seem a good idea, but when starting out it’s important to know your limits and specialised areas of expertise. If you pretend to know it all when you don’t, it will only end in disaster when you’ve forgotten to check patents for pre-existing products or failed to accurately write up necessary agreements. Seek help if needed, double-check complicated areas, and agree to different responsibilities in the beginning to avoid potential future mishaps.
3. Set Up a Good IT Support System
Something that can often be overlooked but is of significant importance is setting up a solid IT support system. In the modern digital age, being active online is key. With many startups opting for remote, hybrid, or flexible working patterns, reliable technology is of even greater importance for new businesses, particularly when working in a digital-based industry.
Companies such as Lucidica, a London-based IT Support company, can help establish cyber security measures, integrate necessary licences including Microsoft 365, and tailor IT support packages for different business needs. It would be a shame to set up your organisation only to lose out on business by encountering IT difficulties. A specialised IT support system will ensure you’re up and running at all times, removing any technological stress from your plate.
See lucidica.co.uk for more information.
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4. Know Your Competitors
Regardless of industry, there will always be competitors within business. Even if you have a completely unique proposal, it is important to seek out comparable companies and observe how they present themselves, what they offer, their pricing, reviews, and position in the market. Not only will this provide information on the supply and demand of similar products/services, but it will also help understand how best to promote your startup business amongst competitors.
5. Remain Calm
Running a startup can be stressful. Despite the excitement of a new venture, it can also come with a lot of pressure – whether it be from investors, employees, family, friends, or yourself. But in order to be successful, you have to keep a clear head and remember why you started in the first place.
Perhaps make a list of all the reasons you want your startup to work and how you are going to make it a reality. Then, at times when you feel overwhelmed and ready to throw in the towel, refer back to your list of motivations to give you the boost you need. Just don’t give up, you can do it if you persevere!