Useful Tips for Startups to Succeed
Building a startup is no cakewalk. To develop an idea into a full-grown business beyond a solo founder is a humongous task. Several tasks are required to be handled like legal, financial, marketing, operations, intellectual property, human resources issues and more. When a single person tries to handle all the tasks alone it becomes difficult for him to focus on the core. Advice from industry experts is of great value at this point.
In this blog we will be sharing some useful tips for startups to avoids hiccups and succeed.
1. Good name -a great start
The name of your business has a considerable impact on the success of your venture. When naming a business remember that it should be easy to spell and read. Also make sure that the name used should not be such which describes just the starting of the business it should be such which does not need to be changed over time and also do a thorough trademark search. Alternatively, you can also shortlist four or five names and test market it to gauge the viability and acceptability among potential investors, partners, employees, and target audience.
2. Market research
A thorough market research is required for any business idea to succeed. This helps in identifying marketing channels and setting up of marketing strategies that will resonate with the potential customers. Market research helps you to identify your competitors and their products and strategies and the industry also, which in turn helps you to differentiate your product/service from them and have a standing in the market.
3. Raising of funds
Acquiring funds to start a business is a time consuming and hard task. You need to reach out to potential investors and venture capitalist with a well laid out business plan and pitch deck. You need to have the numbers sorted as in your financial planning and forecast. Your revenue model should be well thought out and value proposition should be lucrative.
4. Product/service offered
The product /service that you offer should be distinguishable and have some unique attributes that makes it stand out from your competitors. But it should be noted that time of entry in the market also matters and you should not waste time in developing a super unique product rather, you can enter the market at the time of demand and get customer feedback and improvise on your service /product and capture the market share and have a recognition in market.
5. Online presence and social media use
An engaging and informative website of the company is to be in place to present your business and showcase your expertise, quality, and solutions. Effective website SEO should be used for targeted optimization, technical tune-ups and regular adjustments done to drive traffic through organic sources. Social media is demand of time to promote the business as well as to attract talent.
6. Elevator pitch focusing the uniqueness of your business
What are you hoping to achieve with your business? What is your product? Can you explain your product or service in a single sentence? Have a perfect ‘elevator pitch’ to be used as summary to introduce the business to new customers or business colleagues at industry events.
7. In place financials
Budgeting and Financial statements are of utmost importance for any start-up to succeed. These aspects should be looked into critically and help from financial/business consultants should be sought for creating detailed monthly/quarterly/annual financial plan. You should be ready with business’s 3-year/5-year projections. You should also be critical of the assumptions that support your projections. You should be aware of the factors that could affect your business growth.
Financial management is a daunting task as it encompasses all the departments and the whole company. So, financial advisory services are the best help in managing financial crises and maneuver the tight spots as these agencies provide you with financial modelling and financial analysis along with financial forecasting to help you take sound decisions. They give you CFO services along with accounting and bookkeeping. All the data analysis is done for you to take decisions accordingly.