Ideas can be regular visitors for those who have creative minds. But not all of these are unique and worth making into a business. For those which are, a whole lot of effort, time, and hard work is necessary along with the green notes. Erecting a business structure is just the beginning; ensuring that the startup thrives rather than fails is where the challenge actually lies.
More than 50% of startups walk into their graves within the first four years of their life. The causes behind their demise can be several, just as many as the aspects of the business itself. That is why it is crucial to ensure that you take all the steps required for guaranteeing success. Wondering which measures you can take to keep your venture from crashing?
Here are 7 tips that you must employ in order to keep your startup from failing:
1 – Conduct A Thorough Market Research
The first and foremost point that you should keep in mind for ensuring the success of your business is that you should conduct in-depth market research. Know your audience and then attract it to cater to it. This is, however, easier said than done. 42% of startups have faced failure because they didn’t have a market for their products and services.
You can start narrowing down your audience by seeing for which age group and gender your offerings are. Next, decide the location, status, and other factors of your audience. Then use surveys, analytics, networking, etc. to learn more about customer behavior. Also, have a smart look at who your competitors are and what they are up to.
2 – Focus On Marketing As Much As You Can
So, Now you have your product ready, the customer service team ready, and an office full of employees. But what about customers? Where are they? Your startup is merely a child’s sandcastle if it lacks customers. Without customers, there will be no sales. And people who can be potentially interested in your product needs to know that your product exists for them to be able to buy it.
For this purpose, you need to get the word out and focus on marketing. From investments in print ads, social media, and SEO to more, ensure that your marketing game is on-point.
3 – Set The Right Price
There is no exact formula for deciding a price for your products. Which is why it can be tricky to determine the pricing. Keep the price too high and customers wouldn’t dare come near to your product. Set the price too low and it won’t cover the company’s expenses and will reduce the perceived value of the product. Hence, one has to be smart and just here.
In this regard, some factors that should be taken into account include costs of production, costs of administration, employee and third-party payments, and more.
4 – Offer Discounts Every Now And Then
The best advice ever received was from Larry Page, Co-Founder, Google, saying, “Always deliver more than expected”. According to Eric Schmidt, Managing Director of ClothingRIC.com says, For many startups, there is now an expectation of good value in the form of offers and discounts, means they need to do more to encourage customers to consider them. This can be done by offering regular sales or coupon codes on social media. By conducting giveaways startups can constantly acquire new customers so it is a great customer gaining channel for them. They should make offers almost unbelievable, to catch their customer’s attention. Startups can also utilize every opportunity in the best way by going digital with their deals and coupons, through influencer marketing, coupon websites, newsletters, etc.
However, do not overdo on offering discounts. Offering too many discounts reduces your product’s value, making people think that your products must be lacking which is why you are desperately trying to sell them through these tactics.
5 – Understand That You Cannot Manage It All
So many startups fail to see the light of the day for one reason; their founders think they can manage all aspects of the business by themselves. If your business needs detailed attention, you will need to outsource some of your work. Even if you are really a jack of all trades, overloading yourself with tasks can burn your enthusiasm out.
The overload of work can pressurize you and eventually lead to the demise of your idea. As Lee Kaun Yew said, “if you deprive yourself of outsourcing and your competitors do not, you’re putting yourself out of business.”
6 – Be Responsive
Most startup founders fail to respond to prospects fast. That is what stops them from making sales. While a quick response seems to be easy enough to do, people don’t consider it important enough. Know that the customer is king and that you shouldn’t make the king wait. Since so many startups don’t focus on being responsive, And if you do you’ll have an edge over them.
Therefore, have a customer service team in place if you are unable to keep up with your clients. Similarly, respond quickly to everyone involved in the business in any way. From partners and investors to employees and everyone else.
7 – Direct Your Complete Attention Onto One Thing
Do you know what they say about putting your feet in more than one boat? That move makes you sink. If you don’t want your business to drown, you should give it your complete attention. Several people start more than one business at once. Their focus and dedication are always divided, one moment on one project, the other moment on the other.
This results in a focus deficit and consequent startup downfall. Simon Jenner, co-founder of Silicon Canal says, “Focus is key, it’s so easy to go chasing new markets or lots of different opportunities at once. Keep it simple, focus on one thing and do it amazingly well, make customers happy and retain them. Focus, Focus, Focus.”
With this, our list of 7 pieces of advice to keep your startup from failing comes to a wrap. Do you have any more tips in mind? Let’s talk about them in the comments’ section.
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