8 Tips for Making Your Startup A Big Success

Harvard Business School places the failure rate of startup failures at 75%, and it means that the majority of the startups would not go on to become a successful startup company. While it can be exciting to launch your owns startup, it sure makes sense to pause for a while and learn from mistakes made by others. Surely you would not like to be one of those startups who simply fell flat.

startup success

Learn from those mistakes before you go ahead and make the same blunders, and the ultimate goal is to be successful. However, it is easier to develop a great idea but a completely different ballgame to make it work.

Here are some tips to make the right start for your startup and avoid those mistakes.

  1. Believe in yourself and your idea- If you are passionate about your idea and believe that it is going to work, then go ahead in full steam. If you love what you do, then you would certainly have the self-motivation to keep on going and with no room for self-doubt.
  2. Have a sound business plan – Most startups get a loan and receive investment capital if they have a well laid out and completed business plan. When you have a written description of your company’s future and business strategy for the first 3 to 5 years, you gain a significant advantage as it gets easier to apply for both long term and short-term loans.
  3. Find the financers and the mentors – You need to have an advisory board as well as appropriated funding to get your startup running. Depending on the situation, the company may require more or less funding. A team of expert mentors can provide valuable guidance to steer you in the right direction.
  4. Adapt for the current and future trends- Nobody knows what tomorrow will bring, and no one can predict everything for sure. So, anticipate the future and adapt accordingly. Keep yourself well informed and keep your business flexible enough to adapt accordingly.
  5. Paperwork and signed contracts – Protect your startup and look at it as a business entity. Have signed contracts and ensure that all paperwork is complete. Set up a business entity to safeguard your personal assets and formalize every agreement.
  6. The right team – The kind of team can make all the difference to the startup. Register the business name and get tax ID number and employer identification number. Have a team of financial advisors, accountants, and lawyers handy to guide you through the legal and financial process. Last but not least, don’t forget about insurance.
  7. Grow your digital presence – Become a marketing expert and expand your reach and grow your customer base with the help of digital marketing tools. Make good use of Search engine optimization, pay-per-click advertising, and Social media marketing when launching your startup business.
  8. Be slow and patient- Success doesn’t come overnight, and one should take a cautious approach when launching a business. Be patient when fundraising as it can be a challenging and time-consuming process. So, use every bit of patience you have inside you and let your business go ahead with small but sure steps.

Launching a startup indeed means lots of hard work and is nothing like having a regular 9 to 5 job. Still, try to lead a balanced life and find time to relax occasionally. If you face burnouts, your company will suffer the same. Most startups fail because the people behind them give up. So, give it your very best, and with proper planning and execution, you are likely to face the least number of hurdles.

About Mohit Tater

Mohit is the co-founder and editor of Entrepreneurship Life, a place where entrepreneurs, start-ups, and business owners can find wide ranging information, advice, resources, and tools for starting, running, and growing their businesses.

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