Startups can be very tough and that is the reason that a high percentage of the startups usually fail. There are very many reasons that your startup would fail and ironically, some of the reasons can be easily avoided if you took the time to plan well. Here are startup tips to help you get started.
When you have a great business idea that you want to explore, it is in your best interest that you protect this idea from the word go. Research is one important stage that you need to take enough time with. The idea might sound great in your head but it might not be that practical or maybe it needs a few variations to make it work perfectly.
For your small business idea to be a success, it is important that you move it through success funnel to carefully drive it towards your idea’s goals.
Important Startup Tips to Guide you
Here are 10 startups tips that you need to keep in mind especially before execution of the idea and then during the early stages of the execution.
1 How are you Different?
This is a very important point. It is in your best interest to identify you competitors and how far they have gone. In any market there can be direct and indirect competitors. You need to identify what makes you different from all your competitors.
If your idea is completely equivalent to what your competitors are doing, then you have a lot of work to do. Try finding out what will attract your competitor’s customers to come buy from you rather than your competitors.
2 Identify the Problem and Offer the Solution
When you come up with a business idea, there must be a problem that you have identified and your idea is offering the best solution. For anyone to buy your idea, it has to offer a solution to a problem or offer a better solution compared to others that are in the market.
Take your product to your customers in a more exciting fashion that will make them want to try out your product. It has to be unique and give the desired results if not better than what the customer or clients anticipate.
3 Be Careful how you Present your Product to Potential Buyers
Are you a thinker? Do you ‘think’ your product can do this or that? Well, you have it all wrong. How do you expect people to trust your idea when you do not have enough faith in it yourself? Avoid using words that suggest that your idea might be a solution to some problem.
You have to present your idea with exact words that suggest total confidence in its ability to tackle a particular problem. Pick your words right and make sure that they excite you as much as they would excite a potential buyer.
4 Do a Proper Field Research
Avoid getting into an idea without doing your homework first. Yes you might be having a great idea that solves a great problem but you might not be the first with this. It is important that you find out who else is doing what you are doing and how are they executing the idea.
If there is no one doing this, can you deliver? Is the idea applicable where you are planning to setup? If others beat you to the idea, is there a way you can do it better? Try to see avenues that you can exploit so that you have a better delivery than those already in the market exploiting the idea.
Studying the idea can be a great plus that can help you in delivery. So, before rushing into implementing the idea, it is important that you look for somewhere that the idea might have been executed before. Look for experts in the particular field and find out what opinions they have on the idea. Maybe it is an idea that has been exploited elsewhere but you want to take to a place that it is totally new. Before you think that it will all be a bed of roses just because entrepreneurs from your area have not bought into the idea, you need to do all checks and balances to ensure that the idea will totally work.
5 Go back and do more Research
I cannot insist more on the significance of a proper research when you are planning for your startup. The key reason why most startups fail is mainly because of poor research done during the planning stage. Just because the idea has worked for someone else in some place does not necessarily mean that it will as well run smoothly for you.
Look into others business ideas that have been established in the area that are offering solutions to the same problems. What are the challenges they are going through and will your business idea stumble on these problems? If so, how are you planning to get past these challenges?
6 Identify your Customer or Client Base
You need to clearly state out what customers your startup is targeting. There is no one product or service that can be termed to be targeting just everyone. You need to study your idea and identify the first people that will potentially buy into your idea.
The potential customers might already have a solution that they are investing money on. It is important that you identify who to turn the minds of these potential clients into choosing your brand as the best solution to their problems.
7 Budget for Resources Required
Almost all businesses require a few resources to set up and start running. An initial budget is therefore very important so that you can identify all the resources you will need and identify the sources of funds that will help you setup your idea.
You also need to sort out the manpower required to start up your idea. While some ideas may just require solo effort, others may need a team so that the execution of the idea is flawless. How do you go about choosing other members to help you? Do you already have like minded people that can help you execute the idea? There are both advantages and disadvantages whether it is something that can be done by a single person or it is an idea that may require you to form a team so that you can execute it to perfection.
8 of the Startup Tips – Plan the Pilot or Prototype
This is very important if you want to be confident about your idea. Before you rush and put out your business idea for people to buy, you need to totally ensure that it works. Otherwise, you will be setting yourself up for failure and others may learn from the mistakes that cost you. While you are counting your loses, these same people will take up that business idea and perfect it.
Whether it is a product or service, prototypes are absolutely important so that you can be able to identify your mistake and correct them in time. When it comes to rolling out the idea, it should be flawless with minimum issues.
9 Do your Accounting Thoroughly
Do you hate math? I am sorry for you but I am sure that you understand the significance of a thorough financial analysis of your business. If you are not familiar with accounting you may require help so that you are clear on revenue projection and other aspects to determine if the business venture will be profitable in the long run.
ROI is a critical aspect of any business and therefore accounting can help you project how long you will have to wait until the business becomes profitable. This can also help you plan for repaying loans in case you took some cash from financiers to kick start your business.
10 Draft out an Entire Plan for your Business
This is no ordinary business plan that you would draft out in case you want financing for your business idea. This is for your own good and it is more of a timeline of events for you idea and how you intend on doing all things required from the setup to the actual execution of the business idea.
This will really help you tackle all the required tasks and you will find the setup to be much easier. Organization of your work is very important and it is even more important when it comes to business. Ensure that the tasks are organized in an orderly fashion and that every task is undertaken without fail. If you are several members of a team, all the members need to be allocated different tasks and it is upon the leader of the team to make sure that all tasks have been successfully accomplished.
Startups are not easy at all. Some are more challenging than others. However, what I can say is that sometimes in business, it’s all about the risks we choose to take. You may succeed in your startup or fail in the process but you will always take something home from the whole experience. These simple startup tips are simply to help you try out your business idea the right way and not simply fail because you did not plan your execution to perfection