The world has changed significantly in the last twelve months, but some things don’t ever change, especially when it comes to startup business. A start up business will always require an idea coupled with the motivation and planning required to make it a reality.
In 2021 there is more competition than ever before in the startup sector. The potential for finding success as an entrepreneur is at an time high so you need to think fast and make the best most competitive choices for your business. In this post we look at some of the must-have criteria to make a successful startup.
Determine Viability
Your new business could be a success or failure even before it is launched, based on the quality of planning and preparation you put in. You might have an excellent idea that sounds perfect, but is it a viable idea. Will it turn a profit in the short to medium term?
The first thing to have to check is the viability of your business, before you even start putting infrastructure in place such as a website and payment system. Consult with your business mentors and advisors, and perform market research. Try to be objective.
Create a Business Plan
If you were going to give a live talk at a conference or stand up in front of friends and family to give a wedding speech, would you wing it? Would you spend the weeks before the big day imagining that it will be fine, you will somehow use magic to get your through. It’s unlikely. A business is the same.
Without a proper business plan your startup is winging it. Sure, you might have some success, but the whole project is not under any kind of control. It is not directed by a practical vision. Developing your business plan early on puts you in control and encourages you to think through the details.
Figure Out The Money
You may dream of living in a fancy house one day and owning a boat following the success of your startup business, but it won’t happen overnight. In the beginning you will be tight for cash. You will need to know where your income will come from, especially in the first year or years of trading.
If you’re smart you will have drawn up a solid business plan and investigated your funding options. You might get some money from a VC firm or an Angel investor. Still, you need to have a streaky income on the side to cover living expenses while the business initially grows.
Gather Support
It makes a big difference when people are for or against your project, especially if you respect the opinions of those people. The good news is that either way you can learn and grow by listening to what they have to say. If close friends and family are for it then you have their support. Otherwise you have something to learn.
Even if people are not on your side that isn’t a reason to give up. Instead, use it to your advantage. Careful about what they have to say about your business decisions and weigh up if there is any substance to it. If there is you can address the issues and try to win them over to your side.
Register a Domain Name
One of the best parts about creating a startup business is creating a name for it. This is your chance to get creative and use your wit to make a name that’s relevant to your product but that also chimes in the minds of your customers. The name will have to be unique, so it’s useful to use a domain checker first.
Make a list of potential names for your business and prioritise them, your favourite at the top. On the domain checker go through the list and see which ones are available. With some luck you will get the one you love the most. Having the domain means you can confidently create the rest of the business on the front end.
Set up a Website
Whether you will do your business predominantly online or offline, you will need a website and digital presence. Around half the world is now connected to the global communication network and using smartphones daily. Without a website your business will quickly be at a disadvantage.
There are several ways to build a business website. You can use an open source content management system such as WordPress or Squarespace and build your website using templates. Alternatively, you can use coding skills or hire a website builder to create a stand alone one that’s more unique and independent.
Set up a Payment System
Your business won’t get off the ground unless you have an effective and viable payment processing system. This is true for both offline projects as well as online ones. You need a payment processing system that customers recognise and can use with ease. Inconvenience in the sales funnel is one of the main reasons for lost leads.
Payment processing systems are available in a variety of forms. Choosing the right one for your business is key to getting one that integrates with your brand and appeals to customers. Think about your customers and the type of sales you’re planning to make. If you put their needs first you will create a winning architecture for your startup.
Optimize for Mobile
Around 3.5 billion people globally are now using smartphones on a daily basis to browse the Internet, shop, communicate, and work. That’s a massive number of people. This technology should be underestimated, even if your startup is a local business without any digital infrastructure as yet.
Mobile technologies are slightly different from standard Internet ones and you need to be sure you are optimising it correctly. Your website, for instance, will look different on a mobile device to tablet or desktop. If it is not optimized correctly it may be off putting to potential customers. If you’re unsure how to set this up, consider hiring a freelancer to help.