Startup companies come in all shapes and sizes, but there are several common requirements for success regardless of what industry or niche a new firm chooses as its main area of operations. It’s worthwhile for every founder to continue fundraising efforts even after the doors have opened and operations have begun. In the transport industry, GPS devices are a must for supervisors who need to keep tabs on every vehicle and shipment around the clock.
In every industry, it’s imperative for owners to measure the effectiveness of advertising campaigns and perform ongoing research on competitors. Finally, every new company’s owner should constantly strive to expand the reach of professional networks. Here are more details about the essential steps startup founders must take to achieve long-term success.
Never stop raising money. Far too often, founders inexplicably stop seeking new capital when they start operations. At least for the first year of business, continue to develop new sources of capital infusion from your network, existing contacts, and anyone who expresses an interest in investing in the company.
Managing Vehicle Fleets
No matter how large or small your organization is, if you operate a vehicle fleet, the task of keeping tabs on cargo and vehicles can be a major challenge. New companies in this competitive field utilize software that leverages the power of GPS devices to track trucks in real time. Before GPS technology was available, companies had to make educated guesses about the location of their vehicles and expensive cargo based on occasional driver call-ins. Whether your business owns two or two hundred trucks, there’s no substitute for modern GPS systems.
Tracking Ads and Competition
Newer entities tend to spend a high percentage of their operating income on advertising. That’s why it’s critical to regularly measure the impact and ROI (return on investment) of every promotional dollar. In a similar way, founders can never lose sight of what their competitors are doing. To achieve a modest degree of knowledge in this area, simply spend an hour or so each week perusing competitors’ websites, product offerings, shopping cart setup, and price structures.
It’s easy for owners to forget about the need for networking. Too often, founders expend a lot of energy to develop professional network contacts during the year or so before the launch but then ignore the entire program after they open the company’s doors. Ironically, it’s just after the first day of operations that you have the greatest need, and the most lucrative opportunities for using networking to grow your business and for adding names to your network.
One of the best moves to make is to join chambers of commerce and take an active leadership role in any groups of committees you can join. Even if there are only a few spare hours per week after a launch, make a focused effort to identify a local charity that the company could support.
The aim of developing a charitable connection is twofold. First, it’s always wise to support local causes. Second, donating company time and funds to a nonprofit is an effective way of making dozens of new contacts with people who can help your company in the long run.