To be a start-up is, in many ways, a folly. According to the latest data, more than 90% of SMEs will fail within their first year, a success rate that makes the rules of Battle Royale seem incredibly fair by comparison.
So why do businesspeople put themselves through the stress and uncertainty of starting a new company? Because when success arrives, it can do so with a wide grin, oodles of cash and a hearty dose of prestige.
There’s no certifiable way to guarantee your start-up will be a hit, but there are many strategies that can tip the scales in your favour. Here are just a few ways to get yourself started on a pathway to promise.
Fill your niche
Despite the wellspring of products released every year, people will always demand a new item or app that fulfils an incredibly specific need.
The modern phenomena of this can be found on the seemingly hundreds of adverts with the tagline ‘It’s like Duolingo but…’, which implies an app that can be consumed in bite-sized chunks while helping improve your life.
This is one trend, but many more exist. In a globalised world, finding micro-demographics to cater for has become ever easier. If you can deliver on your promise, you’ll have a customer base for life.
Receive the right advice
Heading into a business proposition half-cocked is unlikely to lead to success. Instead, you’ll find yourself mired in a glut of semi-informed decisions, haphazard meetings and the kind of financial black hole that Stephen Hawking would struggle to comprehend.
That’s why receiving the correct advice from business-minded legal firms like Dickinson Parker Hill is vital before you begin your venture. When you’re tooled up with expertise in the law, you’ll be able to hop over many pitfalls that many other businesses don’t see coming.
Have the right stakeholder
According to Harvard Business Review’s Tom Eisenmann, ‘Even when such rare talent captains a new venture, there are other parties whose contributions are crucial to it. A broad set of stakeholders, including employees, strategic partners, and investors, all can play a role in a venture’s downfall.’
In this melange of competing priorities and differing financial goals, what’s needed is a leader who can provide a clear vision through the murk. When the correct stakeholders are judiciously selected, this predicament (which is faced by all businesses) is much easier to manage. Surround yourself with the right people and you’ll find the right things will start to happen.
Emphasise growth
In the world of capitalism, growth is a primary marker for success, yet how to sustain growth is the real balancing act. By focusing on strategies that will increase customer acquisition, and finding novel ways to do so, gradual and sustainable expansion will be within your reach.
Find collaborators, not competition
The threat of a newcomer thrums at the forefront of every business owner’s mind. What if this upstart nabs your customers? What if they start to dominate the marketplace? And worse, what if they grab profits from you that you’ve worked hard for?
To truly neutralise opposition, make them a friend of your company. Collaborations have become increasingly frequent on social media platforms, with companies or influencers realising that pooling followers can maximise reach. Harbour that same attitude for the rest of your business and you’ll have fellow businesspeople lifting you up rather than dragging you down.
Do you have any tips for succeeding with your start-up business? Share your thoughts in the comments section below!
