No matter how much time and money you pour into your first startup, it’s most likely going to fail. This is just one of the things you’ll have to accept when it comes to business: your first ideas are going to suck and you have to learn from failures.
There’s a saying that people in the world of business regularly quote: fail faster. It’s the idea that the faster you fail, the faster you’ll find success. While it’s true to some degree (even the most exceptional entrepreneurs of our time have failed before) it doesn’t mean you should purposely fail just for the sake of learning.
If you really want to improve the rate of success of your first business venture, then here are a few ways to do so.
Know your competition
If you aren’t sure who you’re competing against then it’ll be difficult trying to stand out. You can’t really go head to head with larger companies because they have more advertising power than you, but you still need a way to separate yourself from the competition and it’s vital that you do you market research.
Perhaps there’s a niche in the market that your competition is too afraid to invest in. If so, that’s the area you need to focus your resources on. Maybe your competitors don’t like focusing on customer service and, as a result, they have a poor reputation when it comes to customer support. You could capitalize on this by focusing your efforts on giving your customers a better experience.
Focus on a single product at the start
Diversification is important, but you want your business to be known for something specific at the beginning. Market it, use it as a vessel to promote your brand, and take it seriously. Listen to your audience for feedback, and tweak the product to perfectly fit their needs.
Don’t be too humble and listen to everything they say, but make sure you consider all of their suggestions. Once you’ve perfected a single product, you can then start adding more to your lineup in order to expand your reach and diversify your brand name.
Don’t neglect communication
Whether it’s setting up a social media account to speak with your customers or setting up a phone line for your investors to call, you need to focus on communication. As a startup, it can be difficult looking for the perfect communications solution for your audience.
However, something like a Commander Centre phone could be perfect if you don’t have money to hire a customer support team or even just a receptionist.
Know how to save money
Startups are usually strapped for cash, which is why it’s important to find ways to cut costs whenever possible. For instance, instead of hiring new employees every time you need something new done, consider outsourcing as a new possibility.
They’ll help you get your tasks done quicker, you won’t need to worry about their salary, and it’s cheaper because you pay per job they do. This is just one way to cut the costs of your business, but it’s important that you learn the difference between being a frugal business that understands value, and a cheap business that abandons quality.