Tag Archive | Startup

4 Tips on Improving Your Startup’s Success Rate

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.start-up

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.

The Most Worthwhile Investments for Your Growing Startup

 

start-upWhen does a startup become a fully-fledged business? If you’re like many entrepreneurs around the world, then that occurs when you have to make an all-important decision: how do you expand? It doesn’t matter if you’re selling fresh doughnuts from the back of a van or designing logos and banners for high-profile clients, you graduate from being a startup when you’re presented with a choice on how to grow your brand.

But there are many paths that your business can take. Do you take production into your own hands and start a factory? Do you expand into the global market? Do you take on more competition by encroaching on another company’s territory? While these are all very expensive and challenging goals, some of them are more productive and beneficial to your company than others. Here are a few examples of the most worthwhile investments for your growing startup.

Accounts and Lawyers

Maybe you’re completely capable of doing the finances on your own, but is it really worth your time and effort? Accountants will negate all the tough work involved in sorting out taxes and managing your budget. They’ll be your advisors, offering you expert advice on how to efficiently operate your business.

Lawyers are also mandatory when your business starts to grow. As you gain more attention, more imitators will pop up trying to seize and opportunity in stealing your customers, and the only way to swat them away is to hire lawyers that are capable of shutting down copycats.

Customer Service

Customers are the lifeblood of your business. Without them, you have no audience to buy your products or services. The goal is to make sure your customers feel valued. Send them emails celebrating their purchase, give them messages on their birthdate, send them exclusive deals and provide the best customer service that the world has ever seen.

Don’t outsource your customer service to a cheap third-party company that doesn’t understand your product or your customers. Invest in proper in-house customer service where you customers can speak to real, knowledgeable people that can help them with their issues and queries.

Production

Production doesn’t have to mean an entire factory or production line. While it’s a good investment if you’re doing particularly well in your industry, it’s simply far too expensive for a budding startup to think about.

However, there are times when a couple of specialized machines can save you money in the final production process. Let’s take 3D printing for example. There’s no getting around the cost of having your products made, but do you also need to request for them to be painted and finished as well? Absolutely not.

The raw product can be sent to you and you can invest in something like powder spraying areas to add color and the final touches to a product before it’s packaged and sold.

Cloud Technology

The cloud is ripe with cheap solutions to your problems. Are you suffering from failing storage hardware that needs to be replaced? Then look to the cloud for an alternate method of storage that can be accessed from anywhere. Not only is it cheaper, but it’s also safer.

Cloud storage is extremely secure and doesn’t suffer from physical damage like your current storage mediums. You can expand the security services and accessibility by investing more money, and it’s certainly more cost effective and productive than buying physical hardware replacements and hiring an engineer to fix it.

Flex Your Entrepreneurial Muscles by Making Your Startup Stand Up

entrepreneurial muscles.jpgSo many business owners these days are afraid to flex their business muscles or, they want to do plenty of flexing but are unsure how to do so.

It’s really crucial to make a good impression in business as much as you can. And, if you want to instill confidence in your customers and make them feel good about your business you need to make sure you flex away!

Making your startup stand up and be counted is really important. You’ve got to show that you are interested in making your business as great as possible, and making a difference. This presents the question of how best to flex these business muscles.

Well, there are a number of ways you can go about doing this.

 

1. Don’t Find Problems to Solutions

It’s really easy to be critical these days. You are running a modern company, and there is so much that can go wrong. A lot of the time it’s easy to get bogged down in negative thoughts and ideas, but you have to stop doing this.

A lot of the time you’ll find that many of the things you encounter in business will fix themselves in the long run. It might also take a while to implement many of your business ideas and watch them come to fruition.

So, don’t panic and make knee jerk decisions. You have to understand that many of the areas of your business are going to be fine.

And, by over thinking it, you’re going to be finding problems to solutions rather than the other way around. Remember, creating problems is easy, but fixing them can be even more difficult.

 

2. Give Clients Something More

You’ve always got to give your clients something more. This is your chance to show off and flex your business muscles. Show what you can offer that other companies aren’t able to.

This is really crucial for helping your company grow and boosting your chances of success. You’ve got to offer more in the way you approach business as well as what you provide them with. Consider what your service is like as a company.

Did you know that 78% of customers cite competent service reps as vital to a positive experience? So you need to go above and beyond with this, as well as giving clients better products than they are expecting.

Making your business more appealing to customers is the best way of moving forward. The whole experience is vital when it comes to making your clients happier and showing off what your company has to offer.

 

3. Backseat Business Management

One of the best ways that modern business has developed has been the increase in backseat business. This allows you to take a backseat and hand the organization of areas of your business over to others.

Outsourcing helps you to do this a lot, but so does making use of service providers like Level 5 Management.

You have to take control of your company by making sure you use other people and methods to help you do it. Backseat business management is quickly becoming a popular choice among modern entrepreneurs. The great advantage of backseat management is that it allows you to dedicate your time and resources to other areas as well.

As you can see, there are plenty of things you can do to flex your business muscles. It’s important to show everyone what you’ve got and bring more attention to the brand. You can use the ideas on this post to help you achieve that.