There is a mass movement throughout the globe of people who are leaving their full-time jobs to go into business for themselves. A select few these people have successfully set the world on fire with their ingenious startup businesses, but the largest majority of these people have not survived longer than their first year out as business owners.
So, what is the difference between the people whose startups have grown into empires, as compared to the people whose startups appeared dead on arrival? Below is a look into how you can keep your startup from becoming a flop.
Run Your Startup on Pure Passion, Not on Your Passion for Cash.
If you are going into business for yourself, you must be sure that you are running your venture off passion rather than a bottom line. Yes, making money is a huge part of your startup’s success, but even more important is the passion that your newly founded business is fueled on.
If you are setting out on your new business venture just because you want to make some quick cash, then there is a solid chance that your startup will not be as successful. Customers can see and quickly tell when you are just money grabbing as compared to going after an issue that is near and dear to your heart.
Ask yourself if you truly believe in your startups product. If you don’t fully believe in your product through and through, then make alterations to your product until your heart is truly into it. Genuine passion will propel you much farther and faster than just a lust for cash ever will.
Study Your Competition.
In every aspect of business, you need to know your competition inside and out. Know what they do, how they do it, and even why they do it the way that they do. The more you know your ‘enemy’, the better equipped you can be in providing a superior product or customer experience.
Good business is conducted when you can provide the most for your customer, and knowing the weak spots in your competition’s walls is just a part of the game. Know what your competition lacks so that you can provide what they can’t. Doing so will make it that much easier for the customer to choose you over them because you have what the competing businesses don’t.
Hire the Best and Hire Diverse.
It may be your first reaction to keep your staff as small as possible, which means that you may resist hiring anyone at all and just do it all by yourself. At the very beginning of the life of your venture, this may be wise, but as time goes on and the client list builds, there is just no way you can fight this battle all on your own. You’re going to have to add more hands to your team.
When you add teammates to your roster, you should hire the best, and that means that you shouldn’t hire people that are copy-and-paste versions of yourself. Hire teammates that are the best in what they do, and can also do what you cannot. The more diverse your roster is, the more skills that are added to what your startup can do for your customers.
Embed Yourself in the Community.
One of the best things you can do for your startup is to embed yourself into the fabric of the community you are serving. On a local level, joining the chamber of commerce is an easy first step because the very purpose of their existence is to connect local business and support each other. This leads to relationships being built that will in a very short time translate into clients, which at the start of your venture is crucial. At an international level, digitally join online communities of people who do what you do so that you can learn from the best. They can teach you what you don’t already know, as well as offer insights into the best way to conduct your business.
Become a part of communities, and they will support you when times get rough, as well as refer you to potential customers who are looking for a provider of the services that you offer.