Did you know that most startups fail within their first few years? This is a sad but true fact. Successful startups all seem to have a few things in common, and here we have the 7 success secrets they most commonly use to make sure they don’t fail!
Know Your Target Audience
Do you know your target audience? You can’t please everybody, so this step is so important. Work out who you are going to focus on targeting and why. Mums? Kids? Young couples? No matter what type of business you’re starting up, you need to know who you’re marketing too. Sure, you’ll probably work with people who don’t come into that target market, but it’s better to market to a niche than to try to be a crowd pleaser.
Find Suitable People to Advise You
Most successful startups work with suitable people who can advise them on decisions right from the get go. You may want to work with a company who can assess your risk, such as riskaudit.com for example. This will vary depending on your industry, but it can help to have an outsiders point of view on things.
Hire the Smart Way
If you need to hire soon after starting, don’t put it off. This will only hinder your progress. If this is how fast your business wants to grow naturally, then let it happen. You’ll have more responsibilities when hiring, but you should also reap plenty of rewards too. Make sure you hire the smart way by doing background checks, speaking with references, and giving them a trial run.
Manage Finances Closely
Many businesses fail because they don’t keep any money in the business. The best thing you can do is pay yourself a set wage each month or quarter, and keep the rest of the money in the business. You need as much cash flow as possible to account for bills and expenses. Don’t be tempted to blow it all on fast cars and fancy dinners! Make sure you know where your money is going, how much, and when it’s going.
Automate Where Possible
Automating your business can free up so much of your time. You’ll need to fork out on special software initially, but it’ll more than pay for itself when you’ve been using it for a while. Your time is precious, so make the most of it!
You can drum up excitement about your startup using social media before you’ve even begun. Run competitions to drum up likes and interest before you launch. Afterwards, you can use it to share interesting information and keep your audience engaged. Don’t use it as a selling tool, as this will only put people off.
Do Your Taxes Properly
Don’t try to tax dodge. Don’t even think about it. It’s really not worth the hassle and expense if and when you get caught. Hire a trustworthy accountant who will save you as much money as possible while still making sure you pay your way.
There you have them; 7 success secrets of startups. Use them and see for yourself!