10 Ultimate Success Tips For Business Startups7:53 AM
How to Succeed as a Startup? Being a successful entrepreneur doesn't just happen to someone. Th...
How to Succeed as a Startup? Being a successful entrepreneur doesn't just happen to someone. The most successful entrepreneurs have faced the same challenges that startups are grappling with today. You
have the perfect home business idea. You can't believe no one has
thought of it before. Or, if someone has, he or she doesn't have your
vision, skills or passion.
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When you are contemplating making the entrepreneurial leap, remember this: It doesn’t take any more effort to dream big than it does to dream small.
Perhaps you doubt your ability to make great things happen. Maybe you don’t want to appear greedy or materialistic. Or, you may feel that you don’t deserve all that being an entrepreneur has to offer. Regardless of the reason, you can’t listen to that voice in your head telling you to play it safe and not dream big.
Follow this advice to improve the odds of success when you start your business (it can be home business too)
Identify your priorities, but be flexible.As you put your plan together, you'll find it obvious what tasks contribute the most to your business’s success. These are the tasks that must be pursued relentlessly.
One reason entrepreneurs fail is that they fail to properly prioritize their work. By separating the good from the best, you create the focus that would not exist if you pursued everything asking for your time and attention.
Pick the right startup name.Picking the right name for your startup is also important. Gary Backaus and Justin Dobbs of Memphis-based ad agency Archer> Malmo gave a presentation earlier this year at the South By Southwest Interactive Conference. The presentation looked at how to pick the best name for your startup. Here are some best suggestions for picking a business name that will take you from startup to success.
Pay attention to your business plan.Entrepreneurs may differ on the importance of a business plan or on what form it should take. But a good business plan is key to startup success. Here are five fundamental principals of good business planning from business planning expert and startup founder Tim Berry. Look at Berry’s suggestions as a best practices list to aspire to when creating the business plan for your startup.
Find a mentor.You may know someone who has successfully created a home business and feel comfortable asking for advice. An incredible free resource is SCORE, a national association dedicated to helping small-business owners form and grow their businesses. SCORE offers local and online mentoring, and it helps 20,000 small-business owners a year. Seek help from other small businesses, vendors, professionals, government agencies, employees and trade associations. Be alert, ask questions, and learn everything you can.
- 8 Steps To Getting A Business Loan For Startup
- 10 Super Low-Cost Business Ideas That Anyone Can Start
- How To Optimize Corporate Taxation & Expenses?
Fail fast and fail often.Most entrepreneurs are not risk adverse. If they were, they would still be playing it “safe” in their 9-to-5 jobs. However, in order to be successful, you need to experiment and take chances that may frighten you at first.
If you are reading this in the hopes of not making any mistakes, then you’ve already made your first one. Do not look at mistakes as something to be avoided at all costs, but as unique learning opportunities custom-tailored to you, your circumstances and your business. The more lessons you can learn from in the quickest amount of time, the more you can shorten your learning curve and place yourself in a position to grow your business.
- 5 Fatal Mistakes to Avoid in Preventing Business Failure
- 10 Biggest Cause of Business Failure - ENTREPRENEURS
Money in the bank.Don't quit your day job just yet. For those of you considering the full-time freelance plunge--set up a savings account with enough funds to cover at least six months' worth of bills. This will give you a buffer to help with your budget. While hunger might be a good motivator, it's easier to work when you have electricity and your house isn't being repossessed.
Also read: 20 Tips To Spend Less and Save More Money
Focus on getting several good clientswho pay on time and are easy to work with. "I've seen many virtual assistants put all their efforts into one client only to find themselves stuck when their client closes its doors or its needs change," says Tracy Morris, a VA in Houston. "I was making enough money to be relatively comfortable with just one or two clients, but I knew I had to diversify to feel safe." You can join the thousands of home business owners who have found their ideal work solution right in their own home.
Understand social media marketing & Mobile MarketingSocial media and social media marketing are not the same things, says social marketing director Steve Goldner. Just because you have a Facebook or Twitter account you update regularly, does not make you a social media marketer. Goldner outlines a list of considerations that go into real social media marketing. Have you developed a serious social media marketing campaign for your startup? You can learn about the importance of social media marketing here.
No matter what kind of startup you are launching, getting your message to mobile customers is more important than ever. A website is no longer enough unless it can be viewed easily on mobile devices, for example. How might the mobile revolution affect your startup?
"Mobile Web surfers are a demanding bunch. If they visit your website and it's not optimized for both the device they're using and the different ways [that] mobile users behave, they will get frustrated and leave," says Ken Barber, vice president of marketing at mShopper.com.
All systems grow.Word of mouth is the best way to grow your business. Ask your satisfied clients for referrals, offer free consultations to new referrals, and consider a referral or finder's fee. Get your name out to build your brand. Go to industry events--conferences, association meetings and seminars. Go to events in client industries; socialize, and always have your card ready. In addition, do some pro bono work for a charitable organization with industry links.
Keep competitive.Even if you think your business is unique, you need to conduct a competitive analysis in your market, including products, prices, promotions, advertising, distribution, quality and service. Also be aware of the outside influences that affect your business. Know what makes the difference between you and your competitors. Is it service, price or expertise? Whatever it is, capitalize on it.
Now, with a big dream motivating you, it is easy to want to go all-in right now. However, before you quit your job, develop a detailed plan for your business. Most entrepreneurs are visionaries with the drive to get things started. But they are easily bored and quick to move on to their next project. By creating a detailed plan for your dream, you learn to hold yourself accountable to yourself and that accountability brings progress. Without a plan, your big dream is just a day dream. With it, it becomes a reality.
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