If you didn’t yet know, we are well and truly in the era of the startup. Once upon a time, entrepreneurs were struggling to make the jump, now it is encouraged and many are taking advantage. While this is obviously a good thing, let’s not forget that startups are no easy feat. If you have performed any sort of research about starting your own business, you will have probably read all of the damning statistics about how many of them fail in the first few years of operation.
Unfortunately, regardless of the advice some receive, some startups just aren’t cut for it. However, with a bit of fine-tuning others are, and this is what today’s article is all about.
As a soon-to-be Founder, you need to have the know-how. You can learn while doing, but formal higher education, like MBA, can fast-track your prep. Thanks to waiver programs like no GMAT MBA now so readily available, you can skip the nitty-gritty and get down to the learning process – all before proceeding with your business idea.
We are now going to look at some of the most essential tips you should keep in mind if you are looking to press ahead with your startup. If you are on the lookout for some quick tips, the rest of this article is for you.
Get other opinions
Tunnel vision can be the worst enemy of a budding entrepreneur. In short, just because you have a particular problem with existing solutions on the market, you immediately start to think that your proposed solution is going to be a bestseller.
Unfortunately, we all have different opinions. Your view on your product is probably going to be somewhat biased, and you need to take this into account. Ask the opinions of others and try and get an unbiased perspective on your potential business.
Size up your competition
In some ways, this is related to the previous point. Many young entrepreneurs believe that their product is going to blow the competition out of the water – without even researching the competition.
Suffice to say, this is a major error. You need to search high and low for relevant competitors to your business, and find out whether you really have that elusive USP before you start your journey.
Understand your marketing potential
The next point again leads on very well from the previous one. Even with the best product in the world, if the conditions for marketing aren’t favorable you just aren’t going to get it in front of sufficient eyes.
For example, online marketing is one of the big ways in which startups market a product. However, if the CPCs are too high, it can mean that you just don’t have the budget available to get it in front of the masses.
It means that as well as a competition review, you need to be looking at a marketing review as well.
How will you secure funding?
We won’t touch on this final point too much, as the funding options for businesses really could result in a dissertation. Some will turn to banks, others will opt for private investors while the rise of crowdfunding obviously needs to be mentioned as well.
If you have any sort of eye on growth, you need to consider some of these options and just which are going to be suitable for your business. Some of you will require funding immediately, while others might be able to wait several years.