Starting an online business is still the biggest hurdle I’ve ever had to jump through in my life. There was so much to do and too much verticals to take into perspective. Irrespective of the startup ideas I had in me – I discovered I really didn’t know much about what starting a company felt like.
It was hard.
Mistakes were everywhere – in fact my former business partner and I learnt everything by making mistakes. Funds were sometimes lacking, customer acquisition were infrequent. And there were lots of areas we had difficulties operating.
But the biggest hurdle I remember we overcame – was launching the startup itself.
That’s where majority of people ever get to. The sheer difficulty of this section cripples a lot of people that they give up even before they start.
And it’s actually understandable because launching out is always hard work. It’s not easy to turn an idea in your head to fruition in the physical. But it reality, it’s really not that hard to do it.
In this post, I’ll be showing you 10 tips that will help you turn those startup ideas in your head into a small business that will end up making you money.
First tip is:
In a corporate world where 90 percent of startups fail in their first year of business, it becomes scary to start something that won’t flop. Back when the Internet was just starting to get popular, anything that was thrown at the wall made money.
People rushed in and made a killing from it.
That hardly happens again. These days, 100 million businesses are started each year and that means for you to enlist and make waves, you must have a proven formula that when followed, will bring in cash.
You can’t simply start a startup now on guess work — not with the kind of stiff competition that currently exists online. For you to make head ways, every move you make must be strategic. Every plans, decisions and indoor brainstorming meeting must lead to sales.
That said, starting a business in such a strict and rigid manner means only one thing: You must start smart. And starting smart connotes having proven steps that if followed will make your brand unforgettable and result in a success.
Let’s quickly look at 3 ways to start a startup that’ll grow to become unforgettable in any industry. The first way to start such a startup is to:
During the early days of the Internet, starting a small low investment startup wasn’t that hard at all. Few people who did became big names in a matter of months.
Now fast forward to these days, where research shows that 543,000 new businesses get started each month somewhere in the world. This depicts a very tough competition for the first pages of search engines.
It’s no longer a child’s play where you come and make quick millions. We are talking about a market with the potential to see $989.6 billion as yearly revenues. We are talking about a market where companies are willing to spend millions of dollars to outrank or beat their numerous competitors.
The statistics themselves are scary. In a world where 90 percent of startups fail — largely due to adequate funding — this doesn’t leave any hope for rookie startups.
So the questions lies: How will the small players market themselves and make some money to sustain themselves?
This was the question I found hard answering. I had a startup that was soon going to close for the day.
How did I finally save it?
Over half (56%) of all Americans dream of starting their own business but only a few people ever make the leap to this fundamental aspiration.
According to authors of book, Now, Discover Your Strengths, Marcus Buckingham and Donald Clifton said, “the real tragedy in life is not that each of us don’t have enough strengths, it’s that we fail to use the ones we have.”
Successful startups do not have this problem as they have figured out how to structure their business as systems that allow them to spend far more of their time on the meaningful, productive activities that take advantage of their greatest strengths.
Forbes defines a startup as a company working to solve a problem where the solution is not obvious and success is not guaranteed.
Once a startup has launched its product or service offering, it becomes crucial to keep a consistent watch on key metrics and scale innovation to ensure that the life time of the startup is not short-lived.
Some rules matter more than others and these rules, if adhered to by successful startups will ensure that the startup is on its way to sustaining its fast track growth.
These are five things a fast growing startup needs to sustain its fast growth business.
The most important goals you set for yourself as a startup entrepreneur will take time to achieve business stardom.
That’s the ugly truth.
At some point, you are going to feel frustrated. Things won’t always work at out well. I know this because I’ve started many startups in the past four years.
And the truth is this: It doesn’t take a geeky person to succeed in a business, what it takes is a highly motivated person. If you aren’t motivated, you won’t be moved to carry the startup where it should go.
Enthusiasm is the fuel of any business. With motivation you aren’t depressed when your stats are discouraging, you aren’t paranoid when clients don’t come, and you aren’t moved by the fact that you don’t have any business connections.
Am I saying that I was never discouraged or depressed when I started some of my businesses? No. But the difference between those who close business and those who stay is that the latter picked himself up no matter how many times he fell.
I did that a lot of times. You can too, and I can show you how I did mine.
“The person who follows the crowd will usually go no further than the crowd. The person who walks alone is likely to find himself in places no one has ever seen before.“ – Albert Einstein
It’s said that New York is one of the hardest places to open a bar business. Because literally all street have at least a bar around the corner. And that was a major concern to every bar startup, except Jim Meehan.
Now who’s Jim Meehan?
Jim is an entrepreneur who like everybody else had hope of starting a bar chain in New York that’ll become a huge success and a major avenue for consistent cash flow.
That was his dream.
And like everybody, he wanted to start that bar business and not “fail”. But when he looked at everything he saw – the professional statistics of bar that have gone under, and seeing the crowd of competition he had to content with – he knew that following the crowd wasn’t going to bring the success.
So Jim decided to break all rules of traditional marketing that top marketers, top business people and successful bar owners would tell you to do today if you want to start a bar business.
I know a thing or two about being an entrepreneur. The realization that, hey, I’m going to start my own business or build a side income, or even be my own boss, is such an exciting feeling.
That thrill of being the one to call the shots and making your own hours cannot be compared — at all — to the life of the cubicle dweller.
That said, there are a few downsides to this risky business of entrepreneurship and they are not pretty.
Building a profitable business takes time and the bills still need to get paid.
Sometime ago, Barbara Corcoran on Shark Tank told an entrepreneur point blank to get a full-time job while she built her business.
But for entrepreneurs that have made a vow not to return to corporate work, there is good news. You can actually not go back and still make a side income while your main business strives.
How do you do it?
The advancement of the internet over the past two decades has spelt positive things for trade and store businesses – especially for those in e-commerce business. Businesses continue to leverage on the global reach of the internet to expand their customer base and increase revenue.
This, naturally, is a trend that continues to establish itself, as more and more brick and mortar businesses are seeking to create an online presence to maximize profits.
In 2013, e-commerce transactions in the US alone were reported to amount to over $1.2 trillion and this number has only grown since then.
The flourishing of e-commerce, however, comes with a downside that is common to all businesses – competition. The competition for customers by the plethora of already existing online e-commerce stores has grown fierce with the growing number of trade and store businesses online.
Breaking into this business now requires more serious forethought and analysis than ever before.
Do you have products or services to sell?