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.