When a startup is launched, the first and biggest challenge is – how is it going to survive in its initial years.
The first three years are said to be the testing years for a startup. It determines in which direction the business is thriving and how much it has managed to climb the ladder.
Many individuals decide to go for their own entrepreneurship venture. They invest in it, organize the setup and start functioning. Various founders and entrepreneurs have confessed to this fact that the first two-three years are like a roller-coaster ride for any venture.
In that case, it doesn’t matter how much profit they have managed to generate. What matters is how these startups managed to sail through these difficult times strategically.
To ensure that a startup keeps functioning smoothly in its first few years, a founder or an entrepreneur should keep few things in mind.
1) Show Your Presence of Mind
As an entrepreneur, your idea of work may be brilliant, but it’s going to be a hard, bumpy ride. Let us tell you despite the hard work done by you and your team, the profits are not going to land the overnight. At times, you may have to wait longer for income generation. You, along with your team need a lot of patience and preference for this process.
There might be times when your team might get really frustrated due to all this, but the fact is to achieve success or profit you need to keep your cool over the matter. Even though there might be dark clouds, but always remember that still there are enough tools that will help you to get out of all this if they are utilized well.
Keep yourself so motivated that your negative thoughts hardly could paralyze you.
2) Accept Your Fears
OK! We agree you have to be confident to keep your team charged up. But at the end of the day, even you are like any other fellow who has his/her own fears. The best way to tackle a fear is to embrace it first. To combat it, take actions. Don’t be bothered about what the result is going to be. Have enough courage to face something new. Doing something like this will help you unveil a new potential inside you, sometimes.
3) Work in Accordance with a Plan
As a boss, keep yourself updated with the latest trends, the downfalls, which section of the market your product/services shall cater to, your operation location etc.
Consumers are really quick in deciding what they want, so before them, your firm should quickly get the clue what a particular consumer want. You can choose online marketing for this purpose. When you are quick with your planning, you will start gaining businesses in no time. When planning something, discuss it with your whole team so that as a team everyone is able to put efforts.
4) Have a Cordial Relationship with Your Team
As a budding entrepreneur, it is very important that you interact nicely with each of the team members. Sometimes in a startup, each member has to wear multiple caps to perform multiple duties. In that case, a cordial and healthy working environment shall boost their confidence and make them perform better. Experts recommend that you should boost your home environment quite similarly the way you boost your home environment. Try to provide maximum facilities as you can so that the team members can work easily.
5) Hire Wisely
Even though you have started new, learn to hire people on their qualification basis. Choosing less qualified people expecting that they will learn their lessons while working will only add to your woes later on. If you have a lesser budget, learn to identify those people who can learn their work quickly and shall prove their potential later on, while working. For a startup, every member is important because of the role that he/she has to play. Thus one bad decision can largely affect the business progress achieved to a certain point. For certain positions, you can hire people whose work experience match your criteria. This shall secure the business’s future.
6) Just Don’t establish Network Expecting profitable Returns
Networking is an important part of a startup business. In order to stay in business, you need to establish contacts and help each other at times, like you can recommend their services to others. But don’t expect that even they would recommend your services to others when you are in. Of course being optimistic and persistent in such cases pays. Your focus always should be to make your way out so that you don’t have to rely upon others.
Even though you are the owner of an enterprise, you have to realize that at the end of the day, you are a part of the marketing community who are connected to each other through a chain. Sometimes a few people would be there to help you get certain profitable returns, but at the end of the day, you have to be on your own feet.
7) Choose Digital Marketing
Digital Marketing is a widely recommended option for startups since it provides profitable returns at a low cost. Launch your own website and use Search Engine Optimisation to make your website visible. Websites help your brand to get a face. Thereafter you can make various Social Media pages especially the Facebook to promote your business.
Around half of the world population have their accounts on Social Media and spend a considerable amount of time using these apps (mostly on their smartphones). This is easy, reliable and few of the most effective options to reach out to these people. You can choose numerous paid plans to showcase and sell your product and services to millions of people in a single time. Apart from this, you also get insights into the viewers’ likes and dislikes.
With numerous online options available, you can decide how and when you wish to promote your business locally, globally or internationally.
Running a startup successfully and sustaining it over a long time is a not a cakewalk as well. But at the end of the day, there’s nothing that can’t be achieved with hard work, persistent and good decision-making skills.
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