- December 19, 2015
- Posted by: Jack Hudson
- Category: Business strategies
Are you starting a startup? It is not an easy challenge to overcome and you have to be very persistent to achieve this.
Most startups pluck operations without large capital injections from investors. The chances of getting funds before beginning are small, so if you really want to make your idea a reality, you have to use your own money and then seek investors. It is not easy, but it is very rewarding in personal and financial field, and allows you to keep 100 percent ownership of your idea.
Meet 10 keys to help you succeed:
1. Research your market very well and competition
Before starting to take must make sure that in fact there is a real business opportunity. Does your product or service already exist in the market? If there is competition, how do you differences to consumers? What makes you be a better option for them?
Successful entrepreneurs ensure 100 percent have a product or service winner before launching achieve it.
2. Create a business model that produces income quickly
If you’re starting, the first thing to do is make sure you have a business that generates revenue quickly. If not, you are finished when you have finished your savings. You need to have steady cash flow.
3. Manage your public relations (PR)
Startups need a lot of exposure, so journalists and media agencies receive their information packs all the time. They do not want to talk to an account executive a PR agency, want to talk to you! They are much more interested in talking to the founder of a business representative because they want to hear your story. Start personally contacted journalists and agencies.
4. Make your first customers can generate “noise”
People love to try new technologies and users prove they are cool and trendy through their social networks. Generate ways for your early adopters can “presume” that you are using.
Let them have coupons to share your website on your social networks or ask them to use a hashtag and periodically selects a winner of free services or products. You can share images from your users using their prizes in company networks. Appealing to the narcissism of people you can help build a relationship with your brand.
5. Let your website grow with you
I see it all the time: a startup invests in an amazing website but runs out of money for marketing once it is operating. They use all your seed money in a site they have no way of marketing and bind to the statistics 80 percent of companies fail in their first 18 months.
If you’re starting on a budget, you can use websites prefabricated in what your business is gaining strength. Once you already have cash flow thanks to a good business model, and then you can update your page.
6. Creative campaigns
No need of having large funds to successful marketing campaigns, you only need creativity. If you have a creative marketing campaign, the ad will go viral and became a success.
7. Record every penny you spend
Have control over the money you spend is crucial for your business. The money goes quickly when you launch a company and a sloppy accounting can mean death. There are programs can help you maintain control of the money you spend. No excuses for not having a good control.
8. Reduce personal expenses as much as possible
When you’re starting a business, you do not have a comfortable salary; on the contrary, you should be prepared to cut all costs that are excessive. Replaces the car for public transport, get a roommate to reduce expenses at home, prepare your food and coffee instead of eating out, finally, study your statements in recent months to analyze where you have to cut costs.
9. At first, all you can do yourself
There is a difference between the jobs you cannot do and those who do not want to do. If the task requires technical knowledge that you have, then, of course, hire someone. But if it’s something that if you can do but does not appeal, then you are only generating an unnecessary expense.
A friend of mine wanted to paint his office and service quoted the 10,000 dollars. He decided to contact his friends and for the cost of painting, got what he wanted by several thousand dollar less.
10. Be persistent and do not give up
As an entrepreneur, you have to face many obstacles when your business starts. Suppliers and vendors not always are very excited to work with new companies and it is sometimes difficult to generate that trust. You have to be persistent, create connections and relationships. Do not take rejection personally because it is sure to happen.
Starting a business is not easy… Honestly is a great challenge, but not impossible.