4 Tips That All Fledgling Startups Must Know

All startup business owners aspire to grow their respective organizations into well-established enterprises. However, very few are able to reach their goals. In fact, statistics show that approximately twenty percent go belly up within the first couple of years of operation and at least forty-five percent can’t make it past five. The reality is that the early stages of a company’s life are arguably its most critical. And its initial efforts on getting a foothold in the chosen industry will determine how successful it will be in the long-run. To this end, here are a few tips that all fledgling startups must know.

1. Always conduct research on your market and competitors

There’s a saying: knowledge is power. And this statement is true, especially when it comes to business. It is for this reason that you must always conduct research on your market and competitors. If you don’t, then you’ll fail to determine the feasibility of your model. You’ll also miss out on opportunities to find and adopt certain practices and strategies that will help you elevate your startup and maximize its profit potential. So, don’t underestimate what research can do. It can go a long way in helping your startup grow.

2. Focus on solutions, not products

The goal of every business is to make money. There are no two ways around it. But just because you’re after a profit, it doesn’t necessarily mean that you should think of your offerings as mere products and means to an end. Instead, look at them as solutions that are meant to satisfy the needs of the target consumers. It may not appear like a big deal, but this minor shift in perception will have an impact on how you do business. And this, in turn, will lead to more desirable offerings that customers will surely take over your competitors.

3. Learn to explore

No matter the industry or size of the business, no organization can exist within its own bubble. It must explore growth opportunities or end up becoming stagnant or become inefficient. For instance, digital marketing has become all the rage these days due to the over-reliance of consumers on the World Wide Web. If you stick with traditional advertising techniques, there’s a good chance that you’ll fail to capture your audience.

Improving the productivity of business operations is another thing to consider. Tools like Verbit, for example, can enhance your meetings and employee engagement, and it well worth the investment when you consider how much more efficient things will be.

4. Don’t be afraid to ask for help

There’s a limit to what any startup can achieve on its own. It is for this reason that you must never be afraid to ask for help. If you need additional services that will be too much for your startup to cover, be sure to outsource them to another company. It will save you a lot of trouble and money.

It isn’t easy to succeed as a startup. However, it isn’t impossible to do either. By considering these four tips, you’ll give your fledgling business a chance to succeed even in markets that are competitive.