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| Emergency Ideas Brought To You By GIGGRABBERS |
1. Conduct Feasibility Studies
Startup businesses
usually start with an idea fueled by a deep intrinsic motivation to make it a reality.
While that’s great, founders often assume their business ideas will work
without adequately researching their respective industry and market. There’s a
reason you’ll see this mentioned as commonly made mistake in several
entrepreneurial and startup articles - and thankfully so. Studying the industry
and the market you plan to enter will provide invaluable insight and realities
necessary for success. Questions like “Will my business work for all age groups
or will it just work for millennials?” are crucial to consider, research, and
answer before doing anything, even so much as designing a logo (no pun
intended). Answering these questions can also help founders assess whether
their current savings is enough or whether funding sources like angel
investors, venture firms, or crowdfunding services are needed in the short
term. Entrepreneurs who know their market and industry, and can determine how
that their business fits in, will be rewarded nicely.
2. Develop a Business Plan
Since the dawn of time, a
promise by word of mouth is less valuable than the tangible. In this case, your
business plan is the tangible solution and foundation to your idea. An idea
remains nothing but an idea until it has been carefully outlined and supported
by a set of planned out thoughts and course of action. Ask Napoleon Hill. There
are no countries without borders and there is no business without a business
plan. Business plans help in several ways and here are a few things to consider
when developing one:
● It
should clearly state what problem is that your business is addressing.
● It
should clearly describe how your businesses will address the problem.
● It
should clearly explain how you plan to create a sustainable (and profitable
depending on your business) company
Successful founders avoid
being naive and thinking their idea is quick and easy to execute. Rather, they
are diligent and critically thoughtful during every step of the process.
Successful founders write down ideas and organize their thoughts to achieve
better results.
3. Create an Online Presence
It’s 2016 in the 21st
century. Successful entrepreneurs use the online world to build momentum. A
commonly asked question to business owners is, “Do you have a website?” or “Is
there an app?” Companies without an online presence risk being seen as
unprofessional, strange, and unfriendly to the consumer. Successful startups
take advantage of social media platforms to reach their audience, adapt
extensive engagement strategies such as email marketing, and attempt to
increase organic engagement. These should help produce results and positive
earnings at the end of the fiscal year. Most successful companies have a modern
and user-friendly website that is also mobile friendly. If you can afford to,
consider investing in a mobile app for all common devices. Find bloggers in
your industry to write about your product, submit press releases, and utilize
Google Analytics to monitor various online metrics.
4. Build a Strong Team
Relationships are key to
successful startups despite many of the stories we’ve seen where business
partners go after each other in court. People tend to ignore that fact that
those fall-outs usually happened after
the company grew. Focus on building a strong team, bringing together a group of
diverse individuals with different skills and strengths. They’ll have their
weaknesses (as much as you do) and might not necessarily be passionate about
your business (which is fine). Settle personal differences early on and build a
coercive front. As the saying goes, “It’s not personal. It’s business.”
5. Share Equity
There’s always a global
economic crisis (check the news) and one thing that individuals wouldn’t mind
opting for is ownership, especially in a successful company. Sharing out equity
to potential partners has its benefits when relationships and commitments are
clearly defined. Owning equity in a company changes one’s relationship from
associate/employee to “part owner”, thereby increasing that individual’s stake
in the business. There’s now a greater sense of responsibility towards the
startup and stronger desire for the company to succeed. Handing out equity is a
nice way to keep your startup running, so avoid a take-it-all approach and
share some of the pie.
6. Be Smart and Financially Conservative
Fundraising can be a
pain, but when it goes well, you’ll be able to bring all the prospects of your
startup to life; however, be smart and conservative with your finances. Avoid
buying expensive services early on. Failing to do so might thwart the progress
of the startup and certainly avoidable with all the online resources at your
disposal. Always remain keen on the objectives and try to cut costs by finding
persons of utility or multi-talented individuals who can effectively take on
one or two roles. Outsource task through platforms like GIGGRABBERS
to save money while bringing your startup to life.
7. Determination
Many well-established
companies have been praised and dressed with a number of awards for their
innovations, but people often ignore the challenges that were temporary
roadblocks along the way. Startups are made to make or break and it takes
extreme determination and discipline to obtain the former. Everyone won’t say
yes to you the first time around and all your strategies and plans won’t work
out the way you want it; but be determined and resilient. Friends and
colleagues might say, “Hey, your product is great!” but never buy it, and your
response to that and similar challenges will
determine your success. Dr. Charles Stanley once said, “Disappointments are
inevitable but discouragement is a choice.” You have the power to stop or be
determined enough to startup your company even when the engine fails to start.
Adapt
and/or maintain these tips while avoiding the mistakes outlined above and
you’ll be well on your way to building a successful startup.
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