Is Startup Success Possible?
A growing number of individuals are taking a stab at creating their own startup. Startups can be birth to financial freedom and dreams coming true, but there are some harsh realities about startups. Roughly 50% of them fail within the first four years. This is an alarming statistic and can lead many to avoid creating a startup or giving up on having startup success.
That statistic alone doesn’t give us an insight on why a number of startups aren’t finding success. Let’s look at the leading causes of small business failure
- Incompetence: 46 percent
- Unbalanced experience or lack of managerial experience: 30 percent
- Neglect, fraud, and disaster):13 percent
- Lack of experiences in line of goods or services: 11 percent.
According to this information, startup failure arises due to a lack of ineptitude, integrity, and planning. There’s no reason to be discouraged, there’s still hope! Below we will break down key starting points to eventually having startup success.
Strong & Relevant Network
When you have a strong & relevant network, you have the potential to be connected with potential employees, partners, vendors, industry experts/influencers, and individuals who can provide you with legal and business advice.
Entrepreneurs may have to think outside the box and brainstorm about particular environments that will enable them to gain buzz, visibility, relationships, and valuable resources. A couple ways to start is by joining a professional organization for your given industry whether online or offline and joining a chamber of commerce or a similar type of local organization.
Create A Product Or Service That Is In Need
Common sense right? The product or service you are selling needs to have a growing need and you need to inspire/persuade individuals to find value and actually buy your product or service. Here are a few suggestions to discover if you have the right product or service
Market Research: You need to spend a considerable amount of time in product/service development and engaging with your potential market. You should learn things they struggle with or how you can implement a better solution than other companies.
Consumer Persona: As a startup, you are responsible for understanding what your potential market wants or needs and not just how they will see your product.
Test: Make sure that your product or service is efficient and everything is up to your consumer’s standards.
Location Location Location
When buying or renting space, you have to take certain factors into consideration such as proximity to consumers, proximity to employees, insurance, upkeep, and utility costs. It is important to research and get quotes for all of these things in order to budget short term and long term. Here at OneVoice we can help you with your company’s telephone & internet needs.
Build A Brand Presence
Making yourself known is a huge step in having startup success. The internet gives you the ability to reach millions. Create a website and use keywords that identify your company, product/service, and target your potential market. You can also use social media, blogging, and directories in order to boost your online presence. If you are new to online marketing or don’t have time, you should try to find a marketing company that can help you. You can also find online groups and forums where people may have an interest in what you are selling.
Industry conventions and trade shows will also help you. You can meet potential employees, customers, or even investors. Bring brochures and cards to share with everyone you connect you.
Try your hardest to become an expert/influencer. When you are a notable source, you will get followers and a larger network and in turn, more people will likely pay attention to your business and buy from you.
Starting a startup is both risky and stressful, but if you are resilient and implement the tips from this blog then you have a great chance at having startup success!