Who said for a startup to become a success it must struggle for years? If planned and executed smartly, any startup can sail on the ship of success without any hurdles.
There are many myths associated with startups like ‘It has to be small because it is a startup,’ or ‘You just need an idea and the rest will follow,’ or even, ‘Investing in marketing or advertising for a startup is a waste”. Just because a startup is something new for you, doesn’t mean it’s new for people too.
There are thousands of others with your same idea already out there in the market. Hence, for your startup to climb the ladder of success as soon as you roll the dice, you better get the right figures i.e you better do what you need to do in the right manner and proportion. Confused? Let us make it more clear to you.
One of the most often quoted statistics is that 50% of all startups fail to survive even five years. And the reasons for their downfalls are so silly that later they repent only if they had taken care of it at the beginning itself, the startup could have survived. A post-mortem of 287 Startups was carried out by CBInsights among which, the common reasons of startup failure that emerged out were:
- Lack of focus, motivation, commitment and passion
- The eagerness of scaling too fast
- Floating with pride and spending a lot
- Ignoring good pieces of advice and falling into the wrong company
- Lack of general and domain-specific business knowledge: finance, operations, and marketing and experience
- Investing blunders and running out of cash
- Improper budgeting
- No getting market exposure
- Poor product/service
- No business plan/strategy
- No/Poor marketing
- Focusing only on profit and not on customers
For a startup to succeed, money and ideas are not enough, it needs a lot of input from your side as well to grow and survive, like your passion, commitment, willingness to adjust, patience and persistence, observation, relationship with all and basic knowledge and skill. But above all, professionalism is the most important factor. Starting small and new is nothing to be taken lightly. How you interact with your investors, clients or customers, matters, after all, they are the one who will make or break your startup.
Here are the 4 simple ways that will reflect your professionalism as well as turn your startup into a success:
1. Two heads are better than one
Go get a co-founder. Studies show that a startup with two founders significantly increases the odds of success. How? Because two balanced and fully invested partners can keep the startup going on their shoulders equally well. A co-founder means you will have someone to rely on, share the load, chip in during critical times, handle responsibilities, motivate each other and so on. In the end, so what you will have to share the fruit of success, at least your startup will have a balanced support which will prevent it from drowning in the future.
Take for example the Mistay Founder Pranav Prabhakar who believes that, “Multiple founders with complementary skills bring in wider perspective to the team. While taking key decisions and at high-pressure situations, it’s always preferable to have someone who can provide support and an alternative perspective,” and hence has Sandeep Jaiswal as the co-founder of Mistay.
According to Sandeep, ‘A co-founder makes it easy to navigate through tough times. A partner with complimenting skill-sets and different style of thinking is important to help avoid mistakes one would otherwise make, he stressed. So having a co-founder is like an extra support for your startup.
“The value of an idea lies in the using of it.” – Thomas Edison, General Electric Co-founder
2. Get a website/app or both
If you are thinking an investment into web/app is a big waste of money, then hello, it’s 2018 and today from kids to oldies, everyone is constantly browsing either on a desktop/laptop or on mobile. Your potential customers, clients and investors are out there on all platforms and to make them learn about your startup, you must have a website or app of yours ready.
If you are still worried about the budget, for starters, host your site on WordPress which is the most popular CMS of the planet. Its versatility and possibilities are endless which you can take benefit of or go for professional pre-made website templates that easily available at affordable prices.
3. Let people know
Branding and marketing both are lifelines for a business and just because you are a startup doesn’t mean you can survive without them. Branding means establishing a professional presence in both online and offline medium. Make your company logo, colour and other identities visible everywhere as much as possible. Give your clients pens, diaries or other stationary items with your company logo, this will remind them of your great service.
Also, spend rightly on marketing even if you are running a single campaign, make it an effective one that creates an impact on the people. Don’t forget to check whether the market is right for your product/service. Marketing at the right time only will prove beneficial. For eg., marketing your summer clothes brand during winter is useless.
4. Deliver what you promised
Sticking with your word creates your professional image and even a slight slip in it will bring down your startup empire. Nothing is more irritating than a business failing to deliver what it promised. Don’t brag about anything it will only lose your potential customers, stain your reputation and in a worse scenario, get you in legal troubles. First, deliver what you told them you can gradually add and inform them if you wish to serve more. Until and unless, as a startup, don’t try to go overboard and create a mess of everything.
“Always deliver more than expected.” – Larry Page, Google Co-Founder
Turning an idea from concept to production is no cakewalk. The eagerness to establish into a giant is understandable, but, why take unnecessary big risks and crash in the end? Better study the market first, define what new you are giving, plan at its best, execute smartly and enjoy the rewards.