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If you’re planning on launching a startup, it’s important to realize that while you may have a wonderful idea for a business, success also hinges on executing that idea in the right way. While many entrepreneurs learn a lot as they go, you’ll be much better prepared if you go about the process carefully and strategically as you prepare to launch, then build, your venture.
Read on for some tips you can follow to help attain startup success the first time around.
Have a unique selling proposition
Before you launch your business, it is important you make sure it will have a demonstrable point of difference from other products or services in your industry. If you don’t have a unique selling proposition (USP), then you will find you are selling pretty much the same types of products or services as your competition. Without a USP, you will find it challenging to build a customer base and generate enough revenue to stay afloat.
Thinking about your point of difference before you launch your startup will enable you to tweak your idea if necessary so that you will stand out from the crowd.
Solve a problem or create a benefit
Part of working out your USP is clarifying what problem you solve for your potential customers, and/or what benefit you create for them. In order to build a successful business, you must bring something of worth to your target market’s life, whether that is through fixing an issue they’re having or making their life better in some other way.
You should also take the time to question whether or not there is actually a large enough market of customers out there who are searching for a solution to the particular problem you address, or who are keen to enjoy the benefit you can bring them. If your research makes you concerned about the size of your potential market, consider if the business will ever find its feet as a result; you may have to adapt your offering to make it more appealing to a broader audience.
When you’re launching and building a startup, you have to wear many different hats, constantly juggling a variety of tasks and responsibilities. As a result, you will dramatically increase your chance of success if you learn to be as productive as possible.
There are a number of ways you can increase efficiency. For example, it is best to keep in mind the 80/20 rule when it comes to your workload. That is, you will find that 80 percent of your most productive time comes from just 20 percent of the tasks you complete. As such, look for the 20 percent of jobs that will yield you the most results in your business, and focus on getting them done each day, week, month and year.
In addition, there are thousands of technological aids available to help you to increase your productivity. Check out apps and online systems that make it quicker and easier to do things such as:
- Create and update databases and mailing lists
- Send communications
- Track leads, website visits and press mentions
- Handle finances and human resources tasks
- Complete administration jobs
Hire a good team
Surrounding yourself with a solid team is another important element of a successful startup. When you’re starting a business, it makes a big difference to learn from fellow entrepreneurs who have “been there, done that” before you. Try to find mentors, business consultants and other helpful people who can guide you and your venture over the coming months and years.
It is also imperative that when you have the funds to hire staff members and contractors, you select the right candidates for each job. As you grow, you not only want to have people in your team who are more versed than you in various areas of business, but who also display helpful traits such as adaptability, flexibility, a positive attitude and an eagerness to learn. These types of people are more likely to stay with you for the long haul, be open to tackling whatever needs to be done and will treat customers with care.