Going out on your own path and creating something new in the market can be an incredible adventure. The rush it brings, to know you have started something from just an idea! If you want to know more about launching a successful startup, stay tuned.
What is a startup?
A startup is basically a company started by individual founders or entre[reneurs (you). The goal is to search for a business model that can be repeated and expanded to reach huge success. Meaning the intention is to start a business that grows way beyond the original founders. The whole point is to make it explode and have a wide reach, much wider than a regular small business or entrepreneur-started venture.
Startups are an intense amount of work and they have a really high failure rate because of this. But the few that do survive, go on to really make their mark in the world. Their potential is really extreme since they can grow to become very large and influence many people and other companies.
How do you launch a successful startup?
The important thing to remember is that you will fail at some point, and that is ok! Failure is a natural part of starting your own business since it teaches us some valuable knowledge. You get more experience the longer you work with something, the same goes for starting a company. The more you work at it, the longer you invest your time and effort, the more likely it will be to succeed.
The first step is to make a business plan. This might be a skill you have learned while studying Business Management or Entrepreneurship. The ICB offers some awesome courses on these topics, so be sure to check them out. A business plan is simply a written plan for the future of your business. It details what the business is right now, where you want it to go, how you want it to grow, and what it will eventually become. It is important to anyone starting their own business since this plan will help you to get funding from banks and investors.
Which brings us to the second most important part: securing funding. A successful startup needs capital to get off the ground, otherwise, it will just fall flat. Funding is insanely important since this is also one of the main reasons why most businesses fail within their first few years. You also need to surround yourself with the right people. People who share your dreams and ambitions, people who won’t hold you back. Starting a successful startup will take more than just one or two people, so get your support network in place.
What should you be careful for, or avoid when launching a startup?
When starting a business, no matter how big or small it will become one day, you always need to follow a few rules. Firstly, you should always try to secure funding as soon as possible, as much as possible. Under-funding and a cash flow shortage can kill a business before it even starts.
Its never too early to start promoting your business, but be careful when advertising. You should be cautious when you want to advertise, don’t overdo it. Large advertisements are expensive and can also sink your ship with debt. Start it out small and work from there.
If you decide to launch a website as well, always make sure it is fast and informative. Modern businesses can’t survive without an online presence. There are many easy ways to start a website, remember it can always grow. It doesn’t need to be massive right from the start.
Some tips and tricks to boost your startup success
Starting your business is only the first part, you also need to make a success out of it. You can start this, by building u a loyal customer base. Getting your website up and running is one of the key steps. But you also need to actually have the customers keep coming back to you. You have to generate interest with them, have them on the edge of their seat.
Once you have built up a good customer base, you must also prepare for the unexpected. As said before, you will fail or experience setbacks at some point. The important part is to pick yourself up and push through this. Learn from your mistakes and improve.
Lastly, always stay within the rules and laws. Never try to fool the government or any officials, as this will only hurt you more. Keep everything legal and above board, pay your taxes and bills on time. This will build a good record of trust and improve your business’s image.
Making a success of your startup will take time, energy, and money. But once you start to see the rewards, you will definitely see how worth it everything was!
Written By: Michael Kritzinger
Last Updated: 18 April 2019