Ensuring Success For Your Start-Up

success for your startup

Making it big in small business takes more than just enthusiasm, market awareness or adaptability. The most successful small businesses combine a mixture of all of these things, along with a healthy dose of competition and a little bit of fear. Those who opt to become entrepreneurs know the ride won't be an easy one, but if you want your journey to start being more about success than desperate survival, here are some core tips that can help.

Adapt to Survive

It's true that you need a passion for your product in order to tackle the good times and bad, but it's even better to be flexible. Don't fixate on the original business plan or product if there is a way to respond to the market more effectively. You should always be willing to adapt: staying up-to-date with industry news using professional networks like LinkedIn, listening to advice and keeping an eye on the competition.

Keep Competing

Which leads onto one of the key strategies for startup success: competitive research. Assess similar businesses from the start to see where you fit in, but more importantly, continue to check up on your rivals to make sure you're competing at the level they are. Web tools like companies house direct, which are available through several websites, allow you to monitor regular reports and statistics from particular firms, meaning you can always be aware of what everyone else is doing and how you could do it better, plus identify gaps in the market.

Take a Step Back

Having said this, it is good practice to view your business from the consumer side as well. Use the web and social media to suss out customer opinions on your company, or just talk to individuals to find out what's positive and what's frustrating about the service you provide. What is your client base? Is your start-up scalable? Is the market potentially a global one? It's great to be able to ask yourself such fundamental questions at every stage - and know the answers.

Of course, most start-ups would be doomed to failure without a diverse and committed team, along with a self-awareness that ensures you won't ignore good ideas or alternative strategies, even if they don't comply with your own. Success doesn't appear without hard work and persistence but it's just as dependent on an open mind and a willingness to put the needs of the company and the consumer above your own.


Comments

    • DC @ Young Adult Money

      DC @ Young Adult Money 03/29/2013 6:52 a.m. #

      Good post and a good reminder that small businesses need to constantly assess what they are doing relative to competitors, not just to replicate the successes of competitors but to see how you can be "different" and stand out to the consumer. That's an approach I take on my blog, and it's worked out well so far.

      • Sicorra

        Sicorra 03/29/2013 12:56 p.m. #

        Being different, and creative and better, is very important, but not always easy. Maybe it is based on the type of business too. I remember seeing a news article last year about how a woman in NY city started a place that served cupcakes and alcohol and she was very busy.

    • krantcents

      krantcents 03/29/2013 3:03 p.m. #

      Small business more than any organization has to adapt to circumstances and usually does for survival. I remember how a large employer moved out of my business area and I had to adapt to replace that demand.

      • Sicorra

        Sicorra 03/30/2013 2:17 p.m. #

        Not sure how easy that was for you but it sounds like it would have been good for your business.

    • Corina Ramos

      Corina Ramos 03/30/2013 12:59 p.m. #

      Great advice Sicorra. I'm always peeking at the competition in my niche to see what it is they are and aren't doing.

      Every business needs that "it" factor to keep a step a head of the competition and taking a step back and looking at or business from the consumer side is the way to go.

      • Sicorra

        Sicorra 03/30/2013 2:18 p.m. #

        True! You need to do something special to stand out from the crowd.

    • KK @ Student Debt Survivor

      KK @ Student Debt Survivor 03/31/2013 7:48 a.m. #

      Good tips. Adaptability is really important. If the whole market changes and you don't change with it you're in big trouble.

Comments are closed.