Did you know that 95% of all startup businesses don’t make it? It takes more than determination to make a business work. It takes planning, money, and time. However, there are ways to maximize your money and time, and to rely on tested business plans to increase your business growth like never before. Here’s 5 steps you can follow to go from startup to full-fledged business successfully.
1. Identify Your Resources. Find out exactly how much time and money you have to work with on your project. A simple excel spreadsheet will work for organizing your time, or even pen and paper, but write it down. When you physically see how much you have to work with, you increase your awareness of what it will take to get things moving. A 2010 case study of 72 executives sampled from public and private businesses with earnings between $50 million to $5 billion found that the most important indicator of success was how aware they were of their personal resources.
2. Make a Plan. When you know what you have to work with, you next need to know where to apply those resources. The best place to start is with what you want to accomplish with your startup. What’s your mission statement? Who’s your target market? Take some time to research your competitors, find out what they’re doing well, and what they could improve on. Then, make your plan around those improvements. Fill in the gaps in your segment(hyperlink to DMR info page) and make yourself indispensable to your market segment.
3. Form a Team. This doesn’t mean you have to hire people. It simply means you will benefit from getting help from other people who’ve either been where you want to go in business or who have other experience or resources you can learn from. A team can take on many forms, from a group of people you see and work with every day, to an outside organization you employ to make your job easier(hyperlink to DMR info page). You will accomplish more than you ever could alone when you get a team working with you to increase your success.
4. Build an Online Presence. To compete in today’s market you need more than just a website. You need a functional lead gathering program, and while your website will help with this, having a social media presence will increase your reach ten fold. If you want your startup to be successful, you need people to be talking about it, and social media gives people the platform they need to talk about you. You can build your presence on your own, but if you want it be as effective as it can be, it’s best to get some help from a team. DMR is a growth agency that has assisted many startups to reach thousands of people online (hyperlink to DMR info page).
5. Adapt to Change. If you can switch directions quickly as you grow your startup, you’ll avoid many of the challenges that make most startups go belly up. Watch the trends of your target market; what are they doing? What itch do they have that you can scratch. You know your product or service will change their lives. But if you don’t adapt to appeal to your customers, they won’t notice you, no matter how much better you are than your competition. Christian Lanng, CEO of the multi-million-dollar company Tradeshift, said of adaptation, “By allowing yourself to adapt and change quickly, you’re able to test different approaches to business and find out what works best.”
Success is what we’re all looking for. To get the kind of success you’re looking for with your startup, you need help from a good team. DMR does the tactical work for you, removing the hassle of going through agency after agency to get your startup ready to meet demand. In just 30 days, your startup business can be ready to roll, complete with a brand, logo, and website. Interested in getting started? Get your free consultation now.