Mistakes are what kill your startup, and far too many startups aren’t catching these mistakes before it’s too late. If you want to avoid the failure traps that consume nearly 95% of all startups, you’re going to want to make yourself aware of what the biggest pitfalls are for new businesses. Here’s the top 5 mistakes that startups make.
1. Obscure Niche. If your market segment is too small or obscure, there won’t be enough people to go through your funnel to make it so you can break even, let alone grow as a company. Make sure to do your research on what you’re going to provide as your service or product; relying on luck isn’t enough to really make a business a success.
2. Imitation. Replicating the ideas of another business isn’t necessarily a bad idea, but it isn’t going to get you noticed or growing at the speed a startup needs to be successful. When you look deeper at how other companies made their success, it came from finding a specific problem and providing a solution to it. There’s more than one way to answer those problems, as well, so all you need to do is find a problem you are interested in solving, and come up with a solution. Bingo, you’re on track.
3. Waiting to Launch. Too many people think they need to have their business idea perfectly prepared before they launch, but that is fatal for startups. You want to take your startup from the idea stage to the launch stage quickly and efficiently. Procrastination won’t do if you want to be successful in your startup. Don’t let your fear of what others will think of you keep you waiting to get started. The sooner you start, the sooner you can start to see real growth. Early customers don’t usually expect newly launched products or services to do everything. Just get started.
4. Having No Particular Market in Mind. If you don’t pick who you’re marketing to, you’ll end up marketing to no one. Deciding who your market should be depends on what your startup provides. Research again is key for avoiding this trap. Assuming that someone will want what you have is a dangerous game to play. Pick your market, present to them directly, and you will be on the track to success in your startup.
5. Spending too Much. Money is at a premium when you start your business. If you’re spending tons of money right out of the gate on multiple agencies for your branding, logo, creative content, and web design, you can expect a bill of upward of $60,000. That sort of expense can drain your budget and leave you high and dry. Spend your budget smarter by using an agency designed to give you growth within the first 30 days. You can mitigate the costs of your startup with the help of a growth agency.
Remember, if you want your startup to succeed where 90% fail, you’re going to need real growth real fast. To get the kind of growing success you’re want 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, and see what growth can do for your business.