What most agencies won’t tell you is that 90% of startup businesses fail within the first year. It sucks, but it’s true. There’s some good news, however. If you want to be successful with your startup idea, all you have to do is be in the 10% segment. How can you do that? Let’s walk you through the process.
There are a few steps in the formula for success when it comes to startups.
1. Fast Growth. The faster you grow your startup, the more time and money you’re saving and making as you go. And that’s what you want! For some, the idea of fast growth can be scary because of the perceived stress associated with having to hire more employees or handle more clients. But the stresses of growing can be balanced out with the increase of revenue and notoriety among your market segment. All startups are trying to grow, but when you take the route that 90% of startups are taking, you’re not going to grow fast enough to make it as a business.
2. Be Perceptive. Having a great team and an amazing product isn’t a guarantee for success. Why? Because if you’re not paying attention to what’s going on as you’re moving forward you could be missing potential mistakes occurring around your office that are costing you bundles in time and money. Those expenses can leave you broke even if what you’re providing to the market is loved by your customers. You’ll need to make a system of operation for your startup that can be replicated, so much so that even if your current team was completely replaced by new people they could continue to do what you’ve been doing with the same results.
3. Know your Market. You won’t make it as a startup if your product or service isn’t desired by your market segment. No matter how much you love it, you won’t make money unless other people love it. Research is your friend at this stage of ensuring you’re part of the 10%. Find out what people are interested in, what is missing from the market, and what you can provide to fill that need. Success doesn’t come from what you think will work, but from what you know will work. Relying on luck for something as important as a startup’s success isn’t doing you any favors.
4. Bounce Back. Every business runs into issues that if left unchecked could break them. You’re going to have to roll with the punches if you want to survive where the 90% don’t. Accountability helps here. Build a team founded on the ideas of being accountable. Don’t let anything that could be a problem later go unaddressed, or it will be a problem, perhaps the problem that ends your great experiment. When you can recover from the blows startups take as they grow and progress, you are far more likely to be among the successful 10% of startups.
Remember, if you want to make it with your startup, 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.