How to Win Big in the Startup Industry

If you have just launched your startup, you might be struggling with different things. You need to be very patient since overnight success is a myth. Establishing a startup needs a lot of patience, time, budget, research, etc.

If you go through the list of startup companies in India in 2019, you will realise that many of them are now ruling the business world. Take the example of Zomato – the most successful food tech startup ever. Paytm is another very successful startup. Ola Cabs is also one of the best startups in India in 2019.

There are SAAS startups in India like ClickDesk, the live chat app, Hotelogix, a cloud-based computer management system and many others.

So, if you are new in this startup industry and want to achieve success, here are some useful tips for you:

1. Your Startup should be Unique

Your business idea should be unique. This will give you an edge over the competition. Don’t try to solve a problem which has already been solved. As a startup launcher, you may believe that your company has a different approach. But, after a few years, the market will have other entrants also. So you have to be unique in the beginning and also in the future.

2. Be Flexible

Successful entrepreneurs are always open to suggestions and criticism. Take criticism positively and make appropriate changes. You should have faith in your original startup idea. But don’t be too arrogant to change your ways. Sometimes, it is important to listen to customers and other people.

3. Research

The role of research in a startup can never be denied. Research thoroughly about the tools and resources that can help you to win the business game. Good research minimizes risk. Research tests the possible success of a new business. It guarantees adequate distribution. Undertaking research can help any business to avoid future failure.

4. Make Use of the Best Team

No business can be successful without a good team. You will need the help of several people to achieve your ultimate goal. Involve those people in your team who can understand your vision very well and adapt to your company easily. Surround yourself with positive people.

5. Find Out Your Target Audience

Who are your customers? The answer to this question is what you need to find out first. Next, find out what your customers want. Don’t pre-assume your customers’ wants and desires. Any kind of pre-assumptions can impact your business. Create polls on social media.

6. Find Mentors for your Business

As you develop your startup, you need to have some wise people around you to offer advice and guidance. Since every time you won’t be able to find out the solution to every problem alone. Make some experienced people your mentor who can see what you cannot see.  Don’t deter from seeking advice from people. 

7. Paperwork is Important

During the initial days of your startup, you might tend to neglect the importance of paperwork and documentation. But this way, you are putting your personal assets at risk. There should be a signed contract for every agreement to protect your company as well as yourself from future legal rights, which might cost you both time and money.

8. Content is King

Launch a website for your startup company and also be active on social media. The content should reflect your ideas to your potential customers/users. The number of likes, comments, views, subscriptions and followers indicates that the target audience is engaging with your content.

9. Choose the Right Medium

Medium is the vehicle which will carry your message to the target group. Choose the right ventures- catalogues, brochures, pamphlets, websites, retail shops, direct marketing, etc. Have a deep analysis of what all options are available for your startup and way will give you return on investment.

10. Formulate a Business Plan

Create a business plan. Decide what you want exactly from your business. Make a rough outline of what you want to do and how are you planning to do it. Your goals should be realistic, clear, specific and measurable. Identify all constraints in the way of your business and work on removing them.

11. Search for Funds

This is not an easy task. You have to convince people to invest in your startup. All your personal savings can get finished. You have to take help from your friends and family members in the starting days of your startup. Or maybe take loans from the bank. You have to carefully chalk out a financial plan for your startup. 

12. Be Patient

Don’t get discouraged if your startup does not make a profit in the beginning. Patience is the secret to a successful startup. Understand that things don’t happen overnight. Just keep working towards your goal and surely one day your startup is going to be a big name in the marketplace.

13. Don’t Fear Competition

Being a startup company in a particular market can be daunting. But don’t be afraid of the competition. Work on what will set you apart from other businesses and startups. Focus on what you can control. Remember that competition is a good thing. So, worrying about competition is pointless!

14. Utilize Social Media

In this era of social media, it is mandatory to connect with your customers on social media platforms like Facebook, Twitter, Instagram and LinkedIn. You can also get instant and valuable feedback from people, which in turn, will help to improve your business. Also, when you have a budget-constraint in the beginning, social media can be your saviour. This is because it is very cheaper as compared to other marketing tactics.

15. Expect the Unexpected

Unexpected hurdles will come along your way of successful business anytime. Launching a startup is not a cakewalk. Even if your business is doing great at present, it won’t always be smooth sailing in the future. Because setbacks do take place. Sometimes, you will also make the wrong decision. So, always be ready for unexpected things in a startup. The main goal of a startup company is to be no more a startup company. Any startup company can achieve great heights if it follows the above-listed tips regularly.