What is Start up Company?
A start-up is started by individual founders or entrepreneurs to search for a repeatable and scalable business model. More specifically, a start up is a newly emerged business venture that aims to develop a viable business model to meet a marketplace need or problem
But not all start-ups become successful. So here I present you ten tips to make your start-up successful.
Never make something, which is not liked by consumers.
Choose only those products and services, which are in demand. As the products you are producing or importing or assembling, the ultimate goal is to sell those products/services. so, if you make something is not a regular product or not in demand or outdated, there are high chances your startup will fail.
Handle your resources carefully.
Choose your manpower wisely, because they are going to help in making your product or services or production successful. As we know that, success of anything takes time, like if you will start a company today, you will not have a customer base of 1million tomorrow. So, it is very necessary to choose the people who will support you patiently in time of struggle .
Always be focused.
Don’t divert you focus to unnecessary things, because it can definitely make an impact in the primary success of your start-up. As the initial years of the startup needs to focus more on the product or service which you are trying to produce or provide. So it is more important that you do not get distracted or demotivated and keep your self focused towards your goals.
Manage selling and distribution very well.
Product selling and distribution is very important that why you have to make your strategies very carefully about selling or distribution of products and services.
Choose right co-founder.
The co-founder should also have very keen interest in your business. He should be associated with you with some monetary factor.
As the co-founder are the pillars of the start up. So, the pillars must be strong enough to carry on the business.
Identify your customers.
Identify customers for yours good or services very carefully, as they are going to increase your Revenue.
You need to find out your target customer base and you have to do research on this as well, as we knew CUSTOMER IS KING. we need to identify and target the customer audience.
Make sure that your money requirement is fulfilled.
Find that kind of investors, who will take interest in your business and will invest in your business. Truth is business can never grow in insufficiency of funds.
Always be attentive while spending money.
It is important to be attentive while spending money, as unnecessary spending of money can become hurdle in growth of your business.
Try to differentiate between what expense is necessary and what is not, as if you doing everything in your own it would be very difficult for you to mange the funds and make your start Up survive until you revive funding or increase a customer base.
Be in search of helpful peoples.
Don’t hesitate in asking for help in your business because you are not expert in all fields. Try to make as many as contacts you can make .Check your competitors and learn and take advice from them. As if you want to survive in this , you need people to grow with you and you will also grow with them.
Make your reach to social media.
Social media has power to tell people about your product or service in very short span of time. This is the best and easiest way to promote your product. As today Facebook and Instagram ads are cheaper and offer you a very wide range of audience interaction. So you can use this as an opportunity to grow your customer base and product promotions.
Use social media to promote your business to the fullest.
These are some facts about failure of start-ups.
A report by IBM Institute for Business Value and Oxford Economics found that 90 percent Indian start-ups fail within the first five years, lack of innovation being the main reason
The former Infosys director said India has about 30,000 start-ups employing about 3.5-4 lakh people and every year about 5,000-6,000 such ventures are sprouting. “Last year, we got about USD 13.65 billion funding (in start-ups). Today they have created about USD 95 billion of value,” Pai told PTI in an interview
So starting a start-up company is not a very difficult task you just need an out of the box idea. But the difficult part is running that company for long period of time.
These were some tips which I think is important to make your startup a success, remember there are many more factors which decides the success of your startup.
You can also check the Government site to promote start up in INDIA click here