5 Tips to Help Build a Successful Startup in 2021
There are approximately 660,000 new businesses being registered in the UK every year. But, here is the shocker. More than half of these startups fail within the first three months. Do you think the owners launch these businesses with the intention to fail? I don’t think so. Bearing that in mind, here at Tech News Pro have a few tips we have learned from thriving startups and entrepreneurs and we are going to share them with you. Hopefully, 2021 becomes the year that your startup breaks out.
Have a solid business plan
A well-documented business plan is good for two reasons. The first is that it serves as a guide to track whether you are achieving the goals you set when starting out. The second is that it sells your vision to investors and will be critical in securing funds to expand your business.
Have the right people working for you
There is only as much you can do for your business. Ultimately, you will need to delegate some tasks and when that happens, you need to ensure you have the right people surrounding you. When asked about his hiring process, Facebook CEO said he only had one rule. “I will only hire someone to work directly for me if I would work for that person”. Apart from skills, your employees also have to be passionate about the business.
Choose a suitable location
You can choose your business’ location depending on the location of your target market or nearness to the resources needed to create your product. Government regulations and policies in a particular area also key factors worth considering.
Develop a solid online presence
We are now living in the digital age and people expect to find everything they are looking for online. Having a strong online presence makes you more visible and gives you an edge over competing businesses. One way to improve your online presence is through content marketing, a business website and various social media channels such as Facebook, Twitter, LinkedIn, Instagram or even all of them. You only need to look at a brand such as Sony’s Playstation to understand the importance of having an excellent marketing strategy.
Don’t overexert yourself
We get it you are passionate about your business but, you need to find a healthy balance between work and personal life to avoid burnout. Even Tesla CEO, Elon Musk, admitted that while working 120 hours was great at first, in the end it was counterproductive because of exhaustion. “I tried sleeping less, but then total productivity decreases,” He said. You will find that ideas flow more easily when you are rested and relaxed.