Starting a business and keeping it afloat is hard work. Especially in extremely niche sectors that a lot of startups find themselves in. When most start their own businesses they know there’s no guarantee for success, but are determined to make it work anyway. To do this, startup founders and teams need to do what other great startups have done to keep themselves in the running.
1. Choose a market with growth potential
Before diving into the other nitty gritties of starting a business, your idea needs to be grounded in a market that will give you the flexibility to scale up in the long run. You need to have active demand for your product or service and enough people who are willing to support your company over time. Too many people try to start a business targeting everyone as their demographic. This is too broad. Carve out a good niche for yourself and the easier it will be to find your audience.
2. Start with a clear goal
Having a goal prevents wandering aimlessly. Goals give direction for a business. From the onset, your startup needs to have clearly defined high level goals with achievable action steps as to how to get there.
3. Hire and delegate the best
Great businesses weren’t kept running by just the founders. To survive the startup phase, you can’t be a one-man or one-woman army. A team of miscellaneous talents will always produce better results than an individual player. Hire a team with strong individual skills to contribute to your startup and make it stronger. As they grow along with you, so will their diverse expertise and the business as a whole will be able to manage any workload thrown at it.
The bottom line is that as of 2020, 90% of startups were projected to fail but yours doesn’t have to add to that statistic.