The failure rate for startups averages 50% - but this doesn't account for the ones that start but never reach the launch point. Here are some tips to assist in getting your 'rocket' off the launch pad.
Have a Plan
What, When, How, and How Much are the bowling balls you'll be juggling and that the Plan should answer. Spend the time thinking and developing the Plan which must include benchmarks and goals to be reached over specific time periods.
Money, Money, Money
Make sure you have the funds necessary to launch your new venture. This is a must. If you don't have the money - don't start until you do! That includes all the funds relevant to the kind of business you are contemplating and is enough to cover all of the anticipated expenses.
Marketing The New Venture
There are only two endeavors that generate sales for any business: marketing and innovation - everything else is an expense. You must have a marketing budget and it should be one of the more significant expenditures in your Plan.
Spend your marketing dollars wisely and track the return value of each promotion dollar. Use both online marketing and traditional media. Segment and pin-point your target market.
Create An Identity
You are the protector of your company's brand. Every business, no matter size, must have a brand and that brand needs to be forged and nurtured. The Brand is the Business - they are one in the same.
You must create an identity for your new business and that identity is market driven. It is based upon a promise you are giving to new customers that your business well perform and 'serve up' exactly what you are marketing.
Only two actions generate revenue: Marketing and Innovation - everything else is an expense!
Use Technology to Increase Productivity
Make sure you are using all of the latest technology in building and operating your new business. Only purchase what is needed to manage the business in a efficient and productive way. If necessary (I say necessary because many of the business apps available come with free tutorials and/or host assistance) seek professional help. Keep in mind that what cost thousands just a few years ago can now be had for hundreds.
CX
The most important task required for a startup is making sure your business is providing a great Customer Experience. This is crucial. Place yourself in your customers' shoes to ensure that they are receiving what you would require as a customer. The experience must be honest, engaging, easy, and complete.
These startup tips are the ones you'll need to juggle. They are hard. They take time. They demand effort and thought. And they are essential to success.
James Lavorato
Founder & Principal
Fund-House Ventures and 4M Performance
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