Start-ups are encouraged by Governments over the world for their ability to provide unique solutions. However, no one takes into consideration the difficulties and challenges a start-up has to face while setting up.
Listed below are a few considerations that a start-up needs to keep in mind:
1. Find your USP
If your product is just like all the other products in the market, why will people even flock to you? You need to have a well-designed product/service with stellar benefits which catches the fancy of your target audience. Apart from having a unique selling proposition, your product should also solve some problem existing in the society.
Finding a team with skills isn’t a difficult task but finding people with passion and who share the same vision is definitely daunting. The team can make or break your company which is why it is advisable to invest time and energy into choosing the right people to share the workload and success with.
3. Customer retention
Because the cost of acquiring a new customer is way higher than the cost of retaining the loyal ones, this is one strategy you need to work towards. Don’t focus on getting new customers, instead, spare some time to retain the old, loyal ones.
4. Set goals which are achievable
By setting goals and targets which are beyond your reach, you are just preparing yourself for failure. The real world goes beyond the sheets of paper which is why it make sense to start with baby steps to reach your final goal.
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5. Managing finances
For a start-up, it is crucial to be able to manage the finances in a proper way. The profits need to be pumped back into the business in order to build a bigger one. Inability to manage the cash flow is the major reason why start-ups the world over fail to become successful.
6. Relationship building
A start-up needs to be able to build relationships with everyone who they are dealing with: customers, suppliers, investors and other stakeholders. In case you are not able to establish a good relationship with them and default on promises often, you run the risk of being on unfavourable terms with them and earning a bad name in the market.