In recent years, we always hear success stories from startup companies that started from the bottom. Startup companies are small businesses at the initial stage of their operations. They develop products and services they deem are in demand.
Moreover, the US is home to 30.2 million small businesses as of 2018, and those numbers are rising every year. In fact, in 2019, the number already reached 30.7 million.
According to CB Insights, some leading reasons why startup companies fail is because:
a. There is no market need for their product,
b. They ran out of cash,
c. They don’t have the right team,
d. They have poor marketing, and
e. they get outcompeted
Read on to find out some strategies to face those problems and strengthen your startup gaming.
Outsource Early for Your Business
One factor for a startup’s success is the speed in doing things in processes or completing a project. According to Forbes, it makes a difference when startups launch earlier and on time than their competitors. One thing you can do to do things quickly is to outsource early. In fact, Karlene Agard, a senior risk consultant at ARAVUN, advised businesses to incorporate outsourcing as early as possible. Using outsourcing early can help businesses, especially startups to face incoming tasks once they get a more consistent flow of clients.
Invest in Lead Generation
Some entrepreneurs might think that they can do everything on their own. They believe that by not hiring more help or assistance, they save more resources. This kind of thinking is problematic, especially in marketing, because it is counterproductive. Take note that even at the start of a business, sales are crucial. A business needs revenue to move forward. That is why investing in good lead generation is important. In any business scale, marketing needs time and resources because that’s how you entice people to buy your product.
Adjust as Needed and Innovate
Another problem many startups face is the lack of capacity to adjust and innovate as needed. If something is not working, maybe it is time to do things differently. Also, listen and incorporate tech and use data, and adjust depending on what the market needs. In case it is too expensive to incorporate tech into your in-house capabilities, you can outsource them first.
