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It takes a lot of courage and patience to start a business. However, it’s possible to build a thriving startup that brings in steady revenue. In this post we tell you how it’s done.
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What Does It Take to Build a Thriving Startup?
Startups are tricky. If you want a thriving startup, you’re going to have to work smarter and harder than most entrepreneurs.
Statistics show that about 90% of all startups fail, and only 10% succeed. However, don’t let this data keep you from chasing your dream of having a thriving startup. Success does happen.
One of the most common reasons for startups’ failure to thrive is that no one wants or needs the product or service a particular startup is offering. In fact, 42% of startups fail to thrive because their owners didn’t consider this point in the planning stages. Other entrepreneurs lack the money and resources they need (29%). Still others don’t hire the right team (23%).
So avoid the worst of these issues by taking the following five essential actions for building a thriving startup.
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1. Know Your Customers
Most thriving startups start with a product or service that’s based on a need expressed in the market. If the business satisfies that need better than other businesses in its niche, then it will probably end up being a thriving startup.
Therefore, before launching your startup be sure to thoroughly research the market. Make sure you understand the buying habits of your potential customers and whether your product will meet their needs.
Consider the age range of the customer you’re targeting, along with their interests, location, and lifestyle. Also, think about whether you will aim your product or service toward local or global users.
Once you have figured all of these things out, you can begin designing and testing your product.
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After the design and testing phases comes the launch.
During the first stage after launching, make sure to implement customer satisfaction surveys. These surveys will give you necessary feedback from your first users. From this feedback you will know whether your customers find your product useful and appealing. Then you can make changes as necessary.
But if you truly want a thriving startup, don’t stop there. Obtaining customer loyalty and satisfaction should be the first priority on your checklist. So make sure your returning customers are happy, too.
The best way to do this is to implement customer loyalty software. This software rewards customers for coming back and helps to build trust, an important component in building a thriving startup.
2. Use the Right Tools
If you haven’t made up your mind about the software you’re going to use, just know you’ll never make a mistake by choosing Microsoft products. SharePoint, Office 365, Azure, and other such applications are unparalleled tools that will help you build a thriving startup.
In addition, consider using SharePoint consulting services to get the most out of your new software. Other convenient tools for startups include:
- Asana – for communication and collaboration among the members of your team
- MailChimp – for email marketing
- StockSnap.io – for amazing photos
- Hootsuite – to manage your social media apps
- SemRush – the all-in-one marketing tool
- Grammarly – to correct your writing
3. Look for Mentors
As an entrepreneur, you likely look up to a successful business owner in your industry. If possible, connect with this person and get their advice. Try to learn how they became successful.
Most successful entrepreneurs have mentors who guide them and give them advice from time to time in overcoming their challenges. The CEO’s of most thriving startups have mentors. Make sure you do, too.
4. Hire the Right Team
Your employees are your greatest asset. In fact, many startups fail because they haven’t hired the right team.
So hire people who believe in your product or service. Hire people who believe in your dream as much as you do.
Additionally, hire people who are talented, dedicated, and passionate about what they can contribute to your startup. Also, invest in diversity because diverse teams outperform others. Moreover, they are smarter.
Consider hiring remote employees, too. In this way, you will get access to global talent at an affordable price. And that’s exactly what every new business needs in order to thrive.
5. Build Your Employer Brand to Have a Thriving Startup
Additionally, work on building an employer brand as well as your company’s brand. A superior employer brand will help you attract the right employees to your business. This is a key factor in building a thriving startup.
Make sure you show appreciation for your employees as well as for your customers. Remember that authentic relationships in the workplace are crucial to any startup.
Final Thoughts for Building a Thriving Startup
Getting a startup off the ground is a difficult job. For one thing, you’ll be creating something from nothing. Also, in order to build a thriving startup, you’ll need to offer potential customers something they want and need and do it better than your competitors can.
When they going gets tough, here are some final pointers to help you stay positive and in the game:
- Investors are like fresh air for building thriving startups. Find one!
- Hire the right team to support you and help you handle whatever comes along.
- Choose affordable but quality software that will help your startup thrive.
- Look toward successful businesses as examples, and find a mentor to guide you into building a thriving startup of your own.
- Trust the magic of beginnings, trust your startup, trust your team, and trust yourself.
There is no perfect formula. However, if you have a great product or service, a solid plan, a talented and loyal team, lots of drive, and the willingness to work hard, success will have an easier time finding you.
For more inspiration to help you start and run your business, be sure to visit our blog often.