Starting your own business is quite challenging. But do you know what’s even more challenging? Building a successful business.
You want to make your company the best place to work and generate profits in millions. But isn’t this all easier said than done? Each year, thousands of passionate young entrepreneurs start their own business but only 10% of them manage to make it through a financial year.
Every business stems from a unique idea. For instance, Specscart, a British eyewear company was formed to sell fashionable prescription or non-prescription glasses at affordable prices. Their idea resonated with their audience which won them awards such as The Venture Further Award in 2018. And now they are known for giving the fastest glasses delivery in the UK.
To make a business successful, you need to put your heart and soul into it. But moreover, you will need commitment and an undying hunger to alway keep going. Here are some useful tips to take your startup to the next level.
Listen to your customers
Your business will only prosper when you have customers. We all want to earn some profits but that shouldn’t be the primary focus of your business. You have to sell what your customers want at a price that they are capable of paying.
This should go without saying but yet, many startups collapse as they fail to find their product-market opportunities.
When your industry research is good, it will lead to fruitful market assessment. You can easily identify the demand for your product and put on a price that your buyers are willing to pay.
Make a difference
You can’t make a place for your company in the market without disrupting it. Unique business ideas do just that. If you aspire to own a successful startup, you have to constantly look for the opportunities and cash in on them before your competitors.
Taking the example of Specscart again here, they disrupted the glasses market with their cost-effective and stylish eyewear. And now, they are known for selling the most affordable and high-quality eyewear including the best blue light glasses in the UK.
Paying attention to your competitor’s moves is good. But coming with your own innovations before anybody else in your industry is smart.
Whether the innovation is in your products or services, you will always get the early bird discount. One of the key qualities that people who lead successful startups have is that they are never content with what they have, they are always aspiring to achieve something more.
Similarly, Specscart did not stop at just selling the best glasses at pocket-friendly rates. They took it up a notch and introduced free home trial on glasses eliminating the obstacle of not being able to try glasses physically.
What we are trying to say is that don’t get stuck in a rut. Differentiate yourself from your competitors by offering unique services that are beneficial for your customers.
Don’t be too proud to pay heed to a suggestion that can help you make some improvements in your current business state. We are not asking you to deviate from your original business idea, but taking some friendly suggestions gracefully won’t hurt you, even more so, when it is coming from your customers.
The initial 5 years of your startup is considered the learning phase. Learn about your audience so that you can bend your offerings as per their needs. As a startup, your customer base is not as wide as the big fishes in the sea. It gives you an upper hand as you can nurture your relationship with them more easily.
Success won’t come overnight. When you are running a startup, 24 hours in a day don’t seem to be enough. In some cases, your startup won’t even generate enough profits to pay for regular office expenses and you might have to pay these expenses from your pocket. But, you are not wasting your money, but investing in your company for a better future.
All the successful entrepreneurs know that a great business idea is not enough to build a great startup. Everybody sees the success but nobody sees the multiple setbacks, sleepless nights and hard work that the owner of the company and its employees had to put in to get it where it is.