5 ways to build a successful startup

Starting your own business is always a difficult prospect especially in this economy. You want to make it the best place to work in the world but that’s easier said than done. At first, all seems overwhelming at times but here are some top tips to help you build a successful startup:

Business
18. Nov 2021
2359 views
5 ways to build a successful startup

1. Start with a solid plan

Every good company starts with a good plan. Writing a business plan for the first time can be daunting, and even boring but it’s really about just writing down what is in your head to start with. It should include both your short-term and long-term ambitions. You do not have to write a complicated plan!. Just write down what you want to do and let your brain do the rest.

The short-term part of your business plan should include details regarding what you are going to do and how you are going to do it. The long-term plan for growing your startup quickly can be more flexible, but you should aim for it to be as accurate as possible. Think of how successful you want your business to be in the next 2 to 3 years, Write it down.

Think of strategies you can put in place to move your business from the initial plan to your goal in the next 2 to 3 years.

Take note that you can change your plan whenever you feel there is need. In fact, chances are you will change your plans going forward. That’s what pivoting is all about, and that’s what can make a successful startup.

2. Begin networking as soon as possible

Professional networking is the way forward, Have connections with the people in the same industry with your plan.

Ask them how they did it.

Business is about the connections you have because your network will push your company to the next level. Word-of-mouth marketing has never been stronger.  You need to start networking for all the right reasons.

You should also start networking because this has the power to make your business grow. The big companies tend to have the best talent because that talent never reaches the open market. They are there to headhunt this talent and claim it before anyone else can.

So how do you begin networking?

Attend seminars, webinars, connect with people on Linkedin, Facebook even WhatsApp as there are many WhatsApp groups in Zimbabwe as it is the most used social networking platform.

3. Surround yourself with the right people

Running a business is hard and you need to make sure that you have all the right people around you. Mentors and strategic partners will become crucial during this initial growth phase. The right team can help you to accomplish far more than you can do alone.

If you want to transform your business, you need the right team. Part of that comes down to networking.

Look for a partner you share the same goal with.

Together, you can achieve a great deal.

4. Stay ahead of everyone else

To be successful, you need to be able to pivot and keep up with the latest trends. There are so many companies that go extinct just because they couldn’t keep up with what was going on in their field. Make sure that you’re studying your competitors and the major trends in your industry.

You don’t have to react to every change, but when you come across the right change you have to embrace it to be successful.

5. Maintain a balance between work and life

The balance between life and work should be roughly equal. It’s difficult as a startup owner to disengage from your business. After all, this is your baby and it is hard to leave it alone for a single second. However, you can and you should.

Maintaining your hobbies and downtime will leave you feeling refreshed for longer and help you avoid burnout. Your business can run without you for a while, whether through auto-pilot or delegation of work.

How to avoid startup failure

Founders that want to succeed have to be able to change with the times, maintain a healthy balance, and surround themselves with the right people. Even with these five strategies in place, there are never any guarantees of success. Startup failure is extremely common, with 90% of startups failing within five years, but by adopting these strategies, you increase your chances of success.

What do you think is the most important thing to consider when launching a startup?

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