Do you ever dream about launching your startup? Well, snap out your dreaming period and start walking on the path to its achievement. Since the modernization and globalization of the world, starting up your own business has never been this easy, yet this complicated. It is true that digital media and the internet are the elements that have broken down the barriers of entry for new startups, but starting up is not the issue.
Maintaining that startup to survive in the industry is what counts more. However, by avoiding some common mistakes and following certain rules of thumb, you can actually launch a startup that would stand a better chance to rise to success in the long-term.
Launching Your Startup For Success
Your main idea is your base. It is the ground for launching your startup. If your foundation isn’t strong, your building won’t be strong either, so work on your startup before anything else by NOT doing the following:
1- Zipping Your Lips
It is agreeable that some business ideas are so unique and profitable that they must be kept secret, but in most cases, it does more harm than good. Unless your business idea is something that no one in the world has ever done before, you should share it with people you trust. Talk to your family members, friends, and colleagues about your idea. Take their feedback and improvise. Business ideas are like first drafts; turn your draft into a proper business plan with suggestions and feedback from reliable people in your circle.
In fact, this would be like primary research: you will unveil information, questions, and loopholes that you might have not thought through.
2- Not Addressing the Needs of the Market
If you are just making a product for the sake of selling it, think about why would anyone buy it? Take a step back and ask yourself, “If I saw this product in the market, would I buy it? Why would I buy it? Do I need this or want this? How much would I be willing to buy it for?”
Answering these questions will help you decide whether your product matches the needs of any market, and if it does, then who is your market? However, if your product is not addressing a problem or a need for people, it may not be a very good idea for a business.
3- Diving into the Pool When You Don’t Know How to Swim
You don’t want to start a suicidal business, right? Then don’t step into a market you don’t know enough about. Having said that, it does not mean that you can never launch a startup in an unfamiliar market – it means that you should invest enough time getting to know the market or ‘learning to swim’ before you dive in.
4- Skipping the Stair Steps
Good things take time. Being eager for success is a good thing – it motivates you and drives your determination which is a crucial part of business start-ups. Albeit, expecting success to come overnight or looking for shortcuts to your goals will only result in missed opportunities, skipped steps, and a bad fall. Be patient. Breathe. Climbing the ladder of success requires you to take each step carefully, so that you don’t stumble and stay steady.
5- Stepping Out of the Current Job Too Soon
Many people make the mistake of giving up on their current jobs too soon in order to work on the new start-up. While risk-taking is a good entrepreneur quality, it must always be done by weighing the pros and cons. There are too many risks attached to quitting your job before your business starts making profits. What if the startup fails or takes too long to return any revenues? Then, you’d be jobless and broke. It’s a better idea to keep doing your job while working part-time on your startup initially, and once it seems to have made some progress, phase yourself out of your job and into your startup.
6- Changing Names like Clothes
Treat your business like a baby when it comes to naming it. You are establishing a brand, and its identity is its name. Decide one name after a reasonable amount of brainstorming, then stick to it. If the name is meaningful, simple to comprehend, matches the target market’s minds, and has a domain available, don’t switch it to another name just because it sounds better.
These six Don’ts for launching your startup greatly determine how strong the basis of your business is. People with ideas are people who go forward and change their lives, while sitting and just thinking about the ideas are just another ‘opportunity cost’. Your startup is your one shot – and while you can take more shots if the first doesn’t go through, it’s best to go through in your first try rather than losing some then going again.