Is your startup tough enough to survive an incredibly competitive market? If not, you had better prepare yourself for a rocky road. While it’s never been a better time than now to start a business, it is imperative to understand that everyone else is doing it.
It’s also vital to comprehend that you need a steely, healthy business that is strong enough to take the odd hit. In today’s guide, we’re going to take a look at a few things you need to do to toughen up your startup. Follow these ideas to give yourself a shot at survival and a successful future. Let’s get started right away.
The personal issues
First of all, think your startup through. Where do you intend to go with? Do you really have the passion and drive to make it a success? Will your family back you up, even though you might not be earning money for some time? Be clear about your goals – and the reasoning behind them. It’s also to vital to know yourself – what are your strengths and weaknesses? Identifying these at an early stage will give you the best chance of using your skills in the right places, and finding help for everything else.
The legal issues
Make sure you have a robust legal framework to work from before you start to work on any projects. For example, SecureYourTrademark.com recommend doing a thorough check on your name to ensure no one else is using it. You should also invest in securing patents for any of your products, and seek out advice on protecting your intellectual property. Finally, make sure you form your company so that you can avoid overpaying taxes.
The numbers
Passion can only take you so far – it’s the numbers that will determine your success. And there are many figures to think about, from the number of people potentially interested in your product to your sales estimates. The best ideas in the world will never get off the ground if the figures don’t work. So, take off those rose-tinted specs and be more like an accountant. Realism will trump dreams in the long-term, so work on the math to make sure there is a fit.
The flexibility
How able are you to flip between salesperson to a producer? How do you react to troubling times and emergencies? Are you adaptable? If not, think twice before starting a business. As entrepreneur.com point out, these situations will crop up time and time again. One second you will be knee-deep in manufacturing or a project, the next you will be suited up talking to a potential investor. Unless you can handle all these situations, your business has little chance of success.
The stamina
Finally, how long – and how hard – are you prepared to go? Few businesses make it past two years of trading, and there is a lot of hard work ahead of you. Do you have the stamina to keep going, when all is looking bleak? Will you have access to the funds you need to survive? Are you prepared to make tough decisions which could sink or swim your business? If you can, you are in the right place – because these issues will arise.
Hope this has helped you understand the importance of toughening up your startup. Good luck!
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