Owning a startup business is in itself a challenge. Having the financial capacity and the know-how to get a business up and running is one thing; surviving the stiff competition, the volatile economy and the often unpredictable and changing market is another. Baby steps may need to be taken, and the demands of the business will have to be met one day at a time.
However, in order to truly survive, there are a few rules that matter most. Many who own and manage large companies, who once were struggling in their startup business, will tell you that there are definitely a few ideas you need to hang on to in order to get to the goal.
Here are some non-negotiable principles every startup needs to adhere to, and become a success story:
1. Leverage inexpensive (or free) advertising and marketing tools or strategies.
Because your startup business is still on its way to making great money, it is only practical that you rethink those pricey options to get people to notice your products or services. Do not ruin your chances of getting the ROI you have set your eyes on, simply because you spent more than you should for that sponsorship or advertisement. When you embrace social media, you will know that exposing your brand to a wide segment of your market without going past your budget is in fact, very possible.
2. Stay relevant.
If your product or service is deemed less of a need or has vanished from the list of today’s trendiest, it is going to be hard for you to get your business back in the picture. Don’t wait for that nightmare to happen. Stay on top of what people want or need, and what others are saying about your product or service. Make sure you reinvent if necessary. Move forward and expand. Offer something new on top of your existing services, or create a new one altogether. Either way, pay attention to how relevant you should be.
3. When it comes to customer service, do not compromise.
It takes a lot of effort to get your customers to trust you, but make one mistake and you can lose them all before you can even explain. Regardless of your growth, expansion or reinvention, quality customer service should remain permanent. Your people should be able to do this job. Make sure they are well trained to provide customers with the assistance they need whenever they do business with you.
4. Embrace the right technology.
Today, startups are actively pursuing technologies and innovations that help ease many of the operational tasks. From phone systems to automated finance management tools, learn when and how to take advantage of these.