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Don’t Let Startup Upkeep Be Your Downfall: Tips for Continued Success

Don’t Let Startup Upkeep Be Your Downfall: Tips for Continued Success

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When nearly seven out of ten startups fizzle out before they hit the ten year mark, it’s no wonder the internet is flush with tips of the trade to help you succeed. However, many starry-eyed entrepreneurs get so caught up in the initial launch and logistics of their potential new empire, they forget to save their marketing energy for the long haul. Although launching a small business is always different, it’s imperative that entrepreneurs approach their efforts by evolving traits of both the “tortoise” and the “hare” in the race to the finish line.

Maintain Momentum

Most businesses want to emerge with a big splash, eager to leverage any and all PR or marketing opportunities they can brainstorm. In the early planning stages, figuring out the most fun, exciting and impactful publicity strategies is exhilarating. However, as quarterly reports pile up and daily troubleshooting takes hold of your worries, bombastic early strategies can quickly slow to a trickle. To avoid this, it’s important to utilize all the tools at your disposal to keep your brand presence strong and relevant without breaking your back to do so.

  • Social media aggregation tools: it’s imperative to maintain a strong media presence for your startup, and there are many tools to help you do so without spending hours a day. Sprout Social or Hoot Suite, for example, can allow you to parcel out a posting strategy that allows you to pre-program posts all at once.
  • “The Fortune is in the Follow Up,” is an old saying that pertains strongly to new businesses. Strategize Your Success points out that a little personal massaging can go a long way. Something as simple as a kind follow-up email can be enough to remind your busy potential clients that you’re around and ready to spring to action.

Read the Fine Print

While some people are natural detail-oriented and wouldn’t dare skip a single line of fine-print, many of us, much to the chagrin of our bank accounts, don’t come over details that could have negative long-term effects on a start up. For example, if leasing a commercial space, Lisa Girard for Entrepreneur notes that many commercial spaces are wracked with hidden fees, utilities and the potential for costly misfortune. For example, many buildings built prior to the 1990s still contain asbestos, or lead if built before 1970. If your business offers a unique product or proprietary service, it’s also essential to ensure all the patents are in order. Although it’s tempting to assume there isn’t anyone lurking to ride the coattails of your wonderful idea, Sansone and Lauber, Missouri Lawyers,  points out that there are many people and companies that are just waiting to “unscrupulously violate patent owner’s right.”

Create a Lasting Culture

Employee “quit” numbers are up, according to Forbes, and the cost of losing an employee is not only astronomical, but the disengaged employees that leave or often disengaged leading up to the decision, which also hurts bottom line and productivity. In a nutshell, employees who feel valued and engaged can help give your company wheels that helps give it those extra miles for the long haul. Bill Conerly for Forbes notes that in order to maximize retention and culture, business owners should:

  • Track retention: look for trends and arcs in employee happiness, engagement and productivity
  • Give employees a path: no one wants to sit around feeling like a cog in a cubicle all day. Giving employees a long term purpose and goals can help them feel like the work they do is leading up to something rewarding.
  • Increase Flexibility: Draconian rules and rigidity can make employees feel trapped and undervalued. Although there needs to be a balanced schedule and professional environment, flexible hours and accommodation of personal schedules can go a long way to keep employees happy.
  • Keep an Eye out for Stressors: whether it’s a jack-hammer outside or a thermostat stuck on 90 degrees . . .or even a particularly loud talker . . . office stressors can quickly turn a tranquil environment into a high-stress zone.
Things One Should Look Out For When They’re Starting Up A Business

Things One Should Look Out For When They’re Starting Up A Business

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Entrepreneurs are endlessly creative, and a driving force in the U.S. economy. If you are considering starting up a business, there are several things to look out for prior to investing your time and/or money. A new idea, product or service has the potential for success, but a review of certain facts can help you come to the right decision before you commit.

One: Is There a Market for your Product?

If you are looking for an investor, realize that investors generally prefer to put their money into projects in a growing industry, rather than something new and untried. Niche businesses are less likely to attract investors, but also have the potential of exploding under the right conditions. You may need to put your own money into the project to get it off the ground, and show significant sales before you can attract an investor. If you are committed to proceeding with your idea, your first step is to evaluate the market, and take a long, hard look at the competition. The advantage of a startup in a competitive field is that you don’t have to reinvent the wheel with regard to marketing the product, and can learn from what other companies are doing. The downside is that you are dealing with competition, and any newcomer must have a brilliant marketing strategy to gain a market segment.

Two: Your Organization Chart

The business model can prove to be a make/break for a startup. If your product is still in development, the cost of development should be realistically evaluated before you jump in. If the product exists, and only needs to be released onto the market, your most critical issue is sales. Don’t form a “top-heavy” new business. The owner of a business ideally has the ability to sell the product, as the knowledge of the product and how to interest buyers is pivotal in the success of the enterprise. Hiring the right sales people to get your product sold the most crucial issue at this point in the game. On the back end, on-time delivery of the product or service is equally important for building a customer base. You essentially have just three sections in a new organization: sales, delivery and finances. Focus your attention on developing a sales plan and collateral marketing materials that meet the needs of the market you are entering. As your sales increase, you will need to hire on others, including sales managers (who should be top salespeople themselves, as well as having the right “people skills” to handle sales personnel, as well as motivate and inspire). Focus on what is important in making your organization flourish when you craft your organizing chart. Initially, man up only the most critical jobs, and add more personnel later. Payroll is often the biggest expense, and your organization should be lean and mean.

Three: Publicity

Getting your product reviewed and creating a buzz may appear to be difficult. Start at a local level. Your local media outlets are always searching for content, and if you present a compelling story, they will present it. Get as much media attention as you can, including online reviews, reviews by influential bloggers in your industry, and maintain a flourishing online presence with a website that is kept current, industry blogs that present your company as an industry leader. You can move ahead much faster if you put your “beans” into online marketing campaigns as a priority, and many of these actions are far cheaper than traditional marketing campaigns. As sales increase, you will be able to pay for more expensive forms of advertising. Get your team to participate in local activities, charities and other similar events, raising your profile in the community.

Four: The Right Team

Build a team that can work together. Avoid people who are egotists, arrogant, critical or difficult to deal with. You could end up spending your time resolving intercompany conflicts, and losing the best employees if you choose the wrong people. Your choices when hiring must extend beyond a resume or former achievements. Evaluate the person in front of you as a potential team member – as a human being – as part of your decision. A less experienced person with better people skills may be the best choice. Watch out for any person who comes to you with critical remarks about an earlier employer, or has an unstable work history, moving from job to job, as this usually spells trouble for you in the future. Looking for a partner? Many new businesses fail because the partners get into conflicts. You can avoid this problem by being extremely careful when you choose any business partner – or investment partner. The right team will mean success. Just one “toxic personality” can destroy the entire operation. Get the right team from the start. It is worth taking time to find exactly the right personnel for your team if you want to grow.

Setting Up Your Startup for Success

Setting Up Your Startup for Success

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Starting a new enterprise? It is an exciting time, and nothing makes the entrepreneurial blood pump faster than a new product. You can increase your chances of success if you employ a strategic approach – from the beginning.

Do Your Market Research First

Market research does not have to be a grueling or complex task, but is crucial for understanding the industry in which you plan to get involved. Online research can reveal facts that can guide a successful strategy. Research your competition thoroughly with regard to sales, industry presence, the years in business, number of employees, and other information prior to investing your time and money into a new enterprise.

A Business Plan is a Must

You will never get an investor in your project without a quality business plan. You either need an investor or a strategic partner to help you launch your product or service. Without a business plan, you will be dead in the water. A professionally written plan can be pricey, but there are examples you can find if you are capable of producing the plan yourself. Use a standard format, and ensure that you have all of the elements included in you plan. If you have the funds, invest in a professionally written business plan that includes realistic projections, and information about the competition.

Marketing Your Product

An analysis of your competition is important. You may not have to reinvent the wheel to get sales moving. Large, established firms pay ad agencies top dollar for advertising concepts and strategies, and you can take advantage of their work by analyzing what they are doing. Online marketing is generally less costly than traditional marketing, and is a good starting point for any new enterprise. Your salespeople will need some type of sales collateral that must be available in both soft and hard copies.

Choose Your Target Market

You have an ideal customer or client. Avoid any feeling of desperation, or an inclination to make losing deals just to get a sale. Your product or service is valuable, and if you make shaky deals it can become more and more difficult to deliver. You need the income flowing in the door, but set your price and stick to it rather than giving price cuts.

Don’t Assume You All

You may think you know what your potential customers want, but only surveying them will reveal the actual answers. Take the time to survey your target market and find out what they like/don’t like. This data opens the door to clever marketing strategies that actually work. The results of a survey often come as a shock, and your assumptions may have been completely off the mark. You won’t know until you ask. Don’t assume you know.

Keep Your Overhead Down

Investing in an office space, equipment and hiring personnel will eat up your investment funds faster than you can imagine. Keep the number of employees at the lowest possible minimum as long as possible. Stay lean and mean through the early stages and beyond. Any area where you can cut costs – do it. Any new enterprise generally costs much more than predicted to get off the ground, and if you manage your costs correctly, you can make it through the birth process without having to fold – which many startups do when investment funds run out.

Safety First

You need to protect your employees from harm, as any legal threat puts the whole enterprise in jeopardy. Study up on the safety requirements for your industry. One premises liability claim can put you out of business before you get your enterprise off the ground. If your business involves driving, delivery trucks or other types of transportation, make sure any company vehicles are in good repair and all systems are maintained and repaired if needed. Train all new personnel on issues such as sexual harassment and discriminatory behavior – these can be expensive legal cases.

Sketch it Out

Put your workflow process in writing. Many new enterprises fail when they get through the initial launch and are then unable to deliver the product. The manufacture of any product can be complex, particularly when working with overseas companies. Map it out, and don’t sell more than you can produce. Your service and delivery are the most critical point in whether you will have a repeat customer. Take the time to sketch out your workflow process with every potential glitch, bug or slowdown area identified in advance and processes put in place to resolve issues such as late delivery of components or customers that cancel orders. Expect the unexpected and you’ll deal with these events better.