There are people who are meant to work as employees and there are ones who are cut out to be entrepreneurs. If you fall in the second category, you will probably feel the adrenaline rushing at the thought of launching your own startup. Once you are ready to get started, you will find doors opening and opportunities calling. Still, establishing a setup is a tough nut to crack because there are several challenges involved.
The biggest amongst these is survival during the initial stages because there will be times when you will want to quit and step back. But the worst part is that you may just be on the brink of success when you give up. Having a survival guide, therefore, can take new entrepreneurs a long way. Here are some startup survival hacks that can help you cruise through the tough phase.
Hack #1: Know where you are going
To start with, you need to have a clear direction with well-defined objectives and a tangible plan of action. Start with complete clarity related to your business goals and visualize timelines for achieving them. Gather your resources and create a clear roadmap that gets you there. A realistic and thoughtful business plan is the key to survival during the initial phase. Beyond that, it can unlock the growth potential of your startup.
Hack #2: Assess the market competition
Studying the market landscape is perhaps the most critical yet ignored aspect of launching a new business. You need to know the competition out there and understand the strategy that is working for them. Find their offering and then work on building your Unique Selling Proposition (USP) that makes your offering better than theirs. After all, you need to pull customers right from the start to make the business survive despite the competition.
Hack #3: Identify your targeted audience
A targeted approach gives you the opportunity to build from scratch, even with minimal resources. Therefore, it is essential to identify the target audience so that you can just hit the bull’s eye. In-depth market research along with the creation of the buyer persona helps you discover the people who will genuinely be interested in your offering. Focus your efforts only on them and you will be able to save on resources that are extremely dire before you break even.
Hack #4: Seek guidance
When you struggle for survival, the best thing to do is to seek guidance and support. Experts can help you understand different ways to make money fast and supplement your income with some extra revenue-generating ideas. For example, if you have a big office space that you are not using fully, you can rent out a part. Even the smallest amounts of cash flowing in can make a great difference in the initial stages of the business.
Hack #5: Track your expenses
Another smart hack for new entrepreneurs is to keep an eye on the entire business expenses, even the smallest ones. The reason is that every penny saved during this phase matters. Keep the resources limited and avoid anything that you can do without. Start with a small workplace and team and you can gradually scale up as you grow. You can even explore the idea of working from home initially to save up on rent.
Hack #6: Be involved
The biggest mistake that you can make as a beginner is to ignore certain aspects of your startup business. Trust your team but be fully involved in everything, from finance to human resources, operations, and marketing. Pay extra attention to customer acquisition and client relationships. The survival phase is critical because it gives you the launchpad for making something big. Attention to the minutest details gets you there!
Hack #7: Be patient and hold on
Perhaps the most important rule in the startup survival guide is to be patient and hold on. There will be phases when you would get de-motivated and want to give up. Learn to evaluate situations realistically and understand what really matters. Be very sure about the viability of the business idea right from the start and your confidence will surely enable you to achieve your objectives. A smart approach is to always have a plan B for every adversity you face.
Establishing a startup takes a great deal of courage and commitment. Surviving the tests of time may be a massive challenge but remember that there is always light at the end of the tunnel. Patience and positivity keep you going but blend them with practicality and realism to get the right mix for success.