5 effective tips to build a successful startup

It is easier said than done to start a business from scratch. 

A survey study by IBM found that about 91% of Indian startups fail in the first five years, which shows how challenging it is to succeed as a business. Further, the main reason why a majority of startups didn't take off was because they lacked innovation. 

If you want to ensure your business does not do the same mistakes as other startups, here are some effective tips that will help you maximise your chances of success. 

Have a strong business plan

Making a clear business plan for your startup is an essential step. While it may seem like a hectic task, this will assist you to streamline your idea or concept. With a proper structure, you can develop short-term and long-term goals. 

The short targets should be detailed, whereas your longer objectives need to be accurate. Now these may not be fixed, but you can always modify your plan accordingly as you progress. 

In short, to pivot your startup in the right direction, noting all details of what you will do and how you will do things can clarify gaps between you and your ambition. 

Keep innovating 

Do you know why many businesses become extinct soon? Because they fail to innovate as they progress. Understanding the latest industry trends, observing your competitors, and listening to your target audience make for the secret recipe for success. 

This information will guide you to bring the necessary changes your startup requires. In fact, you can stay ahead of the curve by implementing and strategising them efficiently. 

For instance, the smartphone company OnePlus used word-of-mouth marketing tactics to only allow invited users to buy its products. 

It was a genius move to make users strive for that invite. To begin with networking, you can participate in startup events and join clubs or communities for engaging with people and getting new ideas. 

Also Read

5 Simple Ways to Validate Your Business Idea Before Launching

Test Your product-market fit 

A common mistake for new businesses is they do not focus on the product-market fit—a concept that helps startups identify if their product is of value to customers. 

Evaluating if your product will survive in the market is very important, and startups need to do market research and add questions such as:

• Is the product needed?
• Where do customers need improvement in the product?
• Does the product solve the problem of the buyer?
• What features do the customers look for when buying the product?

Benefit from startup programmes 

The Indian government introduced “Startup India” on January 16, 2016, to empower and support entrepreneurs and, more importantly, create job opportunities across the country.

Here are some key benefits of this government programme:

• Get certified and recognised through DPIIT
• Avail of tax benefits and deductions 
• Utilise government funds
• Easy compliance and fast-tracking of startup patent applications

In short, as a startup, you can cut down various costs and use them in areas, including research and development, marketing, advertising, etc., with such government initiatives. 

Network, network, network

Business connections are the door to opportunities, and networking can place your company in a higher position and get you the funding you need to grow your business. 

For example, you can attend startup events, forums, and gatherings or participate in competitions such as the National Startup Awards. 

Being a part of such meetings can not only give your company recognition but also the chance to connect with big names in the industry. Try to get the opportunity to speak about your company or share your business plans to attract potential investors. 

Your startup can also build good relationships with leaders or experts who could guide you in times of need. 

The bottom line 

Every business wants to be successful, but the reality is far from that. To keep your startup up and running, you need to plan and constantly improve your strategies. Although the list is limited to five tips, there are many more such insights that can help push your startup to the top.