Everyone who has launched a startup knows they’re in for a rollercoaster ride. There are no rules and templates which guarantee success, and sometimes it’s just a mixture of luck, hard work, innovation, and a nose for the market. Having said that, there are some positive actions you can take which will increase your chances of a breakthrough.
Document your business model and validate it
This might seem obvious, but setting your goals and assumptions of your business model down on paper makes them more concrete and achievable. It helps you see clearly the steps you need to take towards validation. Ask yourself – “What have I assumed?” Then develop a plan to validate this.
Some startups can get going from the kitchen table with very little funding, but most have hidden costs which often add up to more than you might expect. At the very least, you will need to be able to support yourself to avoid eating into savings. Make a financial plan including a balance sheet, sales forecast, and profit and loss statement.
Keep your approach agile
Technology and consumerism are evolving at a faster rate than ever before, and the last 16 months have proved that it is those companies who can pivot their operations that survive. Keep up with innovations and changing consumer patterns in the market, and be prepared to adapt and move on within very short timescales.
Don’t do it all yourself
Once your product or service begins to take off, you may find yourself working around the clock to keep all the plates spinning. However, you will get to the stage where you can’t do everything effectively yourself and will be at risk of burnout. Build a team around you who are as passionate about the business as you are, but also have skills that you don’t.
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