2020 is going to be massive year for start-up companies. Never before has there been so much liquid capital available for people with innovative business ideas.
And if you’re willing to do your homework and keep your nose to the grindstone, there’s no telling what you can achieve by the end of the year.
There’s no time to waste because hungry investors are out there waiting for you. Now is the best time to get going on your business. To help you achieve your dreams here are five powerful tips for making your start-up successful in 2020.
1. Build something that will last.
If you go to Rome you’ll see many ancient structures are still intact. There’s a good reason for this. And the reason why those buildings are still around is that the Romans used ultra-strong stone and marble.
You need to apply the same philosophy to your business. Many entrepreneurs are only interested in the short term. They want to start a simple business that will make them money quickly. This is the last thing that you should ever do. Instead, like the Romans, design and build a high quality business which could possibly last for 100’s of years.
2. Select a highly specific niche.
The most successful businesses are those who work in a narrowly defined niche. The broader you go, the more people you’ll have to compete against. If you want to be successful, position yourself as the expert in a niche where there’s very little competition.
Just be careful of this. You don’t want to choose something that is too specific. Do your homework and make sure that the business you’re getting into is capable of scaling up.
Andrew Herrera CEO of Remezcla, has found this tip a key to unlocking their business’s success. Their business has revolved around serving pop culture and entertainment as a publisher, creative agency, and entertainment company. Although their entire niche covers broader niches, including culture, music, sports, film, and food, they have been highly influential among a solid Latino Millennial audience.
3. Find a problem you can solve.
The most successful businesses are those who solve a burning problem for their customers. On the other hand, most start-ups which fail have no idea what kind of problem their business actually solves.
In order to be successful, you need to find an audience that has a desperate, burning problem which they would love to have solved. Once you can step in with your solution, you’ll be making money hand over fist.
As an entrepreneur, it’s vital to understand your customers’ needs and pain points in order to provide actual solutions to problems. While checking their interests is an excellent tip, you can’t really grasp if your products and services provide usefulness and address a pain point. To check if customers are willing to spend on your offers, here are some strategies you can consider:
- Creating surveys
- Designing website landing pages
- Perform a social outreach on social media platforms
- Conduct problem-validation tests
- Delve into prototype creation and testing
4. Focus on your employees.
The people who work for you will make or break your business. This is a fact whether you care to admit it or not. Celebrated businessmen focus on their employees. They know how to keep morale and productivity sky high. They understand what makes their employees tick and how to get the most out of them, and also how to create employees who are fanatically loyal to the company.
A company with happy employees is most likely to succeed. Starting from your recruitment to the development and retention process, you should ensure that every employee gets a good experience working for your company. Here are some tips to accomplish that goal:
- Create and optimize an employee journey map
- Build a compelling onboarding experience
- Enhance internal communication
- Give employee rewards and incentives
- Invest in employee health and wellness
5. Understand your competition.
The truth is that business is unbelievably cut throat. Whoever said that business is war was right. No matter what you do your competition will always be one step in front or behind you. This means that it’s critical to understand exactly what your competition is doing at any given moment, how their business runs and what you’re going to do to beat them.
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