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On 09, Aug 2012 | 7 Comments | In Blog | By Tashmeem Mirza
The best startup advice refers to tips and techniques that can help your business grow. Starting a business is a risky venture. You can invest your life savings and your time and energy into a business, only to have your business sink in a few years.
Approximately 50 percent of new businesses fail. Different factors contribute to failure, such as inexperience, lack of knowledge, and inadequate capital. But if you educate yourself on running a business and seek startup advice from professional business people, you can reduce your risk of failure.
The best startup advice for new businesses:
1. Keep your expenses low during the initial years. Investing in a fancy office suite, expensive furniture and equipment, and costly advertising methods can drain your cash reserve. Be conservative with your funds. If possible, run the business from your home in the beginning. Also skip the secretary or office assistant and handle your own administrative duties.
2. Keep your goals in mind. Even if you don’t plan to take out a business loan for startup capital, it helps to have a business plan. This plan outlines the purpose and goals of your business, as well as outlines the steps needed to achieve your goals. Creating and regularly referring to your plan keeps you on the right path.
3. Know the competition. Unless your business is 100% unique, there is likely to be competition in your immediate area. To stay a step ahead of the game, you need to research your competitors. What makes similar businesses in your area unique? How is your business different from these businesses? Cheaper prices, better offers and other incentives can give your business an edge and contribute to growth.
This guide from Inc. Magazine can help you learn the basics of developing an immaculate business plan as well as understand the market needs.
@Saif Ali Lean startup Model definitely favors optimum resource utilization whether financial or human, but facing inadequate capital scenario is totally different- it means that the funding "AVAILABLE" to materialize the goal as per the business plan is inadequate and due to such situations even the lean startup model will not be viable and productive. After all, Lean Startup Framework is not by any means a miracle, but a model to effective resource utilization and quick product deployment.
It's true, you can reduce your risk of failure if you follow these tips. Very informative!
The article is really useful to read if you are planning to start a new business. I have seen many startups achieve both success and failure. The difference of successful startups vs. failed startups were the same points mentioned in the blog. Thanks for sharing these tips with everyone.
Lean startup principles are all about implementing the lowest amount of funds possible. Doesn't that in itself pose as a factor contributing to the failure of the startup because of inadequate capital?
A very good article to read related to start up advice and for every new business setup there should be a start up advice taken from business professionals which can guide you to low risk of failure and creating and regularly referring to your plan keeps you on the right path.. Better incentives and reduction in prices can give your business an edge & business to grow..
And the rise of these free lancing websites over the last few years have provided an immense help organizing your private virtual office - hence reducing the cost of capital and allowances for the employees.
Adopting to the blue ocean strategy and keeping in view the capital state, one can seemingly increase his chances to run a successful business!
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