Starting a new business is both exhilarating and terrifying, especially with the failure rates of startups in NZ.
Instead of focusing on those fear-inspiring percentages, let's take a look at how to launch your startup on the right foot and be one of those businesses that beats the odds and succeeds.
Here are our top tips:
What does it take to be a successful startup?
Sufficient Capital
In order to both launch and grow your business, you need enough money to get it off the ground. Whether you have partners, investors, or are going it alone, make sure you have the financial breathing room to do the things you need to do.
Passion And Vision
There will be times during the first few years of your startup where you are overworked, overwhelmed and feel like giving up. Having a product or project that you fully believe in and are passionate about will push you through those times when you don’t know if you can continue.
A Solid Plan
While passion will get you through the tough times, you also need a plan of action. Your startup needs a solid business plan to keep that precious vision in focus and to break your goals down into bite-sized pieces. It doesn’t matter where your business is going, you will get there faster with a roadmap.
Adaptability
While plans are great, keep them flexible. Your focus may change as you start trading and see which are the most popular parts of your business. Make sure you adapt to market changes and customer feedback as you need to.
A Great Team
As much as you would love to, you can’t know everything there is to know about running a business. Ensure you have people experienced in the most important aspects of your business, like accounting, technology, or marketing.
Having a business advisor is also a great way to get impartial and practical advice.
Market Knowledge
Not only do you need to know your own product or services inside out, but you also need to know what is happening in the market. A thorough understanding of the market will help you anticipate, adapt, and provide the best solutions for your customers.
If you want to give your startup the best chance of success, let us help you do it. The team here at Arnerich & Associates Ltd have the experience and knowledge you need to begin your start up in the right way. Get in touch with us today.
