According to research and statistics, up to 90% of startups fail. The cause of this depends on a number of conditions. It could be that the startup tried to expand too early or it could be because their demographic just wasn’t large enough to make a sustainable business. However, if you manage to pull through and survive the first year, then you might find that your chances of turning into a successful company are much higher.
However, the battle isn’t over after surviving a year and there are many more responsibilities that you need to take care of. In order to help you out, we’ve put together a list of tips that will help you stay strong even past your first year of surviving as a startup.
Are you following up with networking opportunities from events?
One of the keys to growing a successful business is networking. By now, you should have at least attended a couple of events and shows around the nation or even worldwide to show your products and services. Keep in mind that this isn’t just for more exposure but also to help you network. Follow-up on networking opportunities to get in touch with more clients, services, and people that can help you grow.
Are you large enough to require third-party services yet?
Startups go through a phase where they do almost everything on their own, but in between doing everything yourself and having in-house teams for everything, it’s important to rely on third-party services. This includes technology consulting, freelance creators and also cybersecurity experts. At the one-year mark, you should have some need for external services to help put your business on the right track for continued growth.
Focusing on paid advertising services instead of just social media
Social media becomes an integral part of any startup’s marketing strategy, but it’s vital to also remember that paid advertising services can also be effective–you just need capital for it. At this point, you should have enough exposure that paid advertising services will be more than worth your time. This is a good time to start looking into things such as pay-per-click advertising and even getting exposure on traditional platforms such as radio, television, and print if it’s applicable for your business.
Are your existing solutions scalable or do they need to be overhauled?
Before you grow your business, even more, you need to take a moment to think about your current workflow solutions. Whether it’s the way you process orders, your delivery options, payment processes or even how you store information, take a moment to think if they are scalable solutions or if you need to replace them in the near future with something newer that can handle your growth.
Startups are notoriously difficult to keep going, but if you manage to strike the right workflow balance, it’s entirely possible to grow more experienced and competent and stay alive for the first year. If you’re still struggling to survive the first couple of months, then it may be worth going back to basics such as profiling your ideal customers and building a strong network of support and services to help your company flourish.