Many articles about starting a business usually advise you to follow your enthusiasm. They encourage you to face your fears, take risks, and create a business plan. More advanced startup advice even included points like, "market research." or "Know your target audience".
But you know what? If you are trying to build up your company following these suggestions only, you will most likely join the 20% of startups that fail during their first year on the market.
Here is what we think you should know.
1. Focus your efforts on the first sale
How do you know people need your product or service? That is easy. If they buy it – they want it. If you focus on attracting investors, and fundraising, you can quickly miss this exit point.
2. Delaying work with large companies
As a new startup, you will spend too many resources and effort to achieve success with large enterprises. Legal issues, delays in communications. "Please rework, it is not fully compliant with our policies."
3. Drop bad customers, not sorry
Not every client is worth clinging, even if they pay well. They need your product, you need their money. This relationship should be beneficial to both parties. If the client does not respect what you do, hinder your work in other ways, postponement of payments, you might want to reconsider your business relationships.
Developing professional and social contacts are very important. Reaching vertically and horizontally will help you spread awareness about your company, and perhaps find a benefactor, mentor, and a valuable asset.
5. Do content marketing
If you can not tell someone about your business personally, do it on the internet! content marketing is affordable and efficient. Do not bring quick results and requires consistent effort. But, if you do it right, the pay-off can be impressive.