If you are the owner of a startup company in America, you will want to do everything you can to make it succeed. Even if you have a great idea, product, or service, business plan and strategy, and excellent business savvy and understanding, you will still need to learn more about what it takes to make your startup succeed in America.
Please don’t be ashamed or depressed by this; no one knows everything about what it takes to make a startup company succeed in America. However, if you implement these seven little changes, chances are your startup company will give its competition a great scare.
Make sure your startup company has a great vision.
If you want your startup company to succeed in America in the long run, it has to have a great vision. This means it should have the desire to accomplish something innovative or radical, which is hard to replicate.
For example, if your startup company were selling ice cream to help people in America with no health insurance, that would be a great vision because it would be easy to achieve, something that would attract a lot of customers (people love to buy from companies with grand ideas that accomplish great things and are different), and something that would sustain your startup company in the long-run
Make sure your startup company does things quickly
Remember that in business, time is precious and money. Your startup company will face stiff competition when launched in its respective industry. It will be more likely to succeed if it can gain many loyal customers quickly because that means it will acquire a strong and stable customer base that it can count on for constant and regular revenue streams.
This is important and can mean the difference between survival and failure for startup companies that are just starting out
Know how to draft and manage a workable budget.
If you still need to learn this, you should know that it is easy to spend money and hard to make money in the business world.
If you don’t already have a significant budget that works and is viable in the long term, along with solid and great-looking financial statements, you either need to learn how to draft and manage all of this (and more) now, or you have to hire a professional (read Certified Public Accountant (CPA) or financial planner who will do this for you.
You can also opt for business expense tracking software to manage your monthly expenses in real-time. If you have yet to learn how to manage the money you bring in, you will have no idea what you are making about what you are spending.
This is the downfall of many a startup company – their owners had no idea what they were spending (mainly because they didn’t understand the first thing about the concept of petty cash or a statement of cash flow – this is vital if a startup company is going to be successful in the long-run in America.) and need to learn about the revenue flows they were bringing in and how to compare and contrast the two figures.
They also needed to learn how to determine their startup company’s net profit and income on a financial statement. They thought the startup company was doing great financially because it was always bringing in a lot of revenue through sales. However, they should have realized that they were making net losses in terms of income because their fixed and variable expenses were more than the revenue their startup companies were bringing in.
As the owner, you have to have excellent social skills.
What this means is that you have to learn to talk to people about your startup company, its mission, vision, and objectives, and the products or services that it sells in a way that will get them (people) to want to buy from your startup company and keep buying from it! You will also find that having excellent social skills will motivate your employees and management company to stick with your startup company during tough times and encourage them to perform better.
This translates into more income for your startup company! Also, you know how to talk to people. In that case, you can find great connections in the form of influential people, partners, suppliers, distributors, and angel investors, among others, who will help your startup company succeed.
You have to be disciplined.
Business, much less being the startup company owner, is only for you if you have the nerve to get out of bed early every day to start work and the discipline to work late at night. You may also find that you have no social life because every waking moment you have will go into making your startup company succeed.
But this is great and necessary because it takes an extraordinary amount of time to make any startup company succeed in the beginning. Also, research shows that disciplined people have a strong work ethic – they will want to do things the right way and want to work very hard; all of this is necessary for a startup company to succeed initially.
It would help if you were determined.
Let’s face it; business is a challenging environment because the competition is stiff (after all, no business owner would take it lightly when your startup company enters on its turf and tries to grab its loyal customers). You will likely find your competitors doing everything they can to ensure your startup company fails.
Also, because you need to learn more about doing business in your industry, you are bound to make mistakes and experience failure. But it would help if you always kept sight of your startup company’s mission, vision, objectives, and goals because this is grit, and people with determination succeed.
You must be able to adapt to changes.
There is no denying it; the business environment is harsh, unforgiving, and constantly evolving. The environment your startup company initially enters into in terms of business will be different in 10 years.
Owners of startup companies that succeed expect this, and they learn to adjust their business plans and strategies accordingly. Your startup company is doomed to failure if you can not adjust it according to the constantly changing business landscape and environment.
While this is not an exhaustive list, if you implement the changes mentioned above, you will find that your startup company will succeed in its industry. It may even be so successful that it ‘blows the competition out of the water!’