Making Your Dream a Reality: 5 Keys to a Successful Startup

"Making Your Dream a Reality: 5 Keys to a Successful Startup" Blue
February 21, 2017
70 / 100

~ by Hannah Whittenly ~

.

Making Your Dream a Reality: 5 Keys to a Successful StartupEvery great business starts with an idea that evolves to become a bunch of great ideas. But what entrepreneurs do from the time they conceive an idea determines whether their entrepreneurial venture can become successful.

Here are five ingredients of startup success.

1. Do Your Homework

The first thing you need to do is get to know if your idea if indeed viable. Research online, talk to experts and visit conferences in your industry with a leading objective of wanting to know whether you are the first with this idea. Your next objective should be getting to know if there is another person with a different plan that can address the same problem.

2. Know Your Customers

The sole objective of any entrepreneur should be designing a project that sells. To do this, you need to understand your targeted customers, their current needs, their lifestyle, and their purchasing power. Based on your findings, try to foresee the upcoming demands and design a plan that can better meet those needs.

3. Determine your Resource Requirements

Get to know what exactly you need to get started. If you can build it in your basement using easily available materials and tools, then you are set to go. If you need a co-founder or founding team, you need to start looking at the right ones. If you aim to own 100 percent of your startup, you’ll need deep pockets. You can still consider taking a commercial loan or taking part in crowdfunding programs to secure capital.

You still have to decide the form of business that you want, whether a sole proprietorship, partnership, or corporation. Remember that some brilliant business ideas fail to see the light of the day simply because of a lack of the right resources and the right partners. Expect to spend a substantial amount of time in this area.

4. Write Your Business Plan

There is so much to think about when it comes to your business plan. You need to evaluate where you have come from and where you are now. Doing so will allow you to make a realistic estimate of how far you can go and what goals you need to set to get there. To help you come up with your own goals, try and answer some of the following questions:

  • On average, how much more profit are you making every month this year than you were last year?
  • Are you spending more on your company than you’re earning?
  • If you haven’t reached the break-even point, when do you expect to reach that point?
  • How much in debt are you and your business?
  • What product does your business provide that is the least cost-effective?

Take the time to answer each of these questions honestly. By answering each question and coming up with solutions, you’ll know what area of your business you need to focus on the most to help it be successful. Of course, coming up with the answers to all of these questions may be tough. If at any point, though, you find yourself struggling with the overall financial analysis part of it, don’t hesitate to contact a professional.

5. Be Open Minded

The entirety of this process, including preparing a detailed and practical business plan, is very costly. Unfortunately, this plan is not a casting stone. It is critical to maintaining flexibility in it. Pivoting is always an option for many businesses that want to thrive. Follow new opportunities wherever they may lead you. We can learn this lesson from Tracy Rawle, a CEO of Check City. He rose to become the manager of his father’s two restaurants. Later in the course of their operations, they found it prudent to sell these restaurants and enter the financial services business, which is performing very well today.

Learn the trend that your business is taking. You can do an annual review to get to know your performance and then update your goal sheet for the following year, reprint it and redesign it. Where possible, keep the old goal sheets to enable you to accumulate several successive annual goal sheets for long-term decision making.

The odds of your dream not being fulfilled are indeed fairly high, but you can succeed if you do adequate research, have the right resources, create a comprehensive business plan, and remain open to new ideas. Getting over the startup challenges is a common trouble that many up-and-coming entrepreneurs face.


Meet the Author: Hannah Whittenly

Hannah Whittenly is a freelance writer and mother of two from Sacramento, CA. She graduated from the University of California-Sacramento with a degree in Journalism.

Categories

More Posts:

Photography Niches That Do the Best Business

Do you love the creativity and flexibility of photography but can’t figure out how to start a successful photography business? Not all photography niches are created equally, and your success in a niche might depend on where you live.  Here are a few types of...

The Power of Women-Owned Small Businesses

     Women-owned small businesses are on the rise, and their impact is undeniable. In fact, in 2019 alone, women-owned nearly 12 million businesses that employed nearly 9 million people and generated over $1.9 trillion in revenue. From retail to technology to finance,...

Nyago Michael Emmanuel

We invite many people who can invest in our Akiba Ya umoja community benefit savings and investment group of Uganda to enable us expand our operations in Uganda

How Entrepreneurs Can Stave Off Burnout

Have you been feeling more stressed and exhausted than normal lately? Everyone experiences burnout at some point in their career, and this is even more common with entrepreneurs due to the many responsibilities that they have. Here are a few ways to stave off burnout...

A Five-Step Guide to Starting a Logistics Company

If you've been considering launching a transportation and logistics company, now is the moment. The transportation and storage sector is very important and profitable. Statistics show that by 2027, the global logistics market would have grown from its 2017 valuation...

Strategies and Technology for Female Entrepreneurs

Since entrepreneurship is the foundation of any nation's economy, it is essential to economic development in developed and developing nations. In the last several decades, there has been a significant improvement in the role of women in our society. Women are now...

Role of female entrepreneurs in a changing society

Over the past few decades, there has been a significant increase in female entrepreneurship. More women are choosing to launch their businesses and participate in the world of business creation, one of the rapidly expanding facets of entrepreneurship globally. But in...

The Best Ways to Scale Your Wealth Building

When it comes to building your wealth, you want to make sure that you are doing everything possible to maximize your returns. There are several different ways that you can do this, but not each path is right for each individual. Consider these three options to grow...

Features Every Health Insurance Plan Should Have

When creating a health insurance plan for your employees, you want to be as thoughtful as possible. Not everyone is in the same situation and they need health plans that are flexible and customizable.  There are some features you can add to your plan to make sure your...

How To Promote Your Startup in 2023: Most Useful Strategies

Every startup hopes to make a splash when it first enters the market and find methods to get its name out there. This is when having a solid marketing plan comes in handy.  If you are a new business or an entrepreneur considering a startup, developing a digital...
Nyago Michael Emmanuel

Nyago Michael Emmanuel

We invite many people who can invest in our Akiba Ya umoja community benefit savings and investment group of Uganda to enable us expand our operations in Uganda

All Categories

Business Operations

Entrepreneur Interviews

Marketing, Networking, & Social Media

Self Care & Personal Development

Working Moms

Business Software and Technology

Entrepreneurship & Small Business

Organizing Tips

Sales

Career Building

Family Businesses

Inspiration

Starting Your Own Business

Work-Life Balance

Communication

Hiring Help

Management & Leadership

Time Management & Priorities

Women in Leadership

Recent Posts

Why Your Office Needs High-Quality Chairs

Why Your Office Needs High-Quality Chairs

For any business or organization, the right office furniture is vital. Quality chairs are essential and can help bolster productivity, decrease employee health issues, and remain operable longer than budget substitutes. Investing in quality office chairs provides...

How to Quickly Capture Attention on Social Media

How to Quickly Capture Attention on Social Media

Social media is invaluable for marketers and business owners, especially those working with small businesses. It’s a great way to get the company in front of more people, allowing you to attract more customers. Of course, it’s not enough to just get seen on social...

Tips for Starting a Gardening Business in Your Community

Tips for Starting a Gardening Business in Your Community

Embarking on a gardening business is a bewildering journey that promises both intrinsic satisfaction and monetary success. The paramount initial step is to scrutinize the varied gamut of services you would want to render, followed by an intricate search for tools and supplies to substantiate the execution of those services. Crafting a business and financial plan is an absolute must, especially given the burgeoning competition from fellow green-thumbed entrepreneurs amidst the backdrop of the COVID-19 pandemic. Establishing an online presence through a website and social media and designing business cards and flyers are integral to drumming up business. Lastly, building a loyal clientele and network is paramount for sustained success in the horticultural realm.

How to Protect Your Personal Finances From Black Swan Events

How to Protect Your Personal Finances From Black Swan Events

Life throws us an occasional curveball; it’s just a part of life. But what if your finances take a hit due to something outside of your control?  Black swan events are rare, but they occur and can cause massive financial losses. The key is to be prepared for the worst...

How to Make Sure Your Business Event is a Positive Experience

How to Make Sure Your Business Event is a Positive Experience

There are few better ways to make connections while having a good time than by hosting an event for your business. Of course, the networking and trust-building benefits of such an event hinge on planning it well. When organizing a business event, it is imperative to...

Why Your Business Should Be Involved With the Local Community

Why Your Business Should Be Involved With the Local Community

Why your business should be involved with the local community

The local community is the primary customer base for most businesses unless they operate solely online. Therefore, businesses should get involved with their local community in order to forge a strong presence & distinguish themselves from their competitors. You can achieve this in several ways, primarily by sponsoring local events, such as sports competitions, charities, etc. By connecting with your local community, you can raise brand awareness, gain genuine feedback & insights about your products as well as understand your customers better. Consequently, you can address their pain points, create better products, align your values with your customers’ and thus, strengthen your relationship. Furthermore, by supporting local events, you can attract top talent and show your dedication by hiring locals, creating jobs, and giving back to the community. Naturally, you can create a positive image for your business leading to boosts in sales & revenue.