Tips for Modern Startup Success
BY: VESELINA DZHINGAROVA ON FRIDAY, APRIL 20, 2018
According to the latest statistics, the number of new startups in 2017 increased by 10% since 2016. It appears that more and more people are ready to turn their innovations and innovative approaches into reality. Of course, there is a certain hesitation that accompanies putting yourself out there so much. There are certain (financial) risks that accompany a startup, and while they pose some threat, they shouldn’t deter you from starting your own company or organization, if you feel you have valuable skills or products. Instead, you should follow certain guidelines and tips that will help you have startup success in the modern age.
Perhaps the first tip is among the easiest. First, you have to just start. This may sound overly simplified, but basically entails doing that which is keeping you from launching your startup. So go on, write that first line of code. Design the prototype of your product. Sketch your product. Register the website’s domain. Seek help from professionals that will facilitate the launching of your site or company.
The second strategy for launching your startup and launching it fast, is sell and sell anything. Some people take forever deciding exactly what they are going to sell and finding the way which it differs from products currently on the market. But here’s a secret that will save you exponential amounts of time- it doesn’t matter. Sam Walton of Wal-Mart sold things people could buy at grocery stores and convenience stores. Warren Buffett, of Berkshire Hathaway simply bought and sold other people’s stock. You don’t have to have a novel concept. You can take someone else’s product and if you do it better and sell it better, that can work. Sometimes all you need to do is improve upon a product. When Richard Branson launched Virgin Airlines, he did so out of desperation. Heading to the Virgin Islands for a getaway, his flight was cancelled. He promptly chartered a flight that he couldn’t pay for and sold tickets to the people whose flight had been cancelled. He acted on a quick, random act of demand.
Another helpful hint for launching your startup is to seek professional advice. There are plenty of things you can manage yourself, but there are a few times when you’ll want to pull out the big guns. These include: seeking an attorney when figuring out how to get incorporated (c-corp, s-corp, llc?) seeking marketing advice for things like logo design, website design and more, and seeking accounting help.
Another tip for your startup is to have flexibility when hiring workers. You may want to hire remote workers if you are interested in the best, most affordable talent. Furthermore, you may consider contract workers. This gives workers the flexibility of not being employees per se, but doing great work nonetheless. These dynamics are simply a part of the modern gig economy, and as a modern start-up company, you’ll want to keep up.
The last tip for launching a successful startup in this day and age is to find a cofounder. Co-Founders can make up for what you lack and with your combined goals, you two can go further than you ever expected. Maryland Addiction Recovery Center started with shared goals among co-founders Sam Bierman and Zachary Snitzer. It is a great example of startup success within the healthcare industry. By following the above tips and guidelines, these founders were able to achieve startup success that has managed to grow rapidly and remain sustainable. Today, MARC is a beacon of innovation within the addiction treatment industry- offering opiate detox, individual and group therapy, family counseling for both patient and family, dual diagnosis, case management and life skills training and recovery resource services. MARC represents the benefit of startup potential in this country- better options and more modern services. This advantage is only amplified in the addiction treatment sector, where quality and innovation count the most.
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