Five Top Tips for Startups in 2019
It’s a well-known statistic that the vast majority of startup businesses fail within their first year of operations. When setting up your own startup, you’re of course going to want to put measures in place to ensure that yours is one of the businesses that not only survive the year but thrives in 2019, growing reliably to a point at which your startup is an established business. This article explores those fundamental steps you’ll need to take to make your startup business a winner from the get-go.
Cash Flow Monitoring
One of the elements that startups can suffer from most is cash flow issues. They can strike a business at any time and can be incredibly difficult to navigate. For many startups, cash flow issues can lead to taking out of hefty loans, which can lead to debt and eventual financial ruin. To avoid all of these eventualities, monitor your cash flow with diligence, using accounting techniques or money-monitoring software to remain on top of your spending at all times.
Whether your startup is more of a local business or a company that you’d like to take to the global stage, you’re still going to need some initial customers to get your business off the ground. As such, you should build the visibility of your startup from the moment that it’s a functional business, able to sell to customers locally or around the world. Use digital and local marketing techniques to achieve your first 1000 customers – and from there build out on your initial successes.
When you build your visibility, it’s your website that you’ll be sending your customers to trade with your startup business. As a new business, naturally looking to make a good impression on new customers, you should bear in mind that your website communicates a great deal about your company. Making it impressive is paramount. To find out how to easily host and troubleshoot websites for business, click here. With the help of experienced companies, you’ll be sure to make a stand-out success of your business website.
Another element to startups that you’ll have to learn ‘on the fly,’ adapting to pressures, is customer service. A part of your business that will leave a lasting impression on your customers, it’s important to deliver the finest-possible customer service to your first customers to be a ‘sticky’ company that customers return to for additional trade. Make customer service development a priority as you build your startup in its first year.
As a startup, you’re in the fortunate position of having very little fat to burn off as an organization. Instead, you’re able to keep your business lean by automating all of those jobs that can be easily computerized. This will take you time, making you more efficient and saving your paying wages for simple jobs that a computer can do with far greater speed and efficiency.
Startups making their way in the world in 2019 should bear these tips in mind to not only survive but thrive in a complex digital business world.