5 Early signs that your startup will be successful
When starting a startup, each one will have only one and one question in mind. Will it be successful? Checkout These 5 Early signs that your startup will be successful one will help you gather confidence for your startup and work accordingly to increase your productivity form your startup. These are taken from a list of things gathered from clear research of different startups and selected the best ones.
What we discuss here
- Clear strategy
- You are found
- Cash flowing in
- You build a great team
- Focus on WHY
Now let’s discuss each of these and let’s find the factors that tell that your startup is moving towards success.
Writing a proper strategy for your business is most important. Let’s say you have to move according to the needs, the customers are expecting from your startup. If You restrict your one strategy that was written many days back during the time when your startup is in the early stages of development, but that is not wanted by customers then you will be drowning your startup.
Make the strategy as comfortable to the customers. To give a clear idea let’s consider the example of the startup Airbnb. What you know about Airbnb. Everyone takes it as a platform where you can sell your inventories like spare rooms. everyone takes it for granted that this platform is for that. But what Airbnb initially started as. It stands for AirBed and Breakfast. but very few people except these two these days. The complete business model is changed based on the needs of the customers.
If you have a clear strategy of what your customers are expecting from your brand are you at present have the strategy to move in that direction then you are moving on the success path.
We are not suggesting to completely change the business idea When we say “Clear Strategy” we mean it in a broad sense. We mean you need to understand what type of features are needed by the customers whom you are targeting. If you are on this path then you no need any suggestions and you are already moving in the right direction.
You are Found
Many times companies need to use huge funds on their marketing and must plan lots of marketing strategies to get the attention of customers. This involves a lot of budgets. And sometimes marketing strategies not work as planned.
You need to sometimes focus very high on getting the attention of the customers towards your project. But what if your startup is getting the attention of the public without any huge marketing.
For example, your early few users are passing the info to their friends and another circle as they like your product and you get the attention of the customers without a marketing strategy. This indicates that your startup is self-growing from the customers and you will soon get huge customers and will get success.
Most of the funds that are spent by my startup and even many big established organizations is on the marketing front. Believe it or not, marketing is the most important part of the strategy of any business or startup. But because of the quality of your service or because of the uniqueness of the idea or maybe several other reasons if your startup is getting attention, then you are saving a lot on marketing and at the same time, your user base is increasing which is a great boost to the business and at this movement you need to spend more on making the customers satisfied and convert them into returning customers.
Cash Flow In
You initially put a lot of money in your startup. And you wanted to wait a long time to get returns on the money you invested. But most of the times you have to invest more in the company as you don’t have enough customers to use the product and pay your startup.
But if you are getting enough cash flows in the initial period and you are getting good returns on the money. If your business is self-sustaining by the positive cash flows that are flowing in. then you are already getting the customers to pay you and soon you will get a huge return on the product probably.
This positive cash flow is a good indicator that your startup is moving towards success and you don’t have to mostly invest more money but can take your profit from them in cash flows if you have heavy cash flows.
Don’t get misguided by the faulty indicators. Just because you have enough money in your balance sheet doesn’t mean that you have achieved success. It just means that your initial product sales are happening and the growth in the future is not guaranteed. It all depends on the quality of your service and also on the satisfaction of customers.
If you are maintaining the customer base and users are returning back to you, Then you are on the right path to growth.
You built a great team
The most important thing in any startup or a company is the team that is working in the company. So every time when we speak of starting a startup or when we speak of startup success, we focus the most on the team that is going to work on the startup. The team is what plays an important role in the success of the startup.
So if you have initially built a great team then you can believe them and they will work hard to make the company a successful one. So you already found you have a great team, then congrats you can work on anything and your team will stand with you to move towards the success and you will be moving towards the path of achieving the dream.
There is nothing you can do to make it a success if your team is not good to support you or you have no good team.
Focus on WHY
One thing at the last to identify is “WHY”. we mean this in a very broad sense. You should have a clear idea of why your startup. or why your product. People will usually find themselves in a situation to ask themselves. Why your product. They can easily answer questions like “HOW” and “WHAT”. But you need to give them a proper understanding of WHY.
If you can easily understand why and you made your customers understand WHY then they will move to your product. Convincing them with the answers WHy is most important to move them towards your product.
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