There are many reasons why startups start and then stop abruptly. Surely, when anyone embarks on a new business endeavor, they expect it will succeed, or else, why would they bother? The sad fact is that more Internet startups fail than succeed. So how can you safeguard yourself against this unsettling statistic? Well, you can’t predict the future, but you can try to write it in your favor by following the four tips we’ve listed below.
1. Give it your All – This may seem like a silly tip, because of course you are going to give it your all, right? Well, if you are keeping your day job, you have already broken this rule. Many startups are done as side projects and this is often a recipe for failure. If you are ready to start your business, jump in with both feet and don’t look back. This may seem scary, but if you go into the situation only halfway, your competition will eventually beat you out.
2. Raise more money than you Need – Take a look at your projections and round up substantially. There are always costs associated with startups that pop up out of nowhere. Also take into account that you will probably not be able to pay yourself for a while. Set aside money to take care of your personal bills. Don’t even dream of starting anything until all the funding is securely in place.
3. Appeal to a wide audience – Although there are industries that you can only cater to particular audiences, many industries can cross over different lines. Try to keep your marketing and design very simple and classic so that it will attract a large variety of users. Only stick to niche content and designs when your startup idea absolutely calls for it.
4. Make sure the product portion of your site is launched first – A lot of your website can still be under construction as long as people can place orders. Make setting up your eCommerce store priority #1 and let the rest of it follow. This way money can flow in even before you have officially opened.
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