Startup success steps are not created easily. You cannot be all things to all people. Many new entrepreneurs struggle when it comes time to determine what products to offer. As a small business owner, you are also a business strategist. Knowing exactly what your target market wants is critical to your success. Consider these questions to help you decide:
What is your product or service?
What can I offer to recruit and retain top talent?
What resources are there to help me be successful?
Your products or services do not always have to be new. It is possible to look back through your product line history and observe which products were most successful. Ask yourself which products were special and why. It is likely that your most successful offerings were unique which gave it a strategic advantage. Do research to determine if there is still a need for these products. Remember that there was once a need for typewriters or tires for 1969 Buicks. Avoid assuming that a once successful product is always a successful product.
Consider your supply chain for each product. Observe opportunities for cost reduction and increased efficiency on those paths. Leave nothing out. Observe the total path and time to market from the product’s individual parts to the time it lands in the hands of consumers. It is wise to even track your product with user experience information. Order fulfillment does not simply include delivering the physical item. Order fulfillment means delivering on the promise of a quality product.
What do you offer to keep the best team happy? Human Resources is often the most expensive line item on your operating budget. Your ability to recruit and keep top talent may be the single most important factor to your success. Consider how your are compensating your team. The most effective strategy is often a combination of salary plus bonuses for performance. You can tie your team’s compensation partly to the performance of the entire business and to their individual productivity. Remember non-financial incentives can be a good addition to broader strategy.
Remember to take care of your own health when creating your startup success steps. If you do not tend to your own needs, you will never be able to sustain the business. Your business is never just you. Even if you are a sole proprietor, you still have customers that count on you. Your ability to stay motivated, focused, and healthy is an integral part of you delivering on the promise of excellent service and products. Remember to make time to unplug. Maintain your physical health with proper exercise and diet. Maintain your mental and spiritual health by attending religious events and taking time to relax. Your success depends on it.
No person is successful alone in startup success steps. It takes a village to raise a chid and it takes a team to run a business. Seek advice from qualified sources. Remember that you will have plenty of people offer their opinion. It will be your responsibility to determine fact from falsehood. Consider podcasts in the business and entrepreneur section of iTunes. Seek out books for guidance on specific subjects. Keep a close group of trusted advisors for constructive criticism. Avoid surrounding yourself with people who tell you what you want to hear. Avoid resources that focus too much on wow and not enough on how.
Step five in the Six Steps for Startup Success blog post series is all about what. Keep asking yourself what you need to be successful. With each answer will come more questions. That is a good thing. Keep asking! For a good resource on startup success tips click