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How to Propel Your Start-up into the Big Time

Contributed by editor on Nov 08, 2018 - 11:35 PM

 

It’s well-known that start-ups are more likely to fail than to succeed.


Often the brain-child of entrepreneurs, tech gurus or experienced business-people who are ready to take on the business world solo, start-ups are up against it in finding a foothold in any given market. That’s why it’s important to have a detailed plan leading towards a well thought-out and prosperous future.

This article gives four pivotal pieces of advice for anyone looking to cement their start-up in the big time, and change SMEs into lasting businesses that thrive and grow.

Protection

Many start-ups fail because they simply run out of money. In some instance, this is because of poor or inexperienced financial planning and forecasting, or a series of lulls or peaks in business that cripple those with too few resources to cope. But it’s also as a result of poor or inadequate protective measures.

AAll start-ups and SMEs should look into investing in cover from insurers that specialise in the risks associated with fast growing, small scale companies. Hiscox business insurance, for instance, is one such specialist cover that should be considered long before a business comes to trade fully. It’s a suitable way to protect against any kind of crippling disaster that could send your start-up into the scrapheap along with all the others that failed to protect themselves properly.

Smart Marketing

Marketing can cost a lot of money and can be difficult to run in-house without the right resources and experience in your team. Nonetheless, start-ups can profit from this limitation by pursuing cheaper - and sometimes totally free - forms of marketing like social media and PPC, which have come about as a result of the digital age. Social media marketing is the gold standard in this regard; all it takes is one media-savvy and on-trend junior in your team to run your accounts for you to open yourself up to the possibility of vitality - and with it, vastly increased custom and reputation.

Networking

The impetus for many to head into entrepreneurial start-up initiatives is to ‘go it alone’ - free from bosses, rules, and restrictions that many independent business-people resent. But at the very same time, the most successful business-people know that there is no ‘going it alone’ in business. You’re supported, shared, recommended and advised by your network. For this reason it’s of deep importance to build and supplement your own network as early in your business’ lifespan as possible. Advice from seniors or specialists and learning from their past mistakes can often be invaluable, and you never know where one contact may lead your business in the future.

Ambition and Positivity

Start-up work is difficult. That you must accept before embarking on your particular project. You’ll need to put in extra hours, work around the clock, manage crises, manage people, and pour your heart and soul into it in order for your business to stand out in the crowd. To sustain this high-energy, demanding work ethic, it’s best to always maintain a positive, can-do and ambitious attitude while you work. Inspire your team by setting an example of hard work, and motivate yourself by watching your business climb the rocky road towards success.

You may feel that you need no advice when embarking on your start-up project, but the reality is you can use all the help you can get. These tips should prove useful to those who are hoping to see their start-up progress form strength to strength, arriving one day into the big time.
 

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