Startups are all the rage these days; there is no shortage of exciting ideas and talented entrepreneurs from tech companies to recycling solutions. However, creating a successful startup involves far more than merely coming up with an idea. The execution, people you surround yourself with, and your marketing ability will all have a say in whether it will have a positive outcome or not. In this post, we cover 7 things that can contribute to a startup’s success.
Although in the introduction, it was mentioned that it takes more than an idea, the fact remains that you still need a great idea to act as the seed or nucleus for everything else to form around to help ensure a startup’s success. Your concept doesn’t need to be 100% unique, but it must provide a service that people need or improve on something that already exists. A fantastic example of this is Uber. Taxi’s already existed when the idea was conceived, but Uber improved upon it by personalizing it to be easier and less expensive to get to where you need to go. There are numerous examples of startups improving on traditional methods of doing things, but your idea must be better and benefit the user to succeed.
Setting up a new business is not as simple as buying a product and then selling it. Many complex procedures are required by law to make your company legal. Before starting, you must consider the legal structure you want to set up. The most common for small businesses is a Limited Liability Company or LLC. LLC formation can involve many steps, but fortunately, specialized companies can aid you through the process. This is advisable to don’t make a mistake that might come back to haunt your growing business later. LLC essentially means that your business is liable for any debt repayment rather than you as an individual. It also allows you to pay tax via the income you earn from the company. This is essential groundwork for a startup’s success.
Throughout your lifetime, there are only two things that are certain: death and taxes. You can’t cheat the taxman, and any attempt to do so will result in a spectacular fail. Therefore, it is crucial to understand the tax system, what you owe, and how you will pay for it. If in doubt, you can hire chartered accountants to guide you through the process, and if they are beneficial, you might want to consider adding them as a permanent business expense. Filing your taxes can be complicated, so having an accountant on hand could be money well spent. Furthermore, the outstanding ones will advise on areas to save money from the creative use of deductibles. This might come in charitable donations to understand what you can classify as a business expense.
People are often influenced by those who surround them. Therefore, unless you plan on remaining a one-person operation, you should consider hiring skilled employees to help you to move the company forwards. Your main job is to be visionary, lead the company to new highs, and get the most out of your team. If you look at Microsoft, Amazon, Facebook, and Apple, if you were to name the prominent people, most would know who to say. This is because they had the ideas and led their various companies to success. Moreover, you must develop adequate delegation skills. This means that you should know when you need to do a job yourself or delegate the task to a team member who is better suited to it.
Source : https://www.mikegingerich.com/blog/these-7-things-can-contribute-to-a-startups-success/
