You’ve probably heard that most startup business fail before they even experience any success. According to study, 8 out 10 enterprises will crash within two years. Needless to say, being an entrepreneur is rather more difficult than being an employee. Yet, more millennials are embarking on the journey of entrepreneurship than any other generation before them. Sadly, some are bound to fail. Entrepreneurship is not simply having a great idea; a lot of work must accompany your vision. From time management to communication, from marketing to sales, there is wide array of skills to familiarize yourself with and even master if you want to succeed. The success of your startup lies in your hands.
Before we get into the actual management of a startup, let’s not forget the initial launch. Many entrepreneurs wish they could just get the investment to implement their ideas and visions. For lack of financial support, many projects never see the light of the day. You might be in this situation today.
Here is a few brilliant, often overlooked options, from the people who made the journey before you. Read up on everything. Oh, by the way, it is really hard to achieve success if your finances are a wreck. You could still make it but why not give yourself a great foundation?; invest in the areas that matter, do you homework and set yourself up for success.
Take advantage of crowdfunding platforms such as Kickstarter.
Simply put, crowdfunding is taking advantage of communities particularly the internet to encourage large number of people to donate small amounts of money towards your venture. According to Forbes, the 10 best crowdfunding websites are:
In 2009, Kickstarter launched. I discovered it around 2010 and since, it has become a powerful tool for entrepreneurs. For your venture, a way to get things up and going may be to seek funding from the community within Kickstarter. Crowdfunding has become a major player in the field of small businesses and Kickstarter has, since 2009, helped launch 400,000 projects and drove more than $3 billion towards startup projects.
Looking for investors and struggling to come up with the first dollars? I recommend giving Kickstarter or any other crowdfunding platform a chance – but keep in mind that you need to formulate a proper business plan to catch people’s interest.
For millennials, a crowdfunding community may seem like the best option, but you can fund the startup yourself if you have the means. Bootstrapping means that you invest your own money (savings) into the business. With this approach, there is a higher level of commitment which may be good in the long-run for the business. Opting for bootstrapping also means that if you don’t have the funds today, some time to save is necessary. Overall, the final product may take a bit longer to be release but it will be on your own terms and you won’t owe anyone money when things finally start to take off.
During and even after the bootstrapping process, it is important to be cautious with your time, money and other resources. When your startup is ready to serve the public, find good partners in order to reduce costs, hire contractors instead of full-time employees, and invest in your salespeople to make sure you’ve got good revenue coming in.
Those who make it will claim that this is the ultimate option as you save so much money (interest) by not having to pay any investor. It will take time, though, and you need to follow through with it to be successful.
Save money by serving fewer clients and focusing your strengths.
It may seem odd to reduce your market rather than expanding it, but small businesses and startups can have a lot to gain from serving only a few clients and building a strong relationship with them. Focus on mastering your craft and solely expand. In terms of marketing, this could help your budget. Companies like Facebook, Twitter, Snapchat saw exponential growth overnight many millennials think all business growth at such a rate. That is not the case. Start by strengthening the core of your business and only expanding once you’ve built a solid foundation.
There are obviously other avenues when it comes to raising funds for your startup. Traditionally, entrepreneurs would reach out to a bank and apply for a business loan. This could be a viable option for your business. However, before you contact a lender, do some research on how to get a startup business loan.
What works for one business may not work for yours so as you are searching for ways to kickstart your business, be aware of random advice. Reach out to those who have successfully gotten their enterprise launched, especially those in your field. Remember, it’s simply not easy as an entrepreneur but the rewards are worth it.
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