how to succeed as a start-up

HOW TO SUCCEED AS A START-UP

Start-upMonetization

That’s a difficult truth to grasp.

A recent study asserts that only 10% of start-up businesses succeed.

90% of start-ups fail.

If you have launched or are considering a start-up business, it’s important to understand what will set you up for success and what will lead to failure.

Success

1. Competition is steep.

It’s impossible to know how much money, support, and resources your competitors have, and the playing field will never be even. Know what resources you have going for you - your track record, partnerships, local support, etc. - and embrace them. Fully understanding what you already have at your disposal will help you identify where you’re lacking resources and where to focus investments that level the competition.

What do all successful start-ups know?

2. Money will be tight.

If you’re successfully able to keep your day job in the beginning phase of your start-up, it’s a good idea. As with any new business, you won’t turn a profit right away, and you’ll need funds for pretty much everything: providing the product/service, labor, marketing, etc.


3. Plan, then do.

No doubt you have to-do lists covering every inch of your living room right now, but you made those lists for a reason. Follow them! Don’t pass over steps that are tedious just because they aren’t exciting or don’t seem important at the moment. Your grunt work will pay off. One day, you’ll have much bigger issues to deal with than, say, filling out the proper business documents, but right now that paperwork matters. Prepare for it all, and don’t skip a step.


4. You need more than a good idea.


You can have the best idea out there, but unless you properly develop and position it in the market, you won’t have a business. There have been many a pioneer who had great ideas but failed to businesses with imitation products - simply because the others had a plan behind the idea.

5. Speed matters.

Make sure that speed is part of the plan you create. Successful start-ups are ones that reach their goals in their estimated timelines. Not only does delivering results in a given timeline mean that you’re on track to get things done and achieve bigger milestones, but speed also keeps stakeholders (everywhere from investors to customers to vendors) happy.


6. Stay determined.


As a start-up, you are guaranteed to run into obstacles. Any business is guaranteed to run into obstacles. Yet only the businesses that anticipate change, adapt to circumstances, and stay strong will last. Know that technology, budgeting, and the economic climate will change, and prepare yourself in every way you can for what’s to come. Then, get ready to fight the good fight.

7. Understand your finances.

Cash flow is the bottom line of a start-up, as well as what will enable you to create a product, make sales, grow business, do anything. You must always have enough cash on hand. Business will, as Forbes puts it, “be ruined with inadequate capital.” Have full knowledge of your cash flow and financials, and like any other essential component of your start-up, prepare for what’s next. Do you have a large contract coming up? Do you need more equipment or staff? Understand how much capital you’ll need and when you’ll need it.


8. Financing does the work for you.


In order to optimize cash flow and keep as much money in your business account as possible, the most successful start-ups avoid paying total invoices and instead opt for monthly or even seasonal payments on equipment. Taking advantage of smaller payments keeps the maximum amount of money in the bank for any other surprises that may (read: will) come the way of your start-up.

Triton Capital helps you get there.

what are you willing to do to succeed?

If 90% of start-ups fail,

How can we help your start-up succeed?

Call today for a free consultation and to learn more.

877-822-1333 tritoncptl.com

http://tritoncptl.com