The first year as a startup has a lot to do with how you deal with pressure from investors and customers. While it’s normal to feel anxiety at first, it’s a natural reaction. And the best way to handle it is by understanding how to face it head-on and channeling your fears and anxieties in the right direction. The challenge lies in how to do that given the limited amount of time and capital you have. Fortunately, we’ve done the hard work for you, and here are some tips to help you get started.
The key to surviving your first year as a startup is to learn how to do what others before you did so successfully. This includes having a solid business plan and marketing strategy. The idea here is to learn how to be one person, one project, and one social media strategy away from being taken down by the larger company that might be your competitors.
Most startups go through a rough patch at some point, which is why it’s important to have a business plan that can provide a concrete plan of action that will make you and your company survive the rocky waters until things pick up. Without such a plan, you might find yourself trying to figure out how to survive your first year as a startup with no idea of what kind of business you will be in. Fortunately, there are lots of resources available that teach aspiring startups how to start building a solid business plan, marketing strategy, and social media strategies that will last through the rocky times ahead.
Focus on costumers
As for how to survive your first year as a startup, your customers are the most important thing. This means that you need to understand your customers and know how to reach out and satisfy their needs. One of the easiest ways to do this is by building a community around your new business. If you’re launching a startup that sells pet supplies, for example, then create a Facebook page or community for your business and invite friends and other local pet owners to join.
Develop marketing strategy
Marketing is very important for any new business, and especially so for startups that expect to see profits soon. The key to surviving your first year as a startup is to focus on a single vertical. For instance, if you’re a startup that makes dog collars, then focus on that one product and get to know your market. Don’t try to cater to a large group of customers by selling services like dog walking or dog grooming. You’ll be too late to compete in that market before others catch on.
Your first year as a startup will also give you the chance to develop your unique selling proposition (USP). A USP is what makes your business stand out from your competition. For instance, if you’re starting a startup that makes dog collars, then the USP for you will be the best way to ensure that people know about your business. In addition to having a unique USP, you must also make sure that you understand the needs of your target market and how you can help them in the future.
Use social media
As a startup, it’s essential that you take full advantage of all forms of media, including social media. The first year of your new business will have a significant impact on how you build a social media following. For instance, if you were to launch an e-commerce site, then you would need to have video content uploaded to YouTube and Facebook regularly. If you fail to do this, then you risk losing potential customers because they won’t feel that you have anything to offer. On the other hand, if you do post high-quality video content on Facebook regularly, then you can attract new customers who will likely want to know more about how you can help them.
Most startups struggle through their first year because they don’t fully understand the culture of their industry, or they don’t fully grasp the challenges ahead. This is why it’s important to have a public beta testing period. A public beta will help you gain a foothold into the market, give you an opportunity to work with customers in a free setting, get your first impression over, and allow you to make any adjustments needed along the way. A public beta also allows you to develop your sales process and sales page so that you know you’re ready for prime time.