Daily Archives: December 14, 2017

What Your Startup Needs to Succeed

The office of a startup businessChamath Palihapitiya, founder, and CEO of Social Capita said that it is in starting businesses that people create many interesting things. It is with starting businesses that innovations arise — things we did not know of before now exist.

The idea behind his latest venture is to provide funding for startups without knowing their age, race, gender, or other social biases. You’ll never run out of options when looking for funding for your startup. All you have to do is come up with the following:

A Business Plan

What’s a business idea without a plan for action? This is the proof you show lenders when applying for online startup business loans to convince them that you know where you want your startup to go. It’s not just about dreaming; it’s about making things happen. Just ask TAB Bank.

A Unique Approach

Starting a business can be scary, but the one thing you shouldn’t do is be a copy-cat of another business. Come up with a unique approach to selling your products or marketing them. Be a little more creative, but remember to address pain points of your consumers.

Understand them through surveys to know what they’re looking for. Be accessible to them and show them you have their best interests at heart. These days, tackling a social problem while selling a product seems to do wonders.

An Alternative

Your original business plan is not showing the results you expected? Don’t give up just yet. There should be a plan B — something that steers your startup in a different direction and uses the resources you already have to start something new. For instance, that product can be used to address a different need than what you originally intended it for.

There’s no guarantee that your startup will succeed on the first try. But if you work hard and use your funds wisely, you’ll go far.