From struggling with loans to getting new clients, startups face several struggles. Some of these troubles can be overcome with ease, while others require investment of extensive time and budget. Most millennials harbour a dream of starting a business of their own. Taking into consideration the number of startups that have emerged in the last decade, the government has decided to do away with taxing them for the first three years of their operation.
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If you already own a startup or are looking to open one, here are seven hacks that will make your venture a profitable one:
Customise your products and services
Everybody loves something that is tailored to fit their interests and needs. Customise your products and services to appeal to your customers. This way you'll catch their attention and stand out from the crowd.
Always be sincere to your partners, employees, and customers. Only make promises you can fulfill and market your brand with honesty. If you customer finds your products and services poor, you are bound to fail.
Engage with your potential consumers
You can reach out to your target audience today with the click of a button. Make maximum use of social media but do it wisely. Innovate yourself across the different platforms available and put up content that will grab the interest of your users.
Build a strong team
Hiring for a startup is a tough task because not everyone wants to work for a small business and those who want to, quote salaries that startups can't afford. You might face this problem but don't hire in a rush. A strong team is the foundation of any startup and there is no room to go wrong in this area.
Rent instead of buying
This rule is not only applicable to your office space but also equipment that might be needed to manufacture products and services. Once you have gathered enough capital to allow a huge investment, only then should you think of buying expensive machines. There is no harm in purchasing second-hand but good quality laptops and other tech tools to kickstart your business.
Partners should be hands-on
Founders and partners have a vested interest in making the business a success and therefore should be hands-on in the first five years of the business. Their knowledge about how certain things work makes day-to-day activities a lot smoother. Since partners will always be more committed to making their startup a success as compared to the employees, they should be as involved as they can.
Competitors are a good thing
Every business has its own share of competitors. Instead of avoiding them, try to collect as much data as you can from them. By looking at your competitor's approach to things, you can find out who your target audience is and where they are located, what's missing in their product and how you can better your own product.
A business can run only if it starts making profits. While it is important to concentrate on employee retention, customer satisfaction, and other things, none of these matter if the company isn't making profits in the long run.