6 Tips for startups that want to dominate the market

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Every business has to start somewhere. Even if your budget is modest, with a strong vision and an even stronger team to back you up, your startup can definitely succeed in the long term. But how on earth do you start? Starting up a small business is ambitious to say the least, but these 6 tips will make your journey easier and help you dominate your target market.

Pick a good market

The initial aim behind setting up a business is usually to solve a universal or timeless problem. Begin by identifying the market where you think your startup could secure an audience of clients and consumers. Don’t be narrow in your approach. Existing markets, and their corresponding level of popularity, change constantly.

Secondly, remember to be as sustainable as you can. The better and cheaper your product is in comparison to what’s already out there, the more feasible and triumphant your business will be.

Build a dream team

No matter how skilled and motivated you are as an individual, you’re only human. You cannot make a whole business work on your own. So once you’ve set your mind on some good ideas for a potential startup, it’s time to assemble a solid team to help you execute those ideas. The joy and satisfaction in establishing your own business is having achieved it through teamwork.

Bonus tip: Don’t become too enamoured with your own ideas. Other businesses are bound to have already executed ideas which are similar, if not identical, to yours. So be open to making any necessary changes, especially following feedback from your team members.

Avoid cheap clients

It’s common for clients to take advantage of small businesses when they’re first starting out, asking for exaggerated discounts and other very generous favours. By satisfying all your clients’ demands, you set unrealistic expectations. They will keep asking for bigger and more far-fetched favours, and will never be completely happy with your work. Don’t hesitate to be assertive and shut the door on relentlessly cheap clients. Be clear about what you can do, and for how much, and don’t settle for less.

Bonus tip: Charge only flat fees for specific and well-defined deliverables. This way, clients know what they’re paying for, and you know exactly what you need to deliver.

Write everything down

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Your startup’s relationship with business partners may seem friendly and exciting at first. But once business starts booming, and money starts entering the picture, things can change. Be sure to write your recollection of all communication with your partners. Remember to highlight who was responsible for what, and how much money was invested by every person involved. You might also want to seek advice from one of the 512 Lawyers listed on Yellow.

Be honest with yourself

If something isn’t working, just stop and make change happen. When in doubt about something, ask yourself whether you honestly think it’s worth doing. If you feel that overcoming the challenge at hand is worthwhile in the long-run, take your time to tackle it, and eventually go for it. This is how you can truly flesh out the potential of your business.

Don’t be afraid of failure

Really, it’s OK. It’s impossible to succeed at every single thing you attempt. Instead of feeling defeated as a result of failure, change your mindset. Don’t think of failure as the final unchanging outcome that you can’t recover from. Shift your thoughts onto a more positive, yet still realistic, note. Instead of focusing on the negative aftermath of your actions, pick yourself up and plan a way forward. In time, you’ll look back on your failures and realise that they were an inevitable part of your learning experience towards building a successful business.

 

Ready to launch your startup and take over the local market? Consult any of the 30 Investment Services Providers listed on Yellow.

And why not give your small business an effortless boost with a mini-site on Yellow?

There’s something for everyone, including startups. Visit yellow.com.mt!

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