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Launching a Startup? 7 Keys to Making It Past the First Year

By | Vadim Vladimirskiy | www.allbusiness.com

There’s nothing more exciting than launching a startup: the adrenalin rush of signing your first customer; the satisfaction of being your own boss, pursuing your own vision of success; and the feeling of fellowship, working with colleagues toward a common goal.

But before you sign your first office lease, take a minute to ponder this business advice. It will help you start out with a clear sense of strategy and directional focus so you can reach your goals with less budget and time waste.

7 things to know when launching a startup

Nearly 5.4 million applications to start new businesses were filed in 2021, according to data from the Census Bureau. However, 20% of businesses will fail within the first two years of being open. Making it to year three relies on starting with a well-thought-out business model that supports your company’s viability as you grow.

When you first start out, questions you need to honestly answer include:

  • Is there a market need?
  • Is the need/pain big enough that customers will be willing to pay to solve it?
  • Is the market sufficiently large enough to allow your company to thrive?
  • Does your product solve the need well?

If you can answer yes to these questions, product adoption and revenue will follow. Customers will readily spend dollars to obtain a solution or assistance to a problem that affects their operation’s efficiency and/or ability to compete in their market segment.

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Source
www.allbusiness.com
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