Everyone wants to build a successful startup in the world of high tech and make a big impression, but not everyone makes it. Some even give up on the dream entirely. However, the principles that make such ventures successful are also relevant for small and medium-sized businesses. If you think about it, even huge companies like McDonalds or Nike were once some kind of startups that eventually grew to
huge proportions. So what are the leading startups doing right and how can you, as the owner of a small store or restaurant, learn from them? Here are a few lessons you might want to consider:
1. Build a long-term forecast
Many small businesses think in terms of how much money they make each month. This makes sense. Of course, the most important thing for you is to cover your expenses each month and make sure your family has something to eat. The daily life of an entrepreneur is always difficult, whether you’re talking in terms of a technological start-up or a restaurant. You’ll always be squeezed to your limit. Startups build a financial forecast for the next six months at least because they are in survival mode and this allows them to navigate their budgets and set goals.
Consider whether your business plan can be expressed in a 6-month or year-long financial forecast.
2. Always set goals for growth
Startups always need to be achieving growth, whether they are before or after the hiring of employees. Small businesses can think in terms of goals (or KPI – Key Performance Indicator). The goal could be that customers visit your business more frequently, spend more money each time they visit or even stay longer each time. If you think about it that way, you’ll benefit from financial growth sooner or later.
Choose two such factors and think about how to increase or improve them.
3. Marketing is just as important as the development
When an entrepreneur thinks of an idea for a startup, his first instinct is to lock himself in at home and develop the idea from every possible direction from morning until night. That’s great, but at some point, when the startup starts to take shape, he needs to invest no less in marketing. If his idea will be so helpful to people outside, they need to know about it somehow. Another thing worth remembering is the subject of entrepreneurship. By learning real estate entrepreneurship, you can give yourself tools that will help you in your efforts.
Even if you aren’t dealing with an old-style business initiative, this can still give you an education in the field along with some important tools for success. The difference between the mini-market owner and a startup is that while a mini-market owner sits behind the register and waits for customers to arrive, startups are always pushing to make progress and break out. We don’t expect mini-market owners to buy advertising space on highway billboards, but they should certainly identify the marketing channels that offer an advantage in their field.
Otherwise, you’ll just be running in place.