How to make your start-up a success

If you are planning to start your own business, you need to be aware of some pitfalls that can come your way when you commence your journey. If you negotiate your way deftly through these pitfalls, you are likely to succeed in your new venture; however, if you fail to steer clear of these pitfalls, then your start-up could be heading for the rocks. It is always better to be prepared than to be sorry. So, here is the checklist:

Choose your partners right: If you are planning to go solo and chart your own course, there would be no issues, but if you are setting up a partnership firm, it is absolutely essential that you choose the right partners. Your partners have to be on the same wavelength as yours and they have to have the same passion, vision and commitment to make the start-up a success. If not, your fledgling start-up would be grounded even before taking off.

Get the right talent on-board: It is important to hire people who have the right skill-sets to take on different responsibilities at various levels in the company. Cutting corners on this count and burdening others with extra responsibilities they are not qualified or experienced to discharge can lead to frustration and discontent among the employees, which could ultimately lead to failure. Therefore, hire small, but hire right.

Offer the right product/service at the right time: You need to identify the right product or service that fills the need gap and then offer it to the customers when they are ready for the product or service. Launching the product or service ahead of time will elicit no response as the prospective customers will not know what to do with it and will not be ready for it. On the other hand, launching the product or service after others have launched it will make it a non-starter as others would have already filled the gap and you would find difficult to wriggle in the pre-occupied space. So, the right product or service at the right time is a ticket to success.

Raise funds when needed: You need to raise funds when you need them the most. You may not be able to fund all the requirements of your start-up from your pocket, so you need to source funds from formal sources (banks, institutions, angel investors, venture funds, etc.) and informal sources (relatives, friends, etc.) to meet the financial needs of the business on time. This will ensure that your business is not starved of funds at any point of time and help avoid meeting premature death.

Remain a step ahead of the competition: Start-ups cannot afford to lose guard and rest on their laurels when it comes to competition. If your start-up succeeds, a competitor is bound to show up, so be alert and respond when someone crosses your path by being one step ahead of your competition. You can do this by innovating and creating a niche for your product or service.

If you take these steps, there is no reason why your start-up should not flourish.