How does a Startup Survive?
Spurt! turned 3 on 17th July 2024, and we celebrated it in style. We even put together a little something for you and we hope you like it. We all know how often startups fail (9 times out of 10, if you were wondering) and while 3 is not the magic number for survival, we know enough to be sure that Spurt! will go the distance. We have cracked what it takes for a startup to survive – we have supported 1400+ entrepreneurs with our tools, completed 100+ projects, and have a talent network of 1000+ experts - and to help you do the same, here are some actionable steps you can take to make sure you are on track to building a successful startup.
Step 1. Solving a Clear Problem:
Every startup founder's key is figuring out a specific problem that their business solves. It is always best to focus on solving problems in your immediate environment. Over the last 3 years, Spurt! has provided cost-effective digital solutions for startup founders in Africa, solving a persistent issue.
Step 2. Knowing Your Market:
Conduct thorough market research to understand your target audience, competitors, and industry trends. This information will shape your business strategy and help you pinpoint market gaps that your startup can slot into. If you need help with conducting research, we would be happy to help.
Step 3. Creating a Viable Business Plan:
Now that you know what you are doing and who you are doing it for, it is important to develop a detailed business plan that outlines your startup's goals, strategies, revenue model, and financial projections. A well-structured plan is crucial for securing funding and guiding your business. If you are not sure what to include or how to structure it, we are more than happy to offer our help.
Step 4. Building a Strong Team:
Startup founders cannot afford to get team building wrong. The kind of team you have determines how well you can get things done, so you need to find the right blend of talent and expertise that fits your goals and culture. This can be a long, daunting task, but we have the perfect tool to transform your hiring process.
Step 5. Securing Adequate Funding:
Analyse what your startup's financial needs are and explore various funding options, including bootstrapping, angel investors, venture capital, or crowdfunding. Adequate funding is essential for scaling your business and the lack of it has seen many startup founders fail. If you cannot figure out the type of funding you need and how to secure it, you should talk to us.
Step 6. Monitoring Metrics and Key Performance Indicators (KPIs):
Monitoring and evaluating progress are key for startup founders. Implement analytics and KPI tracking to measure your startup's progress. Regularly review these metrics and adjust your strategies accordingly. It is important to keep an eye on the key results your team should be producing and what their progress is and Sync! is the best place to do that.
Step 7. Building a Solid Brand:
Investing in branding and customer experience is one of the most rewarding decisions a startup founder can make. A strong brand differentiates your startup and helps you build trust with customers. If you need help with building a strong brand that resonates with your audience, feel free to reach out to us.
Step 8. Complying with Financial and Legal Regulations:
Ensure that your startup is fully compliant with all legal and financial regulatory requirements in your industry and region. This includes business licenses, tax, intellectual property protection, and data privacy. We help startup founders stay compliant with these regulations, and we would be glad to help you too.
Step 9. Networking and Seeking Mentorship:
Every startup founder needs all the support they can get, and connecting with mentors, advisors, and other entrepreneurs in your industry will bring that support your way. Their insights and guidance can be invaluable for your startup's growth, and you will benefit from being able to glean from their experience. Join our robust community of entrepreneurs to gain access to the helpful resources and support we always share.
Step 10. Stay Resilient:
Building a startup is a challenging experience, and setbacks are common. Many startup founders fail to overcome these setbacks, but it is important to stay resilient, learn from failures, and keep a long-term perspective on your startup's success.
Creating a healthy startup requires careful planning, a deep understanding of the market, relentless execution, and the ability to adapt to changing circumstances. While these tips will go a long way, remember that every startup journey is unique, and success often comes from a combination of factors, including having the right network and access to the right tools.
If you need help navigating your business management and processes, ASAP by Sync! 2.0 is the perfect opportunity for you. The first cohort helped 20 startup founders level up their management skills, and you can sign up for the second cohort here.
