5 Things Successful Start-Ups Have in Common

Starting a business isn’t easy. It takes a lot of hard work, commitment and tenacity.

But that isn’t all.

Putting in the work won’t get you very far unless you’re working on the right things. If you really want to be successful, you need to look at what other successful start-ups are doing. Here are five things they all have in common.

1. They start with a strategy

How do you know what to focus your time on if you don’t have a strategy?

This should be the first thing you do. A strategy underpins your entire business — giving you a plan and targets to work towards.

You don’t have to write a 100-page document. Most successful start-ups can fit their basic strategy on one page — keeping it short and straight to the point.

A successful strategy outlines your mission, purpose and values — as well as the key goals you want to achieve in each business area. It should end with a set of targets that you plan to hit in the next weeks and months.

For your long-term strategy, try not to think too far ahead. While it’s important to have a vision for the future, it’s hard to set concrete targets beyond the first year. So start there — and revise your strategy regularly to ensure you keep moving in the right direction.

2. They prioritise technology

The majority of businesses now depend on technology to survive. From marketing to administration, it plays a role in all key business areas.

This means downtime is costly — and can even put cash-strapped start-ups out of business. Successful business owners know this and put plans in place to ensure it doesn’t happen to them.

Did you know Amazon once went offline for 49 minutes? It cost them $5.7 million in sales. Learn from their mistakes and put your technology first.

3. They conduct in-depth market research

If what you’re selling isn’t desirable, people won’t buy it. It’s not enough to assume people want your products and services — you need to get out there and find out.

Even if you know there is a gap in the market for your business, market research can help you figure out how to sell to your target market. What are their biggest problems, and how can you help solve them?

4. They stay focused

When you start your own business, it can be hard to know where to focus your efforts. Your strategy will help you figure this out — but then what?

Successful start-up owners know they need to stay focused. They don’t jump from one shiny object to the next, but work hard on the tasks they know will deliver results.

5. They invest in the right things

If you want to grow, investing in your business is important. But it’s also important to keep an eye on your profits and use them wisely.

Successful start-ups stay on top of their finances. They know when to invest — and when to cut down on spending to protect the bottom line.