6 Tips to Survive as a Startup in Today's Competition

09-May-2019 written by : FSI-Team

6 Tips to Survive as a Startup

To say that the startup industry has become competitive today would be an understatement. This is because the SME industry is booming and has become one of the major driving forces behind India’s economy. However, there are many things that you can do to survive this competition and emerge as a winner. These are:

1. Pick the Right Business

Many budding entrepreneurs try to jump on bandwagons and build businesses that are already popular, taking it as a safe path. However, if you really want to be successful, then don’t try to follow others and listen to your own heart. You must ask yourself, what are you really passionate about? Do you want to build some of the most advanced software for other businesses, or is it designing educational products for children your true calling? Whatever it is, build a business around because it will be something that you will never be bored of.

2. Keep the Money Ready

There is an old saying in trading- you need money to make money. So, if you want to be prepared for the market competition and capitalize on any opportunity that you get, then be sure to have a decent amount of money in your bank account. Know that you don’t have to take business loans or personal loans for that. However, if you are able to arrange the capital through other means that don’t increase your financial liability, then you should go for it. Examples include borrowing money from friends and family or selling a moveable asset like gold or automobile, etc.

3. Create a Brand

There are hundreds of thousands of businesses in India. However, there are a limited number of these that are truly memorable and unique. So, if you want success, then you should look beyond building a business and build a brand.

A brand comprises a professional logo, mission statement, vision, and values. By taking your time working on these, you can give your business a distinct identity and stand out from the competition. Building a brand will also allow you to reach a wide market without spending a considerable amount of money through personal loans, business capital, etc.

4. Ensure Customer Satisfaction

Your business won’t grow if you will ignore customer feedback and fail to resolve complaints. No matter how big or small your business is, you should always strive to provide customer satisfaction. This is because customer experience affects brand image. Plus, happy customers also contribute to your success through word-of-mouth marketing, especially on social media.

5. Use New-Age Tools and Resources

Gone are the days when small businesses were hindered by a lack of manpower and enterprise-level software programs. Today, you have access to tons of resources and online services that can take your business to the next level, and most of these are either affordable or completely free. For instance, for social media marketing, you have tools like Hootsuite and Buffer. Similarly, for accounting, you have programs like Quickbooks and Numberz. You can use these tools to make your job easier and grow your business without breaking the bank or checking your free CIBIL score to take help from your bank.

6. Learn from Other Businesses

An easy way to avoid some of the biggest mistakes in your business is to keep your rivals closer. By studying your competition, you can learn about the things they are doing right, and ones they are doing quite wrong and suffering due to the same. The data you can collect through this inspection can help you shape your own business strategy that has a low risk and high chance of success.

Bottom Line

The startup industry has reached new heights today. Some of the biggest and most important products in the domains of artificial intelligence, automation, etc. are launched by small startups around the world. However, entrepreneurs also have access to a wider range of resources to help them materialize their ideas. All you need is passion and creativity, and of course, it will help to have some decent capital. For that, you can check your free CIBIL score, arrange the basic documents like bank statement, ID documents, etc. Good luck!



Don't miss a bit of Credit News
Join the FSI Force