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5 tips to building a successful startup

Do your research

Market research should be the first stage of the startup process. Find out if there are any competitors in your area, especially if you are looking to set up a hospitality or leisure business. If you’re building a tech startup, be sure to research similar ideas online. Discover what these other companies are missing and try to integrate these ideas into your business plan. Work out how you can stand out amongst your competitors. Additionally, you should study failed businesses in your sector - learn from their mistakes to ensure your startup is successful from the outset.

Adapt to change if necessary

When starting a business, it’s never going to be plain-sailing. The market will change and you must go with it. First of all, you should be aware of all the changes in the market. Read newspapers, magazines, sector-specific websites - subscribe to daily newsletters and make sure to put some time to one side each day to study the changes in the market.

When the change does come, whether it’s a government decision or a controversial news story, you need to make sure you combat any issues that may fall on you. For example, Apple’s latest BendGate scandal, in which consumers have found that the latest iPhone model is considerably more flexible than it should be, has affected more than just the technology giant. If consumers decide to move over to Android, app startups currently using the App Store to push their products will suffer; as will producers of iPhone accessories such as phone cases and screen protectors.

Be ready and be willing to change, even if this means changing your business model completely to avoid failure. Successful startups are honest and straight-up about their business model, but not afraid to change this at the drop of a hat if needs be.

Listen to criticism

The fact is not everyone will love your idea as much as you do, and you will just have to accept it. However, when faced with constructive criticism, it’s incredibly important that you fully reflect on what they have to say.

Proactively seek feedback, encouraging engagement and dialogue with the most important entity within your business: customers. Don’t be afraid to contact relevant individuals in the industry to ask for feedback. Every piece of criticism will help you get that little bit further to completing your goal of running a successful startup.

Build a safe, secure website

Building a website is a key part of the startup process. As this site will be the shopfront of your business, you need to ensure that the branding fits in fully with your business plan. Give thought to the simple things like colour scheme, typography, navigation and logos.

It is absolutely paramount that your website is safe for consumers to use. Research shows that 54% of consumers are worried about the security of a business’ website. Thawte® SSL Web Server Certificates provide the much-needed green address bar and the Thawte® Trusted Site Seal, assuring consumers that your site is secure and your identity has been authenticated to the industry’s highest standard.

Tell everyone

Once you’ve got a good product/idea, you’re going to be apprehensive about telling other people. People will tell you horror stories of stolen ideas and lost lawsuits, but in reality, word-of-mouth is your greatest asset.

Tell your family and friends about your startup - let them contribute ideas and give criticism. If you’ve invented a gadget, get it patented and start blabbing. You never know - you may find investors when you least expect it.

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This was posted in Bdaily's Members' News section by Toby Gavin .