Here are some ways which can help a startup survive even though it doesn’t receive funding
New Delhi-Oct 26, 2016. Rednewswire/-
With the growing horizon of startups in India, there is a lot of competition and the competition also leads to investors being choosy when it comes to money. Investors cannot trust any newbie considering the huge amount of money that needs to be invested. Hence, if you are running a startup there are chances that you may not manage to get funding. But worry not, there are still ways to make your startup successful.
1. Market Analysis
Entrepreneurs first need to analyse the market scenario and then work on their product/service. The product or service being provided needs to be unique and useful as well. It should be in relation to what people actually demand. Starting up an ice cream business in winter season won’t give the best results.
Bootstrapping is funding your startup yourself. This is the best option when you are not able to trap funds from outside. It will be very of course be very risky given that you are unsure of the results but looking at the positive side, it will give you a sense of responsibility. When your own money is at stake and you have the fear of going bankrupt, you will work more efficiently. You will also think of various ways to cut down the costs.
Startups provide freshers an excellent chance to learn and prove themselves. Many startups today pay handsomely to their employees to ensure that they don’t get driven away toward more established and well-known companies. If your employees are working hard for the success of your startup, they need to be taken care of. You should be cooperating and understand their needs. Your company must have a zero attrition rate. A good working culture should be created so that people enjoy working.
Most of the startups tend to got too far while promoting their business. Though digital media has made promotions easier, making your product/services visible on the internet and showing results to people searching for it but there is a certain limit. Too much promotions can earn you fame for a short time but won’t help in building reputation. Expenditure should be planned in way that it receives maximum traffic.
5. Customer Feedback
Their is no use of wasting resources over products that don’t satisfy consumers. This makes customer feedback crucial for running a startup. Though you have your own sources to analyze the market, customer feedback is also needed. Many entrepreneurs fail here. Products or service should regularly be improved keeping in mind the feedback of the customers and their changing preferences.