5 tips on how start-ups become successful!
Marketing
Posted 03 Apr 2023
What do Uber, Chuxing, Xiaomi and Airbnb have in common? They are all successful start-ups that have fought their way to the top of the most well-known start-ups worldwide. The term start-up means recently founded companies that are still in the entrepreneurial early stages but already show promising development potential. But how do they become so successful? Right from the start, appropriate communication plays a crucial role.
The following five tips will make the development of a successful start-up company gradually more realistic:
Behind every business start-up is an idea. But nowadays, it doesn’t seem so easy to develop an innovative idea that doesn’t yet exist on the market. Mobile festival lockers, frozen yogurt for dogs or edible flower bouquets – all of these already exist. However, it is not always necessary to come up with a new or even unusual idea to achieve great success in founding a business. Modern society usually likes things quick and easy. Therefore, an idea that makes everyone’s life easier and creates great added value due to its practicality is suitable. Consequently, the key to success is to create a solution to existing problems – because, as we know, less is more.
You might also be interested in this: Start-ups in Germany
No company has become successful overnight and especially in the early stages, hurdles along the way are to be expected. Our tip for the beginning: the right ambition. Despite intensive planning, problems or complications can arise. Everything will never go perfectly, which is why it is important to keep a cool head and overcome the difficulties. However, when a “shitstorm” is brewing, a functioning crisis PR is essential to actually act in a calm and considered manner. Appropriate communication to the public and within the company itself is the key to success.
You can find more about crisis PR and how it works here:
Excellent success is difficult to achieve and execute without a team. It is important that the team is both motivated and interested, and that it complements each other so that above-average skills can be put to the right use. Coupled with the innovative idea, excellent teamwork contributes significantly to success. Although individual founders can also be successful, they need a certain degree of management skills, such as the ability to lead others or solve problems. However, qualified staff should support the founder in a timely manner. This is only possible if the company’s internal communication works. Due to transmission errors, whether technical or human, information is lost, misinterpreted, or incorrectly implemented.
You can read about how excellent internal communication works here.
Probably the biggest challenge is financing your own business idea. Many start-ups fail mainly because the turnover has to be budgeted correctly to avoid insolvency. If there is no sufficient financial reserve at the beginning, it will be difficult to put the project into practice. The founders should consider in advance how much capital is needed to implement the idea and as their own salary. Incubators or venture capital are advisable here in order to be guided into the market by an experienced founder. Another advantageous method is crowdfunding, an alternative form of financing for ideas and products of all kinds. Through grants and donations, these start-up projects can thus be realized.
You have never heard of crowdfunding? Then read our blog post about it now:
It often seems better to bring a product to market as quickly as possible, but with the most necessary functions. Otherwise, there is a risk of so-called overengineering, i.e. the danger of sinking into one’s own perfectionism. The will to get everything right and complete at the beginning usually keeps the founder from publishing the idea. This would be counter-productive because the beginning of a start-up requires a test phase. This is a practical way to get feedback on what can be worked on in the next phases and what can be optimized. In turn, effective marketing and successful PR are necessary so that the idea is marketed with results and concrete feedback is received. In this way, one’s own perfectionism does not stand in the way of the project and the idea is gradually completed through the increasing brand awareness.
You might also be interested in this: Successful content marketing for more visibility.
Increasingly, start-ups understand the complexities of achieving success. Nevertheless, it is not easy to succeed in the market and actually achieve the desired result. The most important thing is to have an idea that convinces and excites the users. With a lot of patience and well-thought-out decisions, the whole project matures from day to day. However, it is important to have a qualified team at your side that supports each other. The financing of the whole project must be well managed to avoid unnecessary expenses. In this way, the risk of potential insolvency is reduced. So that one’s own perfectionism does not interfere with the project, the so-called “Minimum Viable Product” should be published. All in all, however, it is a high-risk area that should not be taken lightly. In addition, sufficient information should be gathered, whereby these 5 tips represent a successful start! According to the slogan: “No risk, no fun!
Communication Advisor at HBI Helga Bailey GmbH – International PR & MarCom
Annika Müller has been supporting HBI in the areas of PR and marketing since 2022.
As a Communication Advisor, her responsibilities include the creation of professional articles & the conceptualization of social media postings.
Furthermore, Annika is involved in directly assisting our client work.
