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Strategies for start-up success

October 31, 2014 9:59 am Published by Leave your thoughts

Starting your first small business often involves a leap of faith—but you don't need to (and probably shouldn't) rely solely on luck to determine your start-up's future. According to GoCardless co-founder Matt Robinson and Wayra director Simon Devonshire, there are concrete strategies that can land your new business on the path to profitability.

These are their recommendations:

  • Build your business around a product or service that people genuinely want and/or need. Unsure of whether what you're selling will generate interest? Reach out to your target consumers and ask them questions about their needs. Find out whether your business would address a problem that needs solving, Robinson advises, rather than providing a solution for a problem that doesn't exist.
  • Take advantage of the "digital economy" and provide goods or services online. "The world's never been more connected and technically capable," writes Devonshire. He adds that technology makes exponential growth possible. "Remember," he says, "Facebook famously has more than a billion users—remarkably, it is only 10 years old."
  • Don't get too distracted by shiny, new ideas if you're still developing and strengthening your start-up's core product or service, Robinson advises. You can always work on them later, and it can't hurt to have a solid foundation to build from.
  • Reach out to other entrepreneurs and build a network via social media. You'll gain knowledge and inspiration from those who have succeeded before you. Additionally, Devonshire recommends promoting your new venture at every opportunity.
  • Read everything you can on the subject of entrepreneurship, including business blogs. After all, knowledge is power.

When it comes to your start-up's legal interests, an experienced small business attorney in Phoenix can help you protect your biggest investment.

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