Developing a startup can be tough, especially when so many of them fail in the first few years. Typically, the situation gets even worse after the first five years as even those who survived tend to disappear. No matter whether you are about to create a cheap essay writing service like CheetahPapers or want to develop some new cool app, you need to know what to expect before you launch your startup.
If you want to create a service that helps students deal with their academic writing assignments, you need to keep in mind that there are already lots of cheap essay writing services where they can order cheap essay papers in a few mouth clicks.
Therefore, your cheap essay writing company should offer something innovative. In case you want to enter the market of mobile app development, try to focus on creating a completely unconventional product to stand out from the crowd. Even though making mistakes is inevitable, what you can do is familiarize yourself with the main reasons why startups fail and try to do better. So, here they are.
IMAGE: UNSPLASH
1. Lack Of Market Demand
A lot of startups fail because they are unable to conduct a proper market research to see whether there is actual market demand for the product or service they want to provide. If you want to know what percent of startups fail, it’s around 40%. When there is no demand, there won’t be any cash flow, and your startup will fail sooner than you expect.
For instance, you want to help students succeed in academia and start a cheap essay writing company. Keep in mind that there already is an abundance of such agencies on the market. Unless you are able to create and develop the cheapest essay writing service to lure customers by offering the lowest prices on the market, there is a very high chance that your startup might fail.
2. Too Much Focus On Design
One of the most significant aspects in startup launch is to think about all its aspects and to make sure that everything is covered. If you are too focused on the design of your product or service, you miss a lot of other vital aspects which will cost you both money and customers. You already know how many startups fail which is why it is vital not to put the future of your startup at risk. The tendency to focus on design is rather common as the team behind a startup wants to attract the attention of potential consumers trite away. For example, developing a catchy website of a cheap essay service is quite common. However, what most startup developers forget is that other aspects require their attention as well. If you want to develop the cheapest essay writing service that has a cool website, you simply can’t forget about the quality of services you are going to provide.
3. Lack Of Marketing Knowledge
This has become one of the most common mistakes. When you launch a startup but can’t come up with an efficient marketing strategy, the chances of your startup failing in the first few years are insanely high. You need to promote your product or service to attract new customers and to find target audiences you have not considered before. That is why, it is vital to use all available marketing instruments to make sure that you have done everything you could to promote your startup.
4. Insufficient Financial Resources
Lack of financial resources is one of the main reasons why startups fail. The inability of startup founders to plan how much money they will need, as well as how many investors they should have leads to unsuccessful startup launches.
The majority of startup founders don’t have enough savings to sponsor their creation. That is the reason why making a business plan and finding potential investors is so important at an early stage. The more money you can raise, the faster your startup will grow. What is more, having sufficient financial resources means that you can try to reach new markets and promote your business there quicker than you have planned.
5. Inconsistencies Within The Team
If you and your team don’t see eye to eye, your startup won’t have any future no matter how hard you try. Problems within the team are a well-known killer of many startups. The lack of important skills or the inability of some members of the team to meet deadlines often lead to unfinished tasks which, in its turn, results in the inability of the whole team to launch a startup on time.
One of the main reasons why it happens is because of management incompetence. A startup founder does not have to do everything on their own. The best course of action is to hire an effective manager with tons of experience in the startup field.
If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.
COMMENTS