In the first quarter of 2022 alone, roughly 347,000 business startups launched in the United States. As this brand new year kicks off, it’s exciting to think about the influx of startups on the horizon. If you launched a business recently—or plan to in the months ahead—chances are, the number one question on your mind is: how do I make this venture a long-term success?
Building and executing a scalable business model is no small feat. Your to-do list is probably full of employees to recruit and hire, operational logistics to oversee, vendors to secure, brand awareness to build and marketing plans to activate. No matter where you are in the process, we recommend following these five essential startup principles:
1. Invest in a startup space (coworking is a great value)
Having a space to conduct business that is separate from your home and is NOT a coffee shop, is going to add value to your timeline. Plus, it can help you look “bigger than you are” in those early stages where perception is so important. If you want a central location to hold meetings, presentations, retreats, brainstorming sessions and training—without the overhead costs of a permanent office—Endeavor’s coworking space is an ideal solution. An annual business team membership will give you access to state-of-the-art meeting rooms, high-speed WiFi, bottomless coffee, a fitness center and an option to host team or client events and networking functions onsite. You can also build a custom membership to pay just for the perks you need.
2. Develop the right team and network.
Surround yourself with internal and external stakeholders committed to helping your business succeed. Start by hiring employees with the talent, enthusiasm, adaptability and skill set to thrive in a fast-paced startup environment. Then, build relationships with leaders, investors, mentors, and other influential contacts who can open industry doors for you. Be intentional about partnerships. The right talent and connections can make all the difference. As it happens, a coworking space is an affordable way to promote a culture of collaboration.
3. Establish an active digital presence.
According to a recent BrightLocal survey, 99 percent of consumers use the internet to search for a local business and 78 percent do so more than once a week. The data is clear—your business must be online to generate consumer attention and interest.
An active digital presence is crucial for many reasons. First and foremost, it helps you create a recognizable brand that can evolve as your business grows. It also places your content at consumers’ fingertips, driving traffic to your website and directing customers to your sales funnel.
4. Know your audience inside and out.
To sell products or services to your target audience, you must first know who they are. The better you understand them, the easier it’ll be to attract potential customers. Learn their age brackets, socioeconomic statuses, cultural backgrounds, affiliations, expectations, interests, needs, pain points, and other demographic features. In-depth consumer research is important to communicate with your audience effectively.
5. Prioritize a healthy work-life balance.
It might surprise you that one key to startup success has little to do with the actual business and everything to do with your mental health.
A new poll from The Hustle, a business and tech newsletter, found that 63 percent of entrepreneurs suffer from burnout. Moreover, a poor work/life balance can accelerate the harmful effects of burnout. If you don’t create boundaries to unplug and rest from the startup grind, you won’t be able to sustain the energy you need to run a business long-term.
From Startup to Long-Term Success
Launching a small business takes a lot of drive. It might seem like a tall order, but these five principles to startup success will help you confidently start your entrepreneurial journey. Your success is just around the corner—from boosting collaboration in a startup coworking space to building connections with your target audience, it’s time to get to work!