10 tips for a successful startup

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Startups are young companies. What makes them are innovative ideas, as well as rapid growth. With a startup you can achieve independence, develop your own ideas and generate success. There are some challenges when starting a business. For this reason, 10 tips for a successful startup are presented to you below.


Startup Team
Startup Team (Image: www.hamburg-invest.com)

1) Acquire business management knowledge for a startup.

To be able to run your own business, you should be well versed in business management issues. This does not mean that a degree in this subject is necessarily required. Nevertheless, you need some knowledge to be successful as an entrepreneur and to secure the respect of employees.


2) Find an idea

The prerequisite for a fast-growing company is first and foremost a good idea. There are broadly two ways to find and grow a business idea. First, you can look for a problem. You may be able to offer a solution thanks to your creativity and with the help of supporters. Another way is to improve an already existing offer.


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3) Set up a business plan

Without a Business plan it is almost impossible to build a startup. You need money and that from strangers or institutions. In order to convince the financiers of your plans, you need a promising concept. The business plan contains the most important information about the company as well as possible risks and the corresponding proposals for solutions. It is important that you list facts and remain factual. Pay attention to the layout and have someone else read the business plan again before you submit it to a Bank show


4) Make publicity for the company

As a new company, you naturally need to make yourself known to potential customers. There are different opportunities for this. You can go to the press, advertise on the website, use social media or set up a trade fair stand. The advertising media are freely selectable.


5) Know the target group

During the build-up steps of the startup, you must always keep the target group in mind. Is it a young customer or an older one? What are customers looking for in this company that they can't get from others? At some point, you will have to decide whether or not to go international as well.


6) Giving the company a face

At least one video is recommended, which informs the viewer about what he gets from the company and what distinguishes your startup from comparable companies. This way you build a corporate identity and emphasize the unique selling proposition of the company.


7) It all depends on the organization

Right at the start of your entrepreneurial activity, you need to be organizationally smart. Especially in the beginning, a startup tends to get lost in chaos. The time pressure is particularly great here, and in addition, not all of the manpower can be put into the company itself, but legal matters must also be settled and information provided for the state. In this respect, you should prepare daily, monthly and annual plans and delegate tasks to employees.


8) Insure yourself properly

You can't risk stopping for a day or incurring big losses in the beginning. Take out the necessary insurances as early as possible. The most important insurances include health insurance, business liability insurance, occupational disability insurance, pension plans and accident insurance. If you have established a sales force, product liability insurance is also recommended.


9) Educate yourself

There will be more and more tasks as your startup grows. The entrepreneurial, technical and marketing-related know-how must be constantly updated.


10) Find the right employees

Employees cost money. Nevertheless, it is important to hire qualified workers right at the beginning and to continuously expand the staff.

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