5 Factors That Are Preventing Your Startup from Becoming Super Successful

5 Factors That Are Preventing Your Startup from Becoming Super Successful

Startups are born from great ideas. Whether it is Uber, the car-hailing app, AirBnB, the online hospitality service or ‘Dropbox’, the file hosting service, each of these businesses started with a single great idea. The timely execution of the ideas in the right manner resulted in their massive success.

However, not all start-ups can get off the ground. Why? It is because the owners often overlook certain factors that can contribute to a startup’s success.

In this post, we will discuss five factors that may be preventing your startup from becoming successful and also touch upon the ways to overcome them:

1. Having the Wrong Mindset

According to Stanford psychologist Carol Dweck, “It’s all about your mindset.” Successful people tend to focus on growth, solving problems and self-improvement, while unsuccessful people think of their abilities as fixed assets and avoid challenges.”

If you want your startup to be successful, you need to have the right mindset. Everybody is out there to earn money, but you need to prepare the ground, get a good grip over your circumstances, and then go on to earn money.

Focus on building relationships with your customers, business associates, employees and everyone who matters to your business. Relationships are not built in a day, you need to work hard on the marketing aspects, expanding your abilities and formulating up your company policies to foster relationships.

Most entrepreneurs have limited budgets, so it is their mindset that helps them sustain their startups  in the early years. Once you set the ground, money starts to pour in.

2. Lack of a Documented Content Strategy

Content marketing is the most powerful marketing tool for start-ups as it helps them gain  visibility, improve brand awareness, and cut through the noise.

However, having a content strategy is not enough; documenting it is important to ensure success and reap the best benefits. According to Content Marketing Institute’s ‘2016 Benchmarks, Budgets, and Trends—North America’ report, “53 percent of the most effective marketers have a documented content marketing strategy.”

Take the example of Leadpages, automated software that helps users build custom landing pages for their brand. The company maintains a blog full of useful resources that help readers improve their online marketing efforts.

The company also invests in an email campaign to keep readers in the loop. Leadpages also offers webinars and tutorials suitable to its platform. Maintaining a diverse content marketing campaign would have been impossible without a documented content strategy. The company focused on the right areas and its subscriber base grew from zero to 15,000 in just one year.

3. Not Targeting the Local Market First

Going global has become a lot easier. With the advent of the social media platforms, you can easily reach out to people in other parts of the world. But when it comes to marketing your startup, you should begin with local audience and then expand your reach.

According to Wordstream, “72 percent of consumers who did a local search visited a store within 5 miles.” Moreover, reports from Google indicates that 30 percent of all mobile searches are related to a location.

Start-ups can get enough traction by targeting local markets, as it is almost impossible to compete directly with larger competitors in other geographic locations. The benefits of targeting local markets include:

∙Access to familiar markets.

∙Low execution costs

∙Better scope of experimentation

∙Scope for quick improvement

Just because you operate locally does not mean everyone in your location will be interested in your products. Therefore, you need to identify your ideal customers. For instance, if you manufacture turnstile gates, you need to target shopping malls, retail shops, office complexes, and other customers who have a need for products that you create.

Identify your ideal customers by using various analytic tools and identify the keywords that your ideal customers would use to find products similar to yours. Use them strategically within your content. Create a documented content strategy to reach out to ideal customers and increase trust and loyalty among local customers. Once you have a strong grip over your local market, you can consider expanding your reach globally.

4. Security Matters

The Internet has brought along with it unprecedented resources and opportunities for both individuals and organizations. At the same time, it has also brought along a number of risks.

With the increase in ransomware attacks, ensuring security has become even more important. According to a June 2016 survey from Osterman Research, one out of every two respondents indicated that their organization has suffered at least one ransomware attack in the past 12 months.

Startup owners often overlook the security factor, because they start small (with a handful of resources); however, security still remains important. Therefore, start-ups must invest in firewalls and encryption software to protect their online identity and intellectual assets.

Physical security is also important in order to help organizations protect physical assets (laptops, servers, documents, etc.) and ensure better employee safety. Investing in alarms, fire alarms, and video surveillance cameras can be beneficial for a start-up. Even though  you may have to invest a lot of money in the initial costs, high-tech security features will help sustain organizations in the long term.

5. Not Having a Crisis Management Plan

If you think crisis only hits large corporations, think again. Start-ups are vulnerable to the crisis too and not having a plan can result in a complete close-down. Crisis can come in any form, ranging from a PR crisis, losing an important client, facing a new competitor, manufacturing a defective product, or missing an important deadline.

Take the example of how Uber handled a crisis when a group of Uber drivers posted a letter that tainted the company’s reputation. The letter was about how the 35 percent rate cuts affected drivers’ pay. The letter went viral almost immediately. However, Founder and CEO, Travis Kalanick handled the situation smartly. Within hours he posted an article about the gross hourly rates for drivers in New York City, which featured data indicating a 6.3 percent increase in the drivers’ gross hourly rates in 2015.

Therefore, by having a crisis management plan in place, you can overcome any crisis situation.

Conclusion

Starting a business can be very exciting, but sustaining is the toughest part. Small mistakes can lead to huge after-effects, so make sure you take every step carefully. By addressing the factors discussed above, you can ensure success for your startup and grow your business rapidly.

Do you have a story to share? We would love to hear it!

Author-bio

Rachel Oliver is a freelancer who has a way with words. She likes to write about anything and everything under the sun, but themes like business, self-improvement, motivations, interests her more. You can get in touch with her on Facebook, and Twitter.


We make starting a business simple.

We make starting a business simple.

Our courses will show you exactly how to start and run a business

Our courses will show you exactly how to start and run a business

Learn everything you need to know to plan, start and grow a business

We’ll show you what to do right from the very beginning. You’ll learn how to find your idea, write your business plan, attract customers and all the other steps to building a successful business.

Our courses are taught by real entrepreneurs

You will learn from BusinessTown’s highly experienced experts and entrepreneurs. They will share their experience, wisdom and skills with you. And they will guide you through every aspect of planning, starting, and growing your business. 

Start a business you love, earn more money and live the life you want

Our easy-to-follow video courses will quickly teach you how to start and run a business. Our courses can turn your dreams into reality even if you don’t have a business idea or don’t know where to start.

You’ll find a course that’s perfect for you

Get unlimited access to 130+ courses. We cover it all…from finding your idea and creating your plan to making sales and building a successful business. No matter where you are in your business journey, there is a course just for you.

Learn at your own pace and on any device

Take all the courses you want. Anytime. Anywhere. Any device. Watch one video lesson a day (average 7 minutes) or binge watch the whole thing. It’s up to you!

Explore our top 3 courses and start learning now

OUR #1 MOST POPULAR COURSE

Start-a-Business 101

This course will teach you all the basics of starting a business. You will be guided step by step through the entire process of starting a business and becoming an entrepreneur.

FEATURED COURSE

How to Find a Business Idea

Learn how to find a great business idea with this course. Discover how to generate awesome business ideas, how to evaluate and validate them and how to choose the very best one for you.

FEATURED COURSE

How to Create a Business Plan

Learn how to create an excellent business plan from scratch! This course will walk you through every step from start to finish. You will be guided by instructional videos, a sample plan and a fill-in-the-blanks business plan template.

Get unlimited access to all these popular courses

You’ll get all the tools you need to succeed

You’ll get all the tools you need to succeed

Fill-in-the-blank templates and 50+ other tools will show you exactly what to do at any given step. They will save you time, keep you organized and help you get your business up and running as rapidly as possible. 

Our most popular tools include:

  • 300 Best Business Ideas, 111 pages
  • Business Idea Evaluation Worksheet
  • Ultimate Startup Checklist, 18 pages
  • Business Plan Template, 29 pages
  • Sample Business Plan, 35 pages
  • Marketing Plan Under $2k, 12 pages
  • Financial Statement Templates

What they are saying

What they are saying

Watch the video tour and get ready to become your own boss

Play

BusinessTown founder Bob Adams’s courses and books have been featured in:

Learn how to start a business with our video courses

130+ courses

Unlimited access

50+ tools

Templates & more

Discussion board

Get expert answers

Frequently asked questions

BusinessTown is an e-learning platform built for people interested in starting and running a business. 

On BusinessTown, you get unlimited access to 130+ business courses taught by real successful entrepreneurs and highly skilled experts. You also gain access to 50+ business tools and to our discussion board, where you can get expert answers to your business questions.

No matter what you want to learn or where you are on your business journey, there is a course for you. 

Marketing, ideas, financing, planning, naming, how to get started… BusinessTown covers everything you need to start and run your business right. 

The courses are available anywhere, anytime, on any device, and you can take them at your own pace. 

Create your BusinessTown account to get started and try BusinessTown free for 7 days. 

BusinessTown includes unlimited access to 130+ business courses taught by real successful entrepreneurs and highly skilled experts.

You also get full access to 50+ downloadable tools like worksheets, templates, and samples, and to our discussion board where you can get an answer to any business question you have. 

BusinessTown is $19.95 per month. It provides unlimited access to all 130+ courses, all tools, and our discussion board, where you can get expert answers to your business questions.

We offer a free 7-day trial. If you decide that BusinessTown is not for you, then just cancel within 7 days of starting your free trial and you will not be charged at all.

If you wish to cancel your BusinessTown account, you can do so through your account page under the Billing section. 

If you have any questions, email us at bbisson@businesstown.com. We are more than happy to help!

BusinessTown includes 130+ courses on all business topics: Getting started, business ideas, business plans, strategy, marketing, websites, social media, online advertising, finance, accounting, leadership, sales, legal issues, home-based businesses and more!

Looking for a business idea? Why don’t you check out our course How to Find a Business Idea. 

Do you need help creating your business plan? We’ve got you covered. Take a look at our course How to Create a Business Plan.

Do you want to be walked step by step through the entire process of starting a business? Check out our ultimate course, Start-a-Business 101. 

Are you not sure that you are ready to start your own business? Consider our course, What It Takes to Start a Business.

Are you looking for financing for a new or existing business? We offer 5 courses on financing a small business. We suggest you start with the course, How to Finance Your Business.

Do you want to learn about marketing? Because it’s so important, we offer over 30 courses on sales and marketing. Consider starting with the short course, Developing Your Marketing Message.

Want to learn about marketing online? We offer 5 courses on creating websites, 6 courses on digital marketing and 5 courses on promoting through social media. To get started we recommend the course, The Complete Guide to Digital Marketing.

Looking to get inspired and learn how other entrepreneurs succeeded in starting and growing their businesses? We offer several courses on this including, How to Succeed as a Woman Entrepreneur.

Do you already have a business and are looking to improve it? We have several courses on this topic. Try starting with the course, How to Boost Profits.

No matter where you are on your business journey, there is a course for you.   

On BusinessTown you have access to 50+ downloadable tools like worksheets, samples, and templates to help you start and run a business. 

Our most popular tools include:

The Ultimate Startup Checklist, 18 pages 

The 300 Best Small Business Ideas ebook, 105 pages 

The Complete Business Plan Template, 29 pages

Complete Sample Business Plan, 35 pages 

Sample Marketing Plan Under $2k, 12 pages

One Page Marketing Plan Template

One Page Sample Marketing Plan

50 Guerilla Marketing Tactics Worksheet, 8 pages

Business Idea Evaluation Worksheet 

8 Basic Steps to Making the Sale Template

Sales Presentations that Your Customers Will Love Template

Sales Presentation Sample Dialog

50 Ways to Generate Endless Sales Leads Worksheet 

Cold Calling Script Template and Sample

Emails that Land Sales Template and Sample

Voicemails that Get Callbacks Template and Sample

Income Statement Templates and Samples

Balance Sheet Templates and Samples

Cash Flow Templates and Samples

Calculate Depreciation Template

Key Financial Ratios Sample

How I Started a Successful Business with No Money and No Experience, Case Study

Key Questions to Select the Best Business Idea Worksheet

Validate Your Business Idea Worksheet

Using the 6-Step Approach to Choose a Business Idea Case Study

21 Easy-to-Start Part-Time Business Ideas Guide

42 Home-Based Businesses You Can Start Guide

Why I Repeatedly Changed the Legal Entity of My Business, Case Study

Evaluate Customer Segments and Competitors Worksheet

Differentiate Your Business from Competitors Worksheet

How I Differentiated My First Business in a Crowded Marketplace, Case Study

Creating a Press Release Template and Sample

Marketing Bob’s Rent-A-Bike, Case Study

Planning, Designing and Creating Your Website Worksheet

Search Engine Optimization Worksheet

50 Blog Post Ideas Worksheet

50 Creative Online Marketing Ideas Worksheet

Evaluate Potential Names for Your Business Worksheet

How I Financed Buying a Business Case Study

Cover Letter to Seek Financing Sample

Collection Letter Samples

The Four Quadrant Theory of Time Management Graphic

BusinessTown courses will show you how to start your business right and grow it into a highly successful enterprise. 

You will learn from highly experienced entrepreneurs and experts who have been there and done it. You won’t have to learn by trial and error. You won’t have to guess what to do next. BusinessTown courses will guide you through your entire business journey.

Even if you are a beginner you will quickly learn how to start a business you love. If you already have a business, BusinessTown will show how to grow it and make it better.

By just watching one video lesson a day (about 7 minutes average) you can quickly ramp up your business knowledge. No matter where you are on your business journey, there is a course for you taught by an expert on BusinessTown.

What would you like to learn more about today? Starting a business? How to find a business idea? How to write a business plan? How to do your marketing? How to build an online presence? How to get financing? How to prepare financial statements? BusinessTown has courses that cover all these topics and hundreds more.

So if you want to become a smarter entrepreneur and start and build a successful business, you’ll want to start streaming the courses on BusinessTown today.

Copyright © 2021 BusinessTown LLC. All rights reserved. BusinessTown ® is a registered trademark of BusinessTown LLC.

QUIZ: WHAT BUSINESS IS BEST FOR YOU?

QUIZ: WHAT BUSINESS IS BEST FOR YOU?