Do you have plans for a start-up?

Beginning on your business journey is not easy and it is important that you are prepared for a lot of hard work. You have to be dedicated and perseverant to make it work. Here are some important things you need to know before starting on your start-up journey.

Know the Facts

Everyone knows that having a start-up is difficult. Of course, there is going to be a lot of hard work involved. But it is best that you get acquainted with the facts. For example, around 90 percent of start-ups end up failing. This statistic is not mentioned to scare you or deter you from beginning your journey. Instead, it is there to motivate you. You want to be part of the 10% of start-ups that thrive and go on to be successful.

Offer the Perfect Product or Service

One of the reasons why start-ups make it is that they bring the best product or service to the table. Indeed, if you offer something that is not in demand and that nobody cares about, this is not going to lead to success. Therefore, you need to do your research and ensure you are offering a product or service that people need right now and that it fits into the right market.

Get Funding

A lot of people are afraid to ask for funding. They see it as a sign of weakness. But this could not be further from the truth. A lot of successful start-ups need funding in order to get started and to succeed. This can be a lot easier than getting business loans or accessing funds in another way. For example, Tej Kohli Investments is always looking to help start-ups if they have a unique concept and a humanitarian angle. He offers start-ups the chance to grow by using his private capital and there are no third-party investors.

Consider Crowdfunding

If you are finding it difficult to find an investor for your start-up, do not rule out crowdfunding. A lot of people think that success this way is only by luck and that it can be a lot of wasted work. However, this is not true. In fact, crowdfunding can be very beneficial and be done remotely, which is perfect during the pandemic. If you do not have the time to seek out an individual investor, this might be an option that you can explore. For example, you can use websites like Kickstarter and GoFundMe.

It will be your decision whether you want to have a donation-based crowdfunding operation or an incentive-based option. For example, donation can be very successful if you are advertising a start-up that is beneficial to the wider community. For example, those in the healthcare and education sector do well. Alternatively, some people may need an incentive to offer funding for your new start-up.