The business world can be complicated. We all know that the majority of startups fail. What does it take for a business to actually succeed?
I recently had the chance to meet Dev Garg, a serial entrepreneur who has founded multiple successful companies. He is the founder and President of EasyAnalytic, a leading software development firm that works with clients from all over the world, and helps them design, develop and launch their products using immersive consulting. Apart from EasyAnalytic, Dev is also the founder and CEO of EDHERO, a startup that aspires to become the world’s most preferred platform to find and work with educators globally. EdHero aims to provide educators a one stop place where they can build their online brand presence using all the latest tools and techniques and at the same time offer their services to organizations around the globe without having to learn any marketing tactics or waste years on trial and error.
Apart from building multiple successful companies of his own, Dev Garg has consulted with hundreds of startup founders, and helped them on their path to success. He has recently launched Bootstarting, a program that teaches people how to build a successful startup from scratch. The program aims to help 1 million successful entrepreneurs and enrich over a billion lives by 2030.
I asked Dev to share some tips on what it takes for a business to succeed. Here is what he had to say:
1. Choose the Right Business
Making a business successful doesn’t come from sheer luck; there is work involved. For you to become successful in the industry, you have to make sure to choose the right business.
In order to do that, you have to do some research. If you want to create a business in your area, research on what your community needs.
For example, if you find that there aren’t a lot of computer parts and services shop in your area, you could look into that. Be sure to research everything before you get started.
Choosing the right business is essential. If you choose a business that isn’t solving a pressing need for customers, then it will most probably not succeed.
2. Acquire Partners
Depending on the niche you’re going to cater to and how big you want your business to be, you might need to get some partners.
You see, business requires capital and if you’re the sole proprietor, you need to have access to decent amount of capital to cover your initial few months of expenses.
However, if you forge partnerships, the money that is required of you will be split depending on how many partners you get. So, if you can, be sure to acquire some partners to help you.
Apart from that, getting partners who compliment your strengths adds value to your team.
So, if you are starting a product-based tech startup, and you think you aren’t good at technology, then get a partner who is a developer. This will ensure that everything from the development end goes smoothly.
3. Make Payments on Time
When your venture is already up and running, there are a couple of things you need to keep in mind. Remember that any earning entity is taxed, therefore, your business will also have to pay taxes as well.
Make sure to pay your business taxes to avoid any problems. Aside from that, depending on the nature of your business, you have to put money into production, hiring employees, acquiring equipment, and so on.
4. Invest in Your Business
Your business is an investment in itself, but what I mean by this is that you really need to pool your available resources for it to take off.
It is not just a matter of paying something like a venue or the equipment because businesses do not work in a linear fashion.
There are a lot of things that you have to think about when it comes to spending money for your venture and that is why you need to invest time, money, and effort into making sure that it becomes successful in the future.
5. Understand the Risks and Rewards
Like previously mentioned, businesses do not flourish just by sheer luck. There are risks involved. But, if you’ve planned things right, your venture can be a great money-making machine.
But, before that can happen, understand what you’re going into. Make sure that you do the necessary research and come up with a solid business plan.
If things like financing and other business lingo is a foreign matter to you, it is best to hire people for the job. Understand that there are risks, but there are also great rewards if you do things right.
If you want to put up your business, you have to do the necessary things in order for it to flourish.
Choose the right business by doing some research first, get some partners to help you financially, invest your resources in the business, make payments on time, especially the business taxes, and understand that setting up and running your business smoothly has some risks and rewards as well.
Dev Garg has some really useful insights to share. I’m sure if startup founders follow his tips, their chances of succeeding would increase immensely.