- June 29, 2018
- by Kate Borucka
- One comment
Table of Contents
What Does It Mean to Be a Startup?
Being a startup company in the era of mass-oriented, large businesses is like fighting a Goliath. Some of the companies own a large number of products or even organizations. It may be difficult to establish your own business, especially as a startup company. But once you have a plan and know what you want, you can be sure you will achieve success.
Unfortunately, startups have a high rate of failure. This is due to the lack of an idea and program according to which the company would work. If you’re a goal-oriented person with strong beliefs and clear vision, which will attract potential investors, you don’t have to worry about having to look for options to borrow money to finance your startup.
Thus, being a startup is not easy. It requires lots of determination, hard work, and sometimes even luck. The challenge becomes complicated when you need to face all the business giants and find your place in the market.
How to Outwit Big Competitors?
Achieving success as a startup may not come easily. In fact, no one will be able to go one better than corporations with thousands of employees located all over the world. But it doesn’t mean your business will not have a favorable outcome.
Outmatching or even matching your huge, multi-billion competitors is a tough thing to do. However, if you’re persistent and determined to achieve your goals, you’re on the right way. It’s already the first step to compete with big companies. But there are 4 more things which you will need before you start taking any other risky actions. You will find them on our list of 4 small yet effective ways for startups to outwit big competitors.
1. Choose Your Niche
According to Fortune, 42% of startups fail due to the lack of a market need for their product. What does it tell us about competing with large organizations as a startup company? That creating a product or service for which there is no demand will end up badly for your business.
First of all, you have to think about who you are aiming at and how this particular group of potential customers or users would benefit from using your product. The basic question to ask yourself when you’re a startup is, “how can I help people solve their problems with my product?”
You can also think about doing something your competition isn’t doing. Something people are willing to pay a high price for and yet nobody has even thought about creating it. It can be a product, service, anything that will make customers’ life easier.
When it comes to choosing your niche, you have to be specific.
2. Be Flexible
There are times when the economy is not stable. And that’s the point which you can use in your favor when it comes to rivalry with large companies. When things are shifting and seem to be unstable, you can easily readjust your policy or temporarily change strategies. Or apply different methodologies. But you don’t have to stick to them forever. What is more, such changes can turn out to be positive for your startup.
Yet being flexible pertains also to your employees. In today’s world, a number of people decide to go remote. You can use that to your advantage and when looking for a specialist in a given field, you can hire someone from a completely different country. With today’s technological progress, having a remote team is really easy and convenient. There are many businesses which rely on freelancers and remote workers, for example, TimeCamp!
3. Create a Strong Company Culture
You have to know what you’re basing your company on. The company culture is the fundament of a success. Its core values and mission are what employees base their work upon. If they know you care both about company and them, they will pay you off with engagement and passionate work.
What is more, where there is a strong company culture, there is a sense of belonging. This, in the result, creates a friendly atmosphere. Employees are more willing to create a strong bond and team in such an environment. And when employees are happy, so are the customers.
4. Establish Connections
Sometimes, knowing the right people is the key to the door of success. When you’re a startup, you really need supporters, advisors, and above all, investors. For that reason, it is important to be open to new connections.
It happens often that we meet interesting people in the least expected situations. You never know if your future investor is the guy sitting in front of you on the train or the woman you helped find her way on the street in your city. The same goes for finding employees. Sometimes the best ones are those whom you’ve hired by accident.
Do You Have It All to Compete With Big Companies?
Paul Graham, the co-founder of Y Combinator said, “Bad shit is coming. It always is in a startup. The odds of getting from launch to liquidity without some kind of a disaster happening are one n a thousand. So don’t get demoralized.” Failures happen in every company. But these minor mistakes are there to prepare you for the bigger challenges.
If you implement these four ways into your strategy, you will start to climb up the business ladder. Trust us, we know what we’re talking about, we’re a startup!
Do you want to find out why customers like our product and how it helps them in their day-to-day work? Register at TimeCamp today to get your free trial of the most trusted time tracking software in the market!