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Strategies for Startups: How to Stand Out in Your Field

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In this business brief by Todd Katz, ways to get ahead in business are offered to those trying to start their own venture.

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Strategies for Startups: How to Stand Out in Your Field

  1. 1. Strategies for Startups By Todd Katz How to Succeed, Stand Out in Your Field
  2. 2. “Be Your Own Boss” • Ignore the tired of phrase of getting to be your own boss. Realize that starting your own business is about offering a product or service in a market where none previously existed. • For those considering starting their own business, it’s important to consider the pitfalls of such a venture. More than half of such U.S. startups have failed annually. • Todd Katz, who has decades of financial sector leadership experience, suggests those looking to launch a business seriously consider the following tips – from thinking up an idea to keeping customers coming back.
  3. 3. Laying the Groundwork • If you’ve got an idea for a product or service, take a look around and ensure that nobody else is already offering it or something similar that could possibly detract from your business. • We know that money is always tight. If you need capital to get your business off the ground, consider investors who’ll help you kick start the effort. • Industry experts say restaurants and retail stores have comparatively high failure rates. Plan accordingly and don’t say we didn’t warn you.
  4. 4. Money Matters • When it comes to capital, having enough to fully realize an idea is often the first stumbling block. Below are some suggestions for those in the hunt for cash.  Use your credit card. If you’ve got a strong enough line of credit, taking this route will allow you to ideally pay off future bills with revenue from your new business.  Look within! Consider selling off some personal possessions or dipping into your savings account to make this venture work.  Find an investor. Networking could pay dividends if you can convince an outside party to loan you cash in exchange for future repayments.
  5. 5. Pitfalls and Perils • Industry experts say market risks range from trends that move away from the product you offer to an overabundance of such items, thus decreasing the value. • Don’t forget to pay yourself. While many startups will struggle to get off the ground, you’ll still need to provide for your way of life during this period. • Consider who you bring aboard. While the majority of startup business ventures are run entirely by the founder, giving you best friend a job just because you’re familiar with him isn’t always a recipe for success.
  6. 6. Final Thoughts • Starting your own business is a great way to provide something of value to the public. Below are a few more perks of the gig if you can get it up and running.  Your vision will be the adventure. Without having to answer to others, unless they provided you with money to get the business going, you’ll be in charge.  On a personal level, you’ll become an invested member of the local business community and eventually offer jobs to local residents as a result.  Use this a stepping stone. Unless your startup immediately takes off, you can use this first business as a springboard for more or similar projects.
  7. 7. To Learn More • Todd Katz has eight years of experience as a chief financial officer in the financial sector. To learn more, click here.

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