The startup world is a place where failure is famously useful.
We embrace failure, we champion its virtues, we even write articles about how it helps us do better. So we’ve established that it’s healthy to be able to embrace failure. But what about the opposite? With as much digital ink that’s been spilled to help deal with the worst, it’s not as clear what we should do when things actually work out. There’s probably some simple logic at work here — most of us figure that if something is working we should just keep doing it.
We can do better than that though. These are what we’ve found to be the top things to consider when success strikes.
Get your rest. If you haven’t already faced it, you’ll find that burnout is very real. It’s easy to be enticed by the stories of startups blowing up seemingly overnight, taking their founders into the business stratosphere, but the truth of the matter is that most companies are running marathons, not sprints. You need to keep your stamina and your wits, so make sure to remember self-care and basic maintenance even when business is demanding all your attention.
Keep up the research. Sales are looking good and you finally feel that you’ve found your place in the market. That’s great! Now figure out what you need to do to lock in your niche to accommodate future growth. Have you updated your business plan to match the trajectory of your company and possible expansions? What about your projections of revenue and expenditures? All of this information can help ensure your momentum is carrying you where you need to go.
Strike while the iron is hot. Curiosity didn’t kill the cat — complacency did. You’re already on the right track if you’ve done your homework from point #2, so remember that now’s the time to keep pushing forward and capitalizing on your gains.
Success is a much-deserved step on the journey of many entrepreneurs. No matter where you’re starting out, we want to help you get there. Contact us today to get started!