How to Set Up Your Startup for Success
Find the Right Funding
This may seem like a no-brainer, but having the capital to build a company is immensely important to run a successful business. Because Detroit is a thriving hub for startups, there is no shortage of funding opportunities. It’s well worth it to do the research and find out what banks and funders have plans created especially for small businesses and startup investments.
No startup is one-size-fits all, so why should you approach funding the same way? Take for example organizations like, Invest Detroit, Detroit Development Fund, and Level One Bank; all companies tailored to creating a financial plan that works for your startup.From private to non-profit, its important to find a funder that meshes with your goals, and is willing to help you see them through.
Self-Awareness and Transparency
Think of the startup game like it's a job interview. When looking for a job, individuals need to stand out, highlight what skills and assets they bring to the table, and articulate on why they’re the right fit for the hire with total confidence. Approaching clients and investors with the same confident mentality can leave a lasting impression. It’s also important to articulate not just what kind of good/service your startup offers, but also how business is conducted. Next, surround your company with the right kind of employees; people that have the right entrepreneur mindset and skills to really shine in the startup game.
Additionally, it is important to understand the market your startup is entering in order to make an impact your audience. When launching your startup, referencing to case studies and customer testimonials as proof of your success builds credibility that becomes the foundation for expansion and growth.
Establish a Network
Unfortunately, there is no clickbait “Try these 3 things to run a successful startup” secret to running a company. If there were, this article wouldn’t have much of a purpose. As much of a cliche as it is, success is really driven by a startup's passion and determination to see their goals through. However, just because there is no secret ingredient to success doesn't mean you have to build something great by yourself. Establishing a support system network around your startup is a great way to get the feedback and expertise you need from the community around you as you grow bigger and better. Take clients for example, they invest their time and resources in your business to better their own. It’s important to establish a trusting and transparent relationship with your clients. Whether it be communicating through channels like Slack and Trello, Emailing, or just a classic phone call, check in with your clients and see how they’re doing. As a growing startup, your clients will more than likely understand the adjustments that need to be made along the road, and it’s important to remain flexible with your expectations in every capacity.
In a city that seems to be magnet for startups, chances are, in Detroit, you will encounter another company, startup, or entrepreneur with similar goals or the expertise to help you reach yours. Luckily, there are numerous organization in the city that host startup networks and workshops to connect like-minded individuals. From weekly workshops at our Bamboo office, to events thrown by partners like Grand Circus, Detroit Startup week, there are endless opportunities to learn something new about how to hack it in the startup world. And remember, Detroit startups are unique to each other in the way that we’ve invested in the cities re-birth, and have made our stake and in building something worthwhile right in the Motor City.