Up to 76% of business owners in the UK are currently working on new ideas, making this one of the highlight points for startups in 2018, according to a Small Business news article. Starting a new business is no easy task – more than half of startups fail within one year of launch. To increase your chances of success, you not only need a unique and customer-focused sell-point but also the right resources and tools to thrive.

The Formation Phase

Just like any other business, the dream of launching a startup begins with the foundation phase. You need to have a well-defined business plan, work through significantly complex legal forms and documents to protect your idea and startup in general, and have a clear mission, vision and strategy that drives you towards achieving a specific goal. You should also have the right team in place to drive this critical phase – define what is to be done, who will be in charge, why it should be done and how it should be done. With these catered for, you can now set up other key elements like financial software and online payment processing software.

Make sure that you also invest in innovative equipment and business operating systems like the latest PCs, laptops, multi-functional printers and business phone systems. Having the right systems in place will help you run smoothly without heading into pitfalls as a new business. Considering that starting a new business can be expensive, find ways you can lower costs like investing in money-saving software like HR management tools, accounting tools, as well as abandoning paperwork and going for digital solutions like email and cloud storage.

Sales and Marketing Tools

Startups across the globe face one common challenge – huge competition from already established brands. While some startups are lucky to create unique ideas like the highly-successful Uber, every new business needs a great website and a concrete sales and marketing plan to grow and make a profit. Lead generation is a core step when launching a new product or service. As an entrepreneur looking to gain an edge in the startup market, you must invest in the right set of sales and marketing tools.

Some of the must-have tools for startups include SEO tools, web traffic analysis tools, social media management tools, sales CRM tools as well as market research and media monitoring tools. All these tools go a long way into boosting your marketing efforts while significantly reducing wastage in terms of time and money spent in reaching out to customers through traditional marketing methods. Investing in digital marketing strategies translates to increased lead conversions and revenue for your startup.

Human Resources to Drive Growth

Apart from building a business on the right foundations and getting your marketing strategies right, you also need to invest in human resources. That means investing in top talent to drive growth, team collaboration tools for your employees, self-education tools for employee, product and business development and community initiatives to keep your employees engaged with the world around them. The better you and your team connect, the higher the chances your startup will achieve its goals and be a success. Keep your costs down by prioritizing on what matters most for your business and discuss with your team before implementing new changes.

Every entrepreneur with a dream to start a new business is aware of the challenges they would face in the market. However, it only takes the right idea, teamwork and resources to launch a startup into one that grows and thrives in today’s competitive business world. These tips above can help you do that.