If you are looking for a way to make use of your real estate property, then it’s worth considering setting up a real estate start-up venture such as property rental or go big with a commercial or property investment portfolio.

You may have the passion and desire to pursue your financial and real estate dreams and launching your startup rental or property investment venture can help you realise it.

However, there’s no guarantee that you can achieve instant success or ensure your business survives especially without investing in essential knowledge or skills in managing it.

Start building on solid ground

One of the marks of a successful startup is a strong foundation on to build your business on.

First, it is important to have a strong support-peer network which is critical in connecting you with the talent pool, industry experts, and people who can provide advice to you on every aspect of your business.

Second, focus on a product or service that people need or want. Many businesses fail to consider the functionality or relevance of a product and focus their attention on the concept alone. Customers would rather buy a product that answers their questions, satisfy their preferences, or solves their problems.

Third, brand awareness is critical in every business, which is why it is vital to take steps to ensure your reliable and reputable presence online and offline.

Equip yourself

You can avoid spending thousands of dollars in marketing expenses as long as you know the basics of marketing for startups.

There are low-budget practical marketing hacks that you can employ to give your startup the boost it deserves.

With a bit of effort and diligence, you can strategise your marketing efforts.

Referrals are one of the best ways to help you establish brand awareness where you can let your customers help you with your marketing efforts. Remember that people are four times more likely to purchase a product that was referred to them by an acquaintance or family member.

Press releases and story features are also effective marketing tools that can do amazing things for you. These are opportunities where you can tell a story that would appeal to your target audience. In the digital age where experience and sensory appeal draw attention, these tools can surely pack a punch.

Search engine optimisation (SEO) should not be left out of the picture. It can boost your startup’s online visibility and relevance in the market.

In order for startups to survive and thrive in a competitive market, it needs to have the right set of tools and resources.

According to a report from the Small Business Administration, 20% of all startup companies fail in the first year, which increases to half within the first five years.

Avoid falling into the failure trap

There are a lot of reasons behind this, such as poor management, lack of capital, lack of experience or expertise in the field or industry, and the absence of a strong support network and system that could sustain operations.

Among other factors that cause it are also controllable such as a poor business location, unqualified or untrained employees, poor customer service, the absence of a well-defined business plan, and the failure to seek professional advise that could have been crucial for the business.

Make sure to consider these factors to avoid missing out on areas that could help you run your business.