So, you have this innovative idea and want to launch a startup and scale it into a profitable business? Great! However, building a successful business from scratch is not for the faint of heart. Data shows that 20% of startups fail in the first year, and yours is not an exception.

Every entrepreneur wants their startup to grow, earn more revenue, and make a huge difference. With the right strategies, it’s possible. If you’re about to launch a startup, apply these five startup secrets for success.

• Create a Solid Business Plan

Your idea may sound great in your head, but how do you plan to execute it and build a scalable business? Share the idea with your close friends and request your college mates to test the prototype—if you have one.

After testing the viability of your startup idea, create a business plan. A business plan should contain your startup's mission, vision, goals, core values, financial projections, business description, and marketing strategy. Don't obsess about the plan because you can change it later as your business grows.

• Get Enough Capital

Lack of finances is one of the reasons most startups fail. Whether it's money to introduce a new product in the market, marketing, or for business expansion, without enough funding, your startup is on its deathbed.

You need enough money to execute your business idea. Funding sources include savings, family and friends, angel investors, and loans. Borrowing loans from banks is a challenge for most student entrepreneurs because banks see you as a risk—you have no collateral, assets, or customers.

But there’s good news. Some lenders can offer you a title loan and use your car as collateral. A quick search online will reveal lenders in your area who offer such loans. For instance, you can search for "car title loans California" to find lenders near you if you live in California.

• Network

Professional networking is vital for every entrepreneur, especially student entrepreneurs. You know little about the business world because most of the time, you are at school. Networking with industry leaders and other entrepreneurs helps you learn how to successfully run a business and overcome challenges. Here are a few reasons why you should network:

• Networking builds awareness of your startup and products
• You can get constructive advice from industry leaders and veterans
• It builds trust in your brand because those you network with can spread the word or leave testimonials on your website

• Know Your Competition

If you don't stand out from your competition, your sales will stagnate and your startup won’t grow. Knowing your business competitors is vital. It helps you understand what you can do differently and stay ahead of others offering similar products or services.

Learn their strengths and weaknesses to know where you stand in the eyes of consumers. Some of the things to study about your competitors include their branding, marketing strategies, customer service, and pricing.

• Share the Responsibilities

One person can’t build a successful business, it’s a team effort. Share responsibilities with your co-founders or employees or outsource some jobs. When starting out, you may lack a team to delegate duties to, but this doesn't mean you handle everything and get overwhelmed. Delegate duties such as website creation, customer relations, shipping, and finance management.

We hope these startup secrets will help you launch a successful startup.