A startup always a dream of one or the other, and most owners aspire to be the next Bill Gates or Jeff Bezos. It may be hard for a novice to achieve that level. An experienced mentor or an owner could guide you to go through the different stages of startup lifecycle with ease. It could help the owners to establish the next Microsoft or Amazon.
One should understand the success of a startup would surely need hard work and dedication. It would also need awareness about your weakness and strengths, which would aid to overcome the challenges and paying their path towards their dream. Preparation could be key; having the right people, and following the correct procedure for product development, and proper timing could be your magic pill for your startup business’s success.
Critical pit stops for a startup
Setting up a business and working towards reaching the target could be nothing less than a marathon. Experts in the field have divided into five stages, which are:
1. Mental Preparation: The seed for every startup is an idea. As an owner, one should take a good time to make this idea into reality. You should find detailed answers for a few questions, such as
· What will you do?
· Whom will you serve?
· Will people need your product or service? If so, who will need?
· Which is the correct location for the business location?
Answers to these questions play a vital role in devising a plan for the project’s success and are critical part of the business startup checklist. A few experts also opine that each startup should provide a solution to fix a problem. If your business fails to impart such solutions, then you need to revise your plan. You should not spend your resources and time if you don’t find the need or purpose. Believing abstract people should be a big no.
You should understand your customers. You should continue doing so, till you understand their pain, and decide how you can help them.
2. Developing the basic functionality: Collection of evidence for your business’s success does not mean that you can go full guns. You need to get a reality check about the basic functionality, before using your precious resources for hiring space or purchasing expensive equipment. This check validates the fundamental process and also clears all details. The few tools that could help you are:
· User interviews
· Landing pages with an explainer video
· A/B testing
· Promotion campaign
· Fundraising initiative
You need to develop your product without showing to people. You can involve clients, in every stage of your product development process, which could help in the success of Small Business Startups.
3. Polishing details: Once you understand your target customer and the technique to help them, it is time for you to optimise your product to pose a tough competition for your opponents. You need to have proper control and take the progress slow and smooth, without abrupt changes.
You need to test everything from social media messages to CTAs on your landing page. A few directions would need more concentration, while others may not. You need to conduct thorough research, before deciding on which factors to focus.
4. Scale your business: Developing a good relationship between your target audiences is crucial. A proper offering would surely aid in such path. Once you have done this, you would need to scale your business. You need to critically evaluate your pros and cons, to help you grow. You can hire specialists to empower and provide them with all necessary resources such as budget and operational autonomy.
Many people assume that they can relax as their hard time is behind them. The fact is that you still have to go a long way for which you would need new people to delegate the management tasks.
5. Become an international company: Once you clear all the previous stages, it is time for you to shine on the international front. You should never restrict yourself to the national market but look for good opportunities for your growth. You should never stop learning and challenging yourself. Launching in a new country would mean that you would need to begin from step one.
Why does most start-up fail?
A start-up begins with an idea. If you don’t have a definite target market and cannot provide a unique solution, then the chances of success could be low. At times, coming with an improper plan, adopting bad tactics or hiring wrong people for the purpose, could lead to unfavourable conditions.
If you are planning for start-up, follow the five mantras to reach the heights of success.
Your Ideas. Our Solutions.
We are a digital product growth hacking team, providing the best in new product development and digital innovation. We’ve built a wide range of award-winning digital products for start-ups, scale-ups and corporates across multiple industries.