The sheer idea of a startup sounds full of energy and enthusiasm. But, tragically for every startup that succeeds there are dozens that fail to take off. Few spoil an idea with poor planning, while others are blinded by their passion and fail to gauge the mood of the market. A good startup business solution is one which runs on a meticulously planned road map. Here are some of the things you should keep in mind in the pre-launch, launch and post-launch phase.
- Choose A Problem – The idea of a startup is synonymous to problem solving. There is a misconception that you need to come out with a revolutionary idea or product. This isn’t true as you only need to identify a problem or opportunity that hasn’t been explored in your target market and explore it to the fullest.
- Know Your Competition – You may not be the only one working on that idea and hence it is important for you to scan the market for any competition. If you find one spot of weaknesses just exploit it.
- Pick Your Team – Startups aren’t only about their founders and co-founders. It is about picking up a team of professional who can improvise on your idea to make it better and build a brand. Choose people carefully and make sure they are passionate about your idea.
- Create A Monetary Roadmap – While sending people on a vacation to Mars may sound a great idea, do you have a monetary plan to back it? Every product or solution needs to have a proper monetary plan. If your initial goal isn’t profits you at least need to have a plan that is sustainable for a certain period of time. So work on a monetary roadmap without which you won’t be able to attract any investors.
- Be Flexible – Your idea is your baby and hence it is natural for you to be possessive about it. But always keep an ear for what others have to say as this will help you improve on your plan. Being rigid often leads you to living in a fool’s paradise and as an entrepreneur this could be your Achilles heel.
- Never Hurry – It is a great thing to be ‘first’ in any business but that doesn’t mean you jump into the sea without knowing how to swim. A poorly baked cake would only earn you ‘Bad Press’ and may prevent your idea from ever striking a chord with your target customers. So, launch your business when you have planned every aspect which even includes a failure.
- Time it to Perfection – Timing is the key to any startup. If you are starting with a holiday service, targeting the holiday season would be a great idea. Consumer interest is at its peak and you would get the perfect platform to succeed. Similarly for other kinds of startups you need to wait for a favourable opportunity to launch it. Remember your business idea would sell when the market is prepared for it, not before and definitely not after.
- Announce It to The World – Don’t want for the press or the social media to publish your story or to promote your business. Your launch should be complemented with an aggressive marketing camping on both traditional and digital media. Put aside a budget for your marketing campaign as without one you won’t get the start you are aspiring for.
- Be Flexible Again – As you near the launch phase, you many see the need for correction as your pre-conceived notion about the market may have been wrong. Don’t shy away from biting the bullet and taking drastic decisions that are worthy of the time and opportunity.
Post Launch Phase
- Attract Investment – This is one of the most crucial parts of your startup business. Once you have successfully launched a product or service you should start looking for investments from angel investors, VCs etc. But don’t pick up any investment that comes your way and make sure the investors are on the same page as far as your goals are concerned. You don’t want to lose your independence in running the show.
- Increase Customer Base – Once you have reached out to your target audience you need to identify new customers who would benefit from your products and services. Increasing customer base is crucial to your survivability.
- Listen to Your Customers – Your customers are your biggest asset and you need to respect their opinions. Always ask for their feedback as it would allow you to improve upon your products & services. This also helps you build a strong value based relationship with your customers.
Startups aren’t built within a small team and they need external support and expertise, and when need arises you need to reach out to companies that offer startup business solutions. Semaphore Software is one such company that has been supporting startup in India and abroad. We love being a part of your dream and taking you to the pinnacle of success. To know what we can do for you write to us at firstname.lastname@example.org