Everybody has had аn idea they thought would make for a killer business. But would it really? Perhaps, but just having the idea is not enough. Starting your own business can change your life if done correctly, but could fail spectacularly if done without any plan whatsoever.
In this article we will lay out the steps that you must take in order to lay the foundations of your startup and grow it into a successful business. As we already mentioned – just having a good idea is not enough, you must have a plan laid out on how to make it work.
Success is not quick, nor easy and the life of a startup could be violently turbulent. What should you do and where should you start?
- Paint a picture of the customer you want to target – who is he, what is his profile, preferences, age group, interests, etc.
- Create an Ideal Customer Profile (ICP) – this is the person you are selling to. Start out with broad assumptions, then narrow down your audience by way of analysis and research.
- Research, conduct interviews, it is not a guessing game, but a process of identifying and eliminating. This year’s US Bingo sites or your plain luck is not a sustainable method to deduce your target audience.
- What is the exact market in which you will conduct business and what is the solution you will bring to it?
- Define one problem, be specific what that problem is and focus on it.
- Analyse the market and see the players in it. Establish where you want to position yourself and determine who is currently there.
- Keep track of your direct competitors, but do not neglect your indirect competitors as well.
- Use search engines and SEO to see how your competitors are reaching your target audience. Remember that in most cases the customers of your competitors are also your customers and vice versa.
- Getting a startup up and running usually requires a good amount of money that you must either acquire or have sidelined.
- Attract potential investors that are willing to support your startup financially. You might strike lucky at some Legit American Casino Sites at BonusesOnline.com but that might not be enough to cover the initial expense.
- Do not overspend initially and always have a reserve in the event something does not go according to plan.
- What does your product bring to the table that no other on the market does? Focus on the unique benefits that only come with your product/service.
- Differentiate from your competitors, set a goal for something different, not more of the same.
- Weave the UVP into your product/service and startup.
- Come up with a slogan that best reflects the UVP you have chosen.
- Having a great idea is one thing, but making a revenue out of it is another. A monetization model should be decided at the start – how are you going to make money out of the whole endeavour?
- Scout out your competitors and their monetization models. You can apply good practises to your startup.
- Most common solutions are subscriptions, ads, freemium and commission.
- Marketing is often neglected during a startup. Do not make this mistake. Even if you have something unique, how will others know that you do?
- Come up with a marketing strategy, define channels of communication, budget, plans for further promotion.
A lot of startups fail. It is simply the cold, hard reality. There are many reasons for this, with some of the most common being lack of experience and sheer incompetence. Knowing what challenges you will have and preparing to tackle them is just as important as knowing what you want to do and how you want to do it.
- Lack of Value – The world has never been so open and interconnected. Customers have access to countless products. Your offer might not have enough inherent value to them, not be different from already existing solutions out there.
- No Need in The Market – The primary reason why most startups fail. Yes, you might have a cool idea for something and even a way to do it, but is there a need in the market for such a thing? Do customers currently have needs that your product will satisfy?
- Insufficient Planning – You cannot plan everything, that is a given, but you should be prepared for a multitude of potential challenges and situations and how to tackle them. Oftentimes planning for certain scenarios and outcomes is deemed not needed, which in the grand scheme of things turns out to be a mistake.
- Initial Traction – Your startup might have troubles gaining customers/users after launch. The snowball effect is not always achieved and there are various reasons for that.
- Setting Up Wild Expectations – Another common reason why startups fail is because of the unachievable expectations that are set to it. Do not scale up too soon as this is a sure way to quickly write yourself off.