7 Steps to a Successful Startup
Wednesday, December 7, 2016, 6:00 AM | Leave Comment
You have probably heard that “every great journey starts with a single step”. Congratulations, if you have a good startup idea you have made that crucial step on the road to your career as an entrepreneur.
However, people often forget to mention one thing – a single step journey is not that much of a journey. If you want to get anywhere you have to make thorough preparations and think way beyond that one step.
Here’s a short checklist to get you started.
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Asses Startup’s Viability
Some ideas simply sound better while they’re in your head, so be brutally honest here. Ask yourself, why would you buy your product? See if your close friends are interested?
If your product doesn’t pass the test of your “inner circle” you should probably go back to the drawing board.
On the other hand, if the product concept survives this initial test, you should proceed to do more thorough market research.
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Think of the Timing
All products have their unique lifecycle and the limited window of time when they can be successfully pushed into market.
At the end of the day, the winning product is the one which manages to address the current problems and desires of the consumers.
Your product will be in a position to hit the market too late, but also too soon.
Avoid both of these outcomes by refitting your product to find a place in the present-day narrative.
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Create a Detailed Business Plan
The advantages are multiple. First, you won’t have to keep the entire roadmap in your head.
Second, financial projections will keep you in line and force you to go through details, more than you’d ever like to.
Third, you will have much better look into your expenses, so you won’t have too much trouble discovering possible leaks.
Finally, you will have something to show to your investors besides your good intentions.
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Work out Branding
Keep this in mind – branding is not something that is reserved only for big businesses with huge marketing budgets.
Branding is how the customers will perceive your future startup. If you don’t enter the arena with a well-thought-out name, logo, slogan, visual identity, recognizable personality and all other things that make a strong brand, you will leave the branding of your business to others.
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Establish a Strong Web Presence
All the rules that apply to branding can also be applied to your startup’s web presence. The moment the trumpets sound, your war machinery has to be ready to open fire on all fronts.
So, before you put the product on the market be sure that you have a presentable website, functional webstore, developed content strategy, and that you know the rules of social media marketing like a back of your hand.
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Take Care of the Premises
The way your premises will look, feel and where they’re be located can have a tremendous impact on the fate of your startup, especially if you are trying to start a retail business.
Ideally, the space your business will eventually occupy should feature all the usual elements that make productive workplace ranging from ergonomic furniture and adequate storage solutions to natural sunlight, plant life and social hubs.
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Good Attorney
Last, but certainly not least, you should find a good attorney with years of experience in business practice.
Navigating your startup through the complicated legal maze is completely different from steering its way through a much more familiar business environment.
When in such a situation, it’s always a good thing to have experts who know what they’re doing by your side.
These few tips should help your startup to stand firmly on its feet and continue its journey without stumbling.
The road ahead of you is hard enough – don’t make it even harder by not preparing and mindlessly racing into the unknown. Such journeys seldom have a happy ending.
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