The startup phase of a new business is known to be one of the most existing phases. You have laid the foundation by overcoming the obstacles and shut down the voices that say you can’t do it. But getting started is not enough. You need an action plan to convert this startup into a success. Even a tech giant like Apple had to improvise and consider joining the leading streaming TV platforms like the Roku app to stay in business. And you are just a startup!
Proven Ways to Transform your Startup into a Success:
#1: Write a Robust Business Plan
I am sure you already have a business plan since it’s a preamble for conducting your business. See if it needs revision or improvement. A comprehensive business plan is more like a winning strategy. It emphasizes your goals, business operations, the new technology you would be using and how you would be removing the unwanted obstacles.
Since you still might be in need of investors, draft the business plan carefully. Remember that you won’t get a second chance to make a good first impression. The plan must be easy to read and well organized.
#2: Learn from Your Mistakes as Well as Those of Others
No doubt you will make mistakes as you go. A good approach is to rectify them and learn from them. Keep in mind the competition out there is fierce so, you cannot make too many mistakes. There should be a proper explanation for every failure and solution to ensure you don’t repeat the same mistake.
Then, you will have the opportunity to learn from the mistakes of others. If a startup failed, study the causes of its failure make sure you not making the same mistakes.
#3: Broaden Your Marketing Scope
During the startup phase, you must focus your marketing efforts on product positioning. Third-party validation also counts because no matter how much you market your product, customers won’t believe you until they hear a review from someone else.
Your marketing efforts must answer the value proposition called “why us?” So whatever you are doing, your marketing efforts must support this proposition. Keep on looking for ways to highlight your vision, achievements and even company culture. That’s what Spectrum TV does to make its customers come back for more. Such a marketing strategy will improve your visibility and add to your credibility.
#4: Target the Easy Customers First
Every product or service has the potential of grabbing a group of customers. The number might be small but if you do your best to retain these customers, your business can thrive. As you retain them, chances are they might become a reason for your business to expand. Even such little amount of success can be extremely encouraging.
If this strategy doesn’t work for your business as you hoped, don’t get discouraged. Simply change your strategy.
#5: Keep Your Investors Happy
Problems such as cash burns strained relationship and weakened purpose keep the entrepreneurs up at night. Often, the investors of the company are left in the dark. Entrepreneurs think they don’t need to share every detail of the business with them.
It’s true that investors have limited experience in running your company. They might not know anything about your customers, the market or even your employees. Conflicts can arise between you and your investors just because of the skill and knowledge gap. It is best if you keep your investors involved. Share all the latest happenings. Keep them informed of the success. You need to give them a piece of candy to hold on to as well. You never know this encourages them to invest more.
#6: Make Use of Networking
As a business owner, you can never get enough of networking. The purpose of networking is to make people familiar with your business. As you interact with more and more people, they will learn that your business exists. Networking helps in acquiring new business leads, understand business trends, and identify the industry benchmarks. So make sure you send returning emails and keep on making calls to maintain the credibility of your business.
#7: Deliver What You Promised
As an entrepreneur, you must stick to your word. This helps in building a professional image otherwise it may bring your empire down. Because customers don’t want to do anything with a business that fails to deliver what it promised.
If you make big promises, it will make you lose your customers, stain your business reputation and maybe even get you in legal troubles. To stay out of trouble, the right approach is to promise only what you can deliver. Then, as you are successful in delivering it, you can gradually add more to your list of achievements. Since you are a startup, you don’t want to go overboard and mess things up. Keep on doing your best even if it’s at a slow pace.
Turning an idea from just a concept into an entire business is not a cakewalk. You might be eager to become a giant but keep in mind your business is like a baby that has just learned how to crawl. You don’t want to end up taking unnecessary risk and crash. Therefore, come up with a plan that lets you execute your business goals smartly. Take all the support you need from friends, family, and mentors. You can definitely turn your startup into a success.