Mk-Digital.CoStartups can find it challenging to really gain traction. That’s why the vast majority of them ultimately wind up going out of business and not really getting anywhere.
Fortunately, this post is here to help. We look at some of the ways you can avoid being like 90% of startups and really thrive when you commit to making a business a success.
Solve A Problem People Care About
The first step is to solve a problem that people really care about. This could be something small (and it usually will be) or something much larger.
The way you do this is to conduct proper market research. You need to know what the issues are before you start investing or stepping up your efforts to resolve them. Once you understand the lay of the land, you’ll know more about where to put your time and money.
Build An MVP
Whether it is a product or service, it’s a good idea to build an MVP. Getting one of these off the ground is usually pretty cheap, but it also serves as a proof of concept and gives you an opportunity to gather feedback.
Consulting with outfits like CJPI can give you a headstart on this. You can make your product as viable as possible and then see if it attracts interest from a core audience.
Prioritize Customer Feedback
Another thing you might want to do is prioritize customer feedback during the first few weeks and months after you launch. You need to figure out what you’re doing well, and what’s not so good about your services so that you can thrive long-term.
Don’t just assume that you have all the answers straightaway, and don’t assume that your clients will be 100% candid with you. Instead, take some time to really probe what they think about your products and services, and the ways they benefit them.
Make Sure The Business Model Makes Sense
Also, you want to ensure that the business model itself actually makes sense. A lot of people get into business on a whim and believe that they can make it work from the outset. However, it all depends on the structure and the flow of money. If that isn’t quite right, then the thing won’t work, even if the underlying ideas are excellent.
For example, Netflix started with a DVD mailing service and then made the change to a streaming platform because it saw the future. If it had stuck with the old model, it wouldn’t be the market leader today.
Therefore, look at your pricing, subscriptions, freemium services and other ways you can introduce monetization.
Hire Slow And Fire Quick
Finally, you’ll need to get into the habit of hiring slowly and firing quickly. While that might sound harsh, it is often essential at new companies if someone isn’t willing to pull their weight.
If you can vet candidates rigorously ahead of time, that’s a great idea. You want to ensure that you have the best people who fit your business.
