10 Steps to Effective Relationship Marketing
Relationship marketing is a much more effective method of building a business than the…
The expansion of startup boom from upscale hotbeds to nooks and corners of humble cities and towns has led to a cut-throat competition with little room for delays. If you have a brilliant idea and wish to turn it into a money-making venture, you ought to be swift. But the very first step of launching your startup could be fraught with challenges that could slow you down, strip you of competitive edge, and hit your entrepreneurial spirit at the outset.
Here are a few actionable tips that can help you tackle initial hiccups and launch your startup faster.
Set the Ball Rolling
You will go nowhere unless you make your first move. Book the domain, design the prototype, sketch out the product or do whatever that just kick-starts your business. This phase, which sees your idea getting its first shape, is a trigger point to keep you pumped for later stages.
Get a Co-founder Onboard
Having a team of two or more co-founders has tactical as well as functional importance. While VCs are more inclined towards investing in a startup that has a founding team rather than a founding individual, you also benefit from the exclusive skills and experience of partners.
Horses For Courses Approach
None is a master of all trade. As you lay the foundations of your startup, several areas will call for expert guidance. Find the subject matter expert, ask for assistance and then hire them to get the job done. You can strike a deal for deferred payment or through stocks, which has been a proven strategy for startups.
Let Money Take a Backseat
Money matters shouldn’t derail your focus from the product or service. Funding will follow, pricing will evolve organically and lenders will track you if your business strikes a chord with its target market. So, be patient and work on improving your offerings instead of fretting over money.
Create an Early Buzz
Having a product or service is one thing but getting it in the spotlight is another, and perhaps the most important. Spend a good amount of time and money in marketing your business; it’s an early investment that promises rich dividends later. After all, someone will like or buy a product only if they know about it.
Find Contract Workers
Employing talented and experienced professionals involves signing fat paychecks, which eventually weighs on the growth of the startup. A better option is to hire remote workers on a contract basis that not only trims down expenditure on staff salaries and other liabilities but also takes off the baggage of being an employer.
Connect With Potential Customers
A startup comes into existence when an entrepreneur identifies a customer need that should be served. To make quick inroads into the segment of your potential customer, you need to learn as much as you can about them. Their likes, dislikes, attitudes, problems, suggestions, and feedback hold the key to tailoring your product for a better receptivity.
Today, when the startup ecosystem is thriving with a deluge of brilliant innovators and entrepreneurs, timing is not less important than the product itself. If you lag behind, your idea may turn stale or someone else might capitalize on the opportunity.
So, don’t sit nurturing or hatching the idea, waiting for the right time. Choose a time and make it right with calculated decisions, researched strategies and the above-mentioned tips that apply to virtually all baskets of business. Even if you can shrink the typical startup launch time by 30-40 percent, you will touch a higher market recognition and growth than most other rivals.
Ankit Gupta is the managing head of ExportersIndia.com, which is a leading Indian B2B marketplace. Owing to his passion for his profession, Ankit has a knack for sharing his valuable insights with budding entrepreneurs to keep them updated with the latest business trends and management ideas.
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