A business comes to existence through an idea. An idea focused on solving the persisting or visualised upcoming issues gives the genesis to a start-up. All the successful businesses originated with an idea. But does an idea alone guarantee success? The answer is no.
There are several examples of start-ups where despite having exceptional, ground-breaking ideas, they crashed. Data shows that about 95% of start-ups close down in starting years only, no matter how terrific the idea is. It compels us to think about the other aspects too that are quite important for success.
A thriving business is an outcome of the effectual execution of a series of steps. Missing any one step can lead us to failure. In this article, we’ll discuss the steps, which helped me in starting FotoKart Marketplace – one place solution for online buying and selling.
Develop an Idea
The very first step is, of course, to develop an idea for the start-up. It should strike the pain-causing area of the customer. Problems customers are facing or may face in the coming future should be the basis of our start-up. The better you solve their problem, the more are the chances of success.
Make a Plan
We all know the importance of planning. Anything done without a proper plan leads to unexpected encounters. Planning gives the insight to visualise the challenges ahead and prepare us for the same. It makes us surer about success.
Brand Identity
Next step is to create a brand identity with colours, designs, logos in such a manner that it gets imprinted in the customer’s mind. It helps customers in identifying and distinguishing your brand from others.
Stand-out from the Crowd
Adding the services and extra elements that make your start-up unique is always a better choice. Standing out from the crowd can make you win the existing competition in the market.
Customer Relationship Plan
The ultimate target of a business is customers. How to approach customers and how to provide them satisfactory solutions should be a focus in business plans. A good relationship with the customers always pays off in millions of ways.
Build Core Team
Build a central team including members who have expertise in the core departments. Principal areas of the business should not get affected by any means, for the smooth functioning of the system. The person playing a major role in business development can be given a higher designation. They can be designated as co-founders as well.
Besides, skilled and dedicated people should get recruited in the team, for running the business effortlessly.
Raising Funds
Business set-up demands funds. People with sound backgrounds or adequate savings can easily cope up with it. Otherwise, investors and funding agencies are the ones to contact. Even funds can be credited from banks as well. Whichever the way is, but the essential aspect is that your business plan should be impressive enough to attract investors. Businesses with sound strategies and profit potential get funding easily, so make sure to be one.
Legal Formalities
Before launching a business, all the legal procedures of company registration, trademark, TAN no., PAN no. etc. should be done. Legal agreements and tie-ups with companies (as per the requirement), should be done with fair terms and conditions before launching. It keeps you safe, and you can remain focused on the development of your business.
Marketing
However terrific your product is but if customers are not aware of it, then it’s of no use. Marketing strategies help the product to reach out to customers and give it an identity. Medium and ways of marketing should be appealing and should cover a broader range of customers. Insight of media and current marketing trends help in effective marketing of the product.
Market Survey for the Response
Launching a start-up is not enough, time to time market survey for its feedbacks is also essential. Awareness of the products’ positives-negatives and the opinion, of target customers, help us in making the product better.
Feedback System
A survey-based feedback system should be developed, to scan not only the product, but various departments of business as well. Feedback from customers about the services of our departments makes our work system more progressive. Desired amendments in the work system and the product keep the business in the market. Ignoring the feedback system can collapse the start-up, regardless of how successful it was.
Customer Retention
Once become a customer, they should always stay connected with us. Customer retention strategies retain the customer and help to turn them into repeat buyers. Customer retention process and initiative prevent customers from turning to our business competitors. It also updates us about the quality of our products and services. Reduced customers signify the need for re-evaluation of our work system and services.
Keep Yourself Updated
To be a market leader, one needs to remain updated with market demands. Success in business urges us to keep ourselves informed of the current requirements and to revise our services. Failing to overhaul the start-up can give a fair opportunity to our competitors, kicking us out from the market.
Businesses persisting in the market are those that succeeded in offering the upgraded version of them. History shows that many ventures reached the top of success, but failing to upgrade, lead them to downfall.
Following these steps, we can build an effective start-up with minimum chances of failure. Remember, “The secret of getting ahead is getting started. The secret of getting started is breaking your complex overwhelming tasks into smaller manageable tasks, and then starting on the first one.” –Mark Twain, American Humourist and Author