Coming up with an idea is great, but running with it and building a sustainable business around it is the challenge. Start-Ups these days in spite of having amazing products and real-world solutions, lack the way to present themselves which may lead to lesser than expected conversion that may even affect their funding. Investors look for companies that are very professional and have an immaculate business plan and growth strategy. If there is an opportunity to improve or enhance the business, better minds from the industry provide inputs and feedbacks on the same. At the same
1- Have a great team on-board, not only the people who agree with you but also people who question the existence of an idea. A great brainstorming session leads to a lot of inputs and ideas which will help a start-up identify its place in the market and how to go about things. Getting over the initial hurdles should be the number one priority of any start-up.
2- Stay in the loop with the mentors from your industry, or any other industry for that matter. Mentors provide real-life insights into how they identified a problem and worked towards resolving them. Mentors do not have to be a part of the organization. They can be external bodies who follow your start-up closely and suggest solutions before they go wrong. They can also provide great motivation to the team and inspire them on their journey.
3- Solving a problem is the main reason for the setup of your organization. It’s because you found a solution to a problem in an industry and have come up with a strategy to fix it. Stick to it, get the basics rights, solve one problem at a time. One of the mistakes start-ups make is getting into too many things too soon. This may lead to more dependencies and also lack of expertise may damage the reputation of the start-up if the product timelines and deliverables are not met.
4- Understanding your go to market is the primary essential for any start-up. Your product should relate to the audience you are targeting and help them with their productivity. Targeting the wrong audience will not only utilize your resources but will also not generate any revenue or a loyal user base. The best way to understand your GTM is by doing substantial research about the market you are entering and reach out to your potential customers.
5- Outsource your project so you can concentrate more towards meetings business deadlines rather than the project deadlines. This allows the organization to be in ties with multiple partners and enhances the credibility of the start-up. Choose your partners well. There are a lot of software and web development companies in the market. West Agile Labs is recognized as a top Software Development Company on DesignRush. West Agile Labs is also featured on Clutch.co as one of the top web and custom software development agencies.
6- Attend as many startup events and investor meet-ups as possible. This gives an immense opportunity for you to showcase your product to potential investors and also reach out to a large set of audience. Such events are happening around the globe all the time. The best one to look out for is StartupGrind which happens every year. StartupGrind gives you the direct platform to mingle with like-minded entrepreneurs, and also setup your space to present your organisation. You can also get inspired by the number of speakers and listening to their success stories. This year StartupGrind 2019 is taking place in San Francisco with more than 300 startups already looking to expand their horizons.
This is just the tip of the Iceberg. There are a lot of factors involved around how to sustain a successful start-up, taking care of these 5 things will set the foundation.