WHAT IS A STARTUP?
A startup is a newly established company (usually up to several months). A startup becomes a full-fledged company if it receives funding and recognition from its target audience and customers. Otherwise it just disappears.
Most often, a startup is an online business in the field of IT. Even such well-known projects as Youtube, Facebook, Twitter, Wikipedia, VK were once startups.
Your project is considered a startup if:
- Your company for weeks or months;
- Your company is little known;
- You have created a unique product, something new;
- Your business idea will help solve people’s problem;
- your team is small and young;
- You want to improve people’s lives with your product;
- you have a goal;
- You have few partners and you are looking for new ones;
- You are just beginning to build communications with potential customers;
- You use innovative approaches;
- You spend a lot of time traveling and prove that your idea deserves to be implemented;
- You are looking for investors.
WHY DO STARTUPS DIE?
Chances are not all businesses succeed but some startups die even before they really start and this may probably be because the idea/plan was never really a feasible one or the coming together of an inexperienced team or it could just be wrong timing. Whichever it may be, here are some tips to avoid the death of your precious startup.
- No need to hurry
To begin, you need to determine the target audience and analyze competitors. This is best done by an experienced business analyst. Only then is a business plan created.
- Open a startup at the right time. The society and/or target audience must be ready for your new product/solution, otherwise, you would be shooting yourself in the foot.
- Let’s give customers a prototype or a free trial. Giving customers a free trial or a test of your products, their preceding decisions will help you understand how relevant your products is, understanding if it really is as awesome as you think from feedbacks. This will once again make you understand how relevant your product is.
- Only select professionals for the team, not just friends. I think everything is clear here: only professionals will be able to correctly formulate the TK and estimate the cost of work.
- Definitely, you should have a suitable budget to cater for the payment salaries and execution of your business plans .
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HOW TO MAKE A STARTUP GROW INTO A STABLE BUSINESS?
Stages of a startup’s life:
- You need to have an idea to create a startup
Before you go ahead and announce that big idea in your head, there are certain things you should consider.
- come up with a unique product;
- find supporters/investors;
- improve the idea.
- Development of a business plan
A business plan is vital and it doesn’t just give you a sense of direction and organization, it helps you set realistic goals with an achievable timeline.
- set goals correctly;
- analyze the market and competitors;
- determine the target audience;
- determine the demand for the product.
- Creating a base version of a startup (MVP)
This is like test running your startup but with the same efforts and determination as if you were really kicking off. To do this, you should
- develop technical specifications;
- create an offer;
- choose a promising direction;
- develop and launch a basic version of the startup;
- analyze who liked your product, who started using it, and who gave it up.
- Enter the market
Congratulations!! Since you only move forward to this next stage if customers liked the basic version of the product. So you deserve a hearty congratulations. Before entering into the market you should do the following-
- develop a development strategy;
- find a niche in the market;
- gather the base of the first clients;
- determine the style of product presentation to maximize the interest of CA;
- to conduct usability testing.
- The money was invested, but there is no profit yet
So in the case where you have exhausted all funds and you’re stuck, you should consider these options
- use the money invested by family members and friends;
- look for investors
- borrow money
- participate in grants
- Starting and promoting your startup
What shall I do?
- promote your products- marketing/advertising
- register your company
- perform testing and optimization
- to improve
- still looking for investors
- Growth and development of your startup
The growth stage of startups can be slow or quick depending on how you handle things or maybe fortune just smiles on your business. But in the period, the following options are crucial.
- find a good marketer;
- look for new niches and customers;
- create a corporate style.
- Becoming a startup and turning it into a full-fledged business
- expand staff and office – By now your business should have professional hands handling your operations and administrative location or building.
- open branches in other cities/countries
- continue to evolve.
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There are no identical startups. Each is unique in its own way. Any startup can bear good fruit. It all depends on your determination and perseverance!
We wish you success in your endeavors! Contact us for a successful website for your startup.