Starting a startup is very easy but it is very difficult to sustain. Most of the startup fail as they fail to sustain to market condition and business environment. For startups, their innovation is everything and they seldom do focus on the other side of the business model. Some startups are successful and even become unicorns because they focused on all the aspects. Such startups have the best business model and they have something to offer to their customers. The success of the startup not entirely depend on the product or service rather it also purely depends on the business model and solutions.
O LaunchPad is boosting the startup ecosystem by helping startups in India. We are providing the best coworking spaces for startups and help them in doing business with peace of mind. Getting the right working environment is very crucial for startups and innovators, at our shared office spaces; startups & entrepreneurs innovate their ideas and work on their product development. Based on our experience with the startups and ecosystem we have come up top 10 business tips for these startups:
It is core when it comes to doing a business. In the case of startups, the entrepreneurs and founders of the startup must have vision and purpose. Startups without any aim or vision might not able to achieve success. The primary task for the founders to find the objective for venturing startups. There should be consensus and common business goals.
Learning never ends. Especially startups need to consider this as their daily activity. Entrepreneurs start their business activities from the ideation stage. They work on prototypes and at the later stage, they launch with MVP (minimum viable product) in the market. The entire process involves continuous learning. The product or service will get enhanced as per the experience and issues they face while developing it. Learning is vital in startup life.
Focus on Customers
Customers are the key to any business’s success. For startups, it is highly essential to find out the customers for their products and services. Managing customers is an art. Big companies have been using CRM applications to provide the best services to their customers. In order to provide services to customers, startups must focus on their customers and their expectations. Besides startups must focus on all the funnels to keep up their momentum.
A business plan is essential for startups to showcase their business to investors and it is also important to implement the strategies to achieve the business goals. The B-plan comprises the business goal and methods to be implemented by the founders to achieve their set of goals. Most of the startups fail to prepare the best business plan and in some cases, the B-plan lacks the strategies. So need to prepare the business plan for the business and to achieve the business goals.
Business networking is the key to any business. Companies join many summits and events to meet key businessmen to collaborate, do business, and promote their products & services. So startups need business network platforms to meet the investors, angles, and to promote their startups. Due to the Covid-19, there are a few networking events but, there are few virtual events to attend.
Founder and Cofounder work together to build big successful business enterprises and startups. Startups need a good team to boost their productivity and complete the product to hit the market. The professionals working with startups handle multiple tasks to contribute their best in augmenting the business across all the platforms. You need a good team in the founding team as well in the business operations including day-to-day activities.
Marketing products and services are the keys when it comes to doing business. Marketing is everything for a business. The success depends on the marketing strategies and how it is implemented achieving the business goals. Some startups fail because they fail to identify the markets and implementing their marketing activities. The passion for innovation will not drive the business but marketing is. Have the best marketing plan to achieve all the milestones.
Work ambiance is the key when it comes to Startups – they have their best working environment. However, the best co-working spaces will provide even better facilities and ambiance for startups to excel. Startups have the best working environment compared to traditional offices. Of late, the startups are focusing on associating with co-working space provider to get their desired look & feel for their office environment.
Startups must be focusing on adopting the right technologies for the MVPs and final products. Technologies like artificial intelligence, data science, and machine learning could be adopted to develop the products. Technology is adoption is obviously high among startups but there is still room to find out the right technology stack. There are some open-source technologies that are best for your software product development.
Branding is another important aspect of businesses. This will give identity to startups. Many startups achieved huge success in their branding strategies. Use the social media handles to reach out to customers and showcase the products – those are also a part of the best branding strategies. Startups could reach out to branding agencies for branding solutions.
We work with startups and provide them handholding support to develop their products and business services. Our team would like to hear from you, please do write to us at firstname.lastname@example.org and do follow us on our social media: Facebook, LinkedIn & Twitter.