People want to start a business with little or zero capital and try hard for it but can’t seem to get it off the ground. Does this situation seem familiar? The startup scene is full of stories like this. What is the reason behind this?
A large part of the problem is that many entrepreneurs have no idea how to get their company from point A to point B. The entrepreneur’s initial concept is referred to as point A. Point B is the hoped-for condition in which the firm is stable, established, and profitable. Many young entrepreneurs come up with brilliant business ideas that die before blooming because of a few crucial mistakes.
We see that people often spend too many resources on the wrong things or too little on the important ones. In a way, it’s just like overwatering or underwatering your flower.
The middle road is tough to follow.
Read on to find out 7 tips that will help you successfully launch and grow your startup.
1. Planning ahead for the launch
The first step to launching and growing your startup is to plan ahead.
A common blunder entrepreneurs make is to regard their new launch as just another product in the market. On launch day, there’s a lot more than that. Your product launch, like the rest of your business, needs meticulous planning.
This preparation involves determining the best time to launch—poor timing is one of the main reasons software launches fail.
Begin by making a simple list. Determine what has to be done in the weeks leading up to the launch and what you want to accomplish on the big day. Work with your team on this. They might know aspects of launch day activities that you may not know about.
You don’t have to micromanage every detail (in fact, you cannot), but you should create a good timetable leading up to the event and outline daily goals. Get your team to chime in about improvements.
Also, a good idea is to study the successful startups that have nailed their launching strategy. Find relevant startups and see what key takeaways you can implement in your startup.
For example, we have made a list of startups in Gurgaon from where you can take a lot of inspiration.
2. Look out for the chinks in the armour
You should have an optimistic attitude when it comes to your product launch, but don’t be overconfident about it. Don’t think about an issue in terms of “if” it will happen; assume that things will go wrong. It’s not something to panic about; it’s something to prepare for. You’ll be able to reply swiftly and effectively as a result of this.
Spend some time analyzing risks a few months before the launch. Assemble a dedicated team if that’s feasible. Allow them to identify your product’s loopholes and wrinkles from various perspectives. This should encompass (but not be limited to) the possibility of economic change, customer and staff health and safety, as well as fraud and intellectual property theft.
Giving the effort to risk assessment will allow your team to split risk management down into manageable bits. It also allows you to enlist the help of third-party contractors if necessary.
Once you and your team have completed risk analysis and mitigation strategies, share the results with the rest of your business. To respond effectively, everyone must understand the crisis management process in detail, including which team members are in charge of each response.
Prioritize transparency, and your team will be able to successfully carry out their roles throughout the launch.
3. Beyond the launch
Your preparations do not end with the launch. Consider launching not as the climax of your efforts but rather as the spark for a slew of additional responsibilities.
Make sure to use advanced business analytics capabilities throughout the process, both before and after the launch. This will, and should, take up a chunk of your budget. Use business analytics procedures to comprehend market data, previous sales figures, and other information. This will assist in determining the status of your company and industry, rather than merely guessing what path it will take.
Analysis interpretation is translating examined data into usable information for you and your team. This is one of the most crucial components of your planning. This allows you to plan specific activities to guarantee you’re getting the most out of the product when it’s launched.
4. Don’t give up on networking
The future lies in professional networking. Because your network will propel your organization to the next level, business is all about relationships. The power of word-of-mouth advertising has never been greater. Currently, 88% trust online consumer evaluations as much as recommendations from known people. You should begin networking for a variety of reasons.
You should also begin networking since this will introduce you to a lot of outstanding talent in the future. The best talent seldom enters the open market, so you have to look for it. Big businesses arrive to scout this talent and seize it before anybody else.
5. Hang out with the right people
Running a business is difficult, and you must surround yourself with like-minded people to launch and grow your startup. During this early stage of development, mentors and strategic partners will be essential. You can do considerably more with the appropriate team than you could on your own.
Assembling the perfect team comes down to networking in part, but it also comes down to employing the right people in the first place.
Create an atmosphere that encourages everyone to contribute in order to foster a healthy business culture. You can accomplish a lot if you work together. Finding like-minded, smart, trustworthy people will help you grow your startup better than anything else.
6. Take care of yourself
So you launched your dream business, and now it takes up almost all of your time. However, remember that if you don’t invest in your personal welfare, you won’t work for your business.
Life and work should be equal in importance. As a startup entrepreneur, it’s difficult to step away from your company. After all, this is your child, and leaving it alone for even a second is difficult. You can, and you should, do so.
Maintaining your interests and relaxation will help you avoid burnout by keeping you feeling refreshed for longer. Delegate tasks or automate them so that the business can run without you. Taking care of yourself isn’t selfish or unproductive; it’s crucial for your startup’s growth.
7. Always keep learning
Your team’s combined abilities and knowledge have taken you to this stage of launching. Continue to learn in order to grow.
The following should be included in your educational objectives, among others:
- Your demographic
- Your work culture
- Your products
- Your business model
Wrapping it up
Founders who wish to successfully launch and grow their startups must be able to adapt to changing circumstances. Success is never guaranteed. In fact, 90% of startups fail after five years, but by following these tactics, you can enhance your chances of success. Keep your attitude positive and keep learning.
About the Author
Himanshu Sharma is the founder of KeeVurds, an online media platform for emerging startups and promising entrepreneurs. His platform has already featured dozens of Indian startups.