The way from developing an idea into a startup to reading the unicorn status is a long and treacherous one. Motivated by the success of numerous IT startups, many first time entrepreneurs just dive into the industry without proper preparation, which in return ends in disaster for most of them.
Even if you have secured the funding, there are several important aspects that need to be considered when deciding to enter the world of startups. In this article we will explore the three main pillars of a successful startup launch, market research, staffing and marketing. So let’s start!
You may think that you have the perfect app or software tool, one that users will go crazy for, but have you checked how popular or used are similar tools. Before even thinking about launching a startup it is imperative to do a comprehensive market research. From finding the right user pool to determining the saturation level for your specific type of product.
This might sound harsh but if there is no room in the market for your idea, service or product, it is better to delay the launch and work some more on what you can provide the potential customers. Containing the excitement can sometimes be hard, but it is essential for a smart and successful entrepreneur to know the exactly right time when to put out a certain product.
Getting the right talent for the right price
For most newly formed startups it can be hard to provide the adequate funds for obtaining the right kind of work force. Luckily when it comes to IT and software development startups, remote nearshoring teams are only a click away. Hiring workforce from a nearby developing country can have a significant positive effect on both budget and product quality.
For most people the first instinct is to hire people from their surroundings, colleagues, friends even family. Sadly, this type of decision can sometimes be more costly than productive, and for someone just starting out in the startup industry every penny counts. Initial funding can only get you so far.
Figuring out the best marketing options
For any new company or product exposure is key. Brand recognizability comes over time and with good marketing strategies. With all the available tools online it is quite easy these days to form an effective marketing campaign targeting a specific group of users. For any IT startup social media can provide great insight into what type of marketing option would be the most effective.
Depending on the user demographic, different options are available. From the less costly ones like creating a social media buzz and an engaging website, to options like campaigns which include affiliate marketing and sponsored posts that can substantially drain your funds. For a startup that is still in its evolving stage, the less costly option is ideal for drawing in the prospected users.