Are there such startups that are in demand from the very beginning, or should this demand be created “artificially”? How to develop a startup from idea to implementation? How to do something that does not exist yet and has never been? Do you need to find a market and make a product for it, or do you need a product to create a market? – these are the main questions of technology entrepreneurs who are just starting their journey.
One Idea Against Millions
Writing down all your ideas on paper is the best way to proceed with the most appropriate one.
Any startup must start with a viable idea. Many entrepreneurs are stumbling over here: they have hundreds of brilliant, but business-useless ideas. Before launching a startup, you need to study the specifics of the market, consumer preferences, current trends, and context. This will help to find the idea that will become the basis of the future product.
Where to Find Money?
Crowdfunding platforms. According to the BBC, there are about 500 crowdfunding platforms in the world. One of the most popular is Kickstarter. To run a campaign on this platform, you need a registered US legal entity. If there are no Americans in the startup team or among friends, you can try launching a campaign on Indiegogo. The platform rules are softer and the fees are lower.
When launching a crowdfunding campaign, it is important to correctly calculate the donation amount and come up with a reward. As a rule, in exchange for a donation, a person receives a service or product. The price should include the commission of the crowdfunding platform and the payment system, marketing and advertising costs, taxes, shipping, salaries to assistants, and the cost of manufacturing the product itself.
Find investors. Another way to find funding for your project is to try to attract investors. Potential investors can be anyone: your friends or acquaintances, relatives, or strangers.
The classic way of a startup: contact venture funds or business angels – private venture capital investors. You can contact both domestic and foreign investors. Choosing where it is better to attract investments depends on the specifics of the product itself.
After determining what your client wants and what your startup requires, you need to come up with a team with which you will be working.
It is high time to find professionals for the project! The best way to do it is to appeal to the Engre platform. Engre is one of the most popular and professional marketplaces where you can find an experienced worker or the whole team. The company guarantees safety and qualifications of its engineers, so you can be sure you have hired true professionals who can cope with any task. Engre proposes more than 1000 engineering companies and contractors so you will definitely find needed people.
Promote the Project
When developing your marketing strategy, remember: there is no one-size-fits-all recipe for success. Techniques that worked in one situation may not necessarily work in another. It means that you have to be as flexible as possible, constantly try new ways of attracting, and always use several promotion channels.
What points do we recommend to focus on?
Analytics. Spend time regularly analyzing each ad message, channel, user behavior, and market overview. Keep your finger on the pulse and train your employees to do this. Thus, analytics will become the backbone of your customer acquisition and retention strategy.
Long term strategy. In difficult times, many find it pointless to make long-term plans. Who knows what will happen tomorrow? And we want to see the result right now. But the lack of a long-term strategy turns business into chaotic throwing without purpose and meaning. If you want to create something lasting, you need to calculate the risks and look to the future, and not standstill.
It does not mean that the original strategy cannot be changed. On the contrary, it can and should be adjusted every six months, taking into account external changes, while not losing sight of the main goal.
Support, Refine, Scale
If your startup has stood the test and matured to scale, that’s a good sign. You are almost ready to conquer the world!
At this point, it is important to focus on what will bring maximum profit and reduce risks. At the same time, we do not stop the process of development and improvement for a minute! Delay will ruin everything, so we think quickly, decide quickly, act quickly. Do you need a new strategy? Come up with it quickly! Do you need a new engineer? Find him quickly! You don’t know how to quickly find engineers? Read about it. And again. Quickly.
At this stage, novice entrepreneurs need to deal with numbers, economics, sales, and determine KPIs – key indicators that allow assessing the effectiveness of the actions being performed. Using KPIs, you can evaluate the company as a whole, and specific departments, and individual people. As a result, you will see how your actual indicators correspond to the planned ones and make decisions based on this.