When starting a business, there are many tasks to do, some being highly important and some being low. Here is a list of eight important things that you must do in order to lay a solid foundation for your startup to take its first step.
1. Define your vision and know your idea
It sounds very obvious, but several times, usually at initial stages, it happens that the company finds it hard to define their exact purpose. One founding member might define the purposes one and the other as something completely different.Having no definite purpose sends mixed signals to the investors and clients about the potential of your company. You need to have a single tone to your vision and have unity of ideas. Start with a 30-second pitch, to begin with, and then make sure everyone in the team speaks the same thing.
2. Know your audience
You have your idea and have defined the vision. Next question is Whom exactly are you going to sell this to? You need to understand your target market, and for that, you need to do your research. Is there any similar product/service in the market? Is it a cut-throat competition or a gentle one? Divide your audience into different groups based on demographics like gender, age, location, income, habits, etc.
3. Create your own brand
Once the company’s vision is understood and your target market is identified, you now need a platform to help potential clients and customers reach you and want you. Your brand helps you target the market, beat the competition, gain some value and sell your products/services. Branding needs to relate to the vision of your brand. Think about your brand as a language it speaks when you are not. Make it clear, concise, and easily identifiable.
“Determine who you are and what your brand is, and what you’re not. The rest of it is just a lot of noise.” — Geoffrey Zakarian
4. Determine your marketing platforms
This is not the hardest to crackas there would be very few platforms that you would not want to target. You should activate your social media platforms, irrespective of how easy this sounds. Businesses need to have social media profiles wherein they can keep on pushing the content, and most importantly, show the personal and human side of their brand.
5. Set your goals
It is important for every business to have goals to measure their performance. It could be something like achieving small targets at first and then moving forward with larger goals. You could come up with setting short term goals like website creation, getting the first prototype designed, getting first 100 users, etc. Whatever you set, make sure to keep it real and reachable.
6. Keep your financial records
Doing matching any form is a chore. Math is horrible (and hard). And then there are spreadsheets. Even though math is hard, it is essential for your business. Without it, you cannot know your expenses and profits. One cannot turn a blind eye to this segment
7. Determine fields where you can expand
When you’re starting a business, you must also know beforehand all the areas where you can expand your business. Expansion in terms of products like starting a new line of products and services or expanding your reach should be determined when you start your business.
8. Understand your shortcomings
Everyone has a shortcoming; it requires a lot of honesty to accept it. It could b a lack of manpower or not be possessing a particular skill-set or something else. Take some time and analyze if these shortcomings are putting your business in losses; if they are, then hire a resource or learn the skill in some passage of time. However, you must also calculate if it’s really necessary or if there is any alternative for the same. Work on this factor from the beginning and resolve it before it becomes huge.
Above eight are the steps you should follow that will help you create a solid foundation to your next big thing. We wish you all the best with your start-up.