A good idea does not guarantee a successful business. According to Neil Patel, about 70 percent of businesses fail within ten years. So getting the company off the ground is just a start.
However, if you are thorough and take all the necessary precautions, the company will have a solid foundation from the early days, which increases the chances of profiting in the upcoming years as well.
If you are looking to launch a startup company as well, here are some necessary steps to take.
Step #1 – Write a Business Plan
Writing a solid business plan is an excellent place to start. A well-written plan works as guidelines. When you have the most critical aspects of a business in front of you at all times, you do not get distracted and can prioritize.
Emphasize the most important parts of the business plan. Moreover, if you are going to apply for funding or look for partners, you will have higher odds of a positive outcome. Persuading others is easier when you have a great business plan with you.
Step #2 – Choose a Reliable Product Supplier
Some startups rely on suppliers a lot. And finding a reliable supplier should be one of the priorities. When you research the market and decide on the idea, look for someone who is well-recognized and has all the credentials.
For example, if you decide to pick eCommerce and use dropshipping as your model, print on demand via Printify is a good option because you can integrate it into your store easily. Moreover, Printify has printing facilities in China, Europe, and the USA.
The bottom line is that you need someone who has withstood the test of time and can guarantee you a supply of quality products.
Step #3 – Secure Funding
Some entrepreneurs have a budget from personal finances. Others have to rely on taking loans from banks or borrowing money from their friends or family.
The scale of the business determines how much one needs. But it may be unwise to risk taking a large sum of money when you are not 100 percent guaranteed about success. Weigh the risks involved and the financial obligations.
Step #4 – Get Right Employees or Partners
There are instances when you can succeed on your own. However, if you are serious about creating a profitable company in the future, you will need employees and partners. And the sooner you find the right people, the better off you will be.
It is not very easy to find someone reliable if you do not have partners before starting the business. But if you start slow and build momentum, you are bound to attract genuinely interested individuals. And the more you attract, the more you get to choose from.
Step #5 – Find the Right Audience
Market research is tricky and does not give you conclusive results. After all, it is impossible to know how well something will actually sell before you try selling it. But researching the demographics is still one of the priorities for startups.
Imagine what your perfect audience should look like. Are you targeting local residents or the entire country, or even the whole planet? And what about the competition? Are there gaps in the market that are yet to be filled?
Step #6 – Develop a Website
A website is part of an online presence. If you are going to sell online, you will need to spend a lot of time developing the best possible site you can.
It should have all the basic functions. According to Statista, about 50 percent of people will surf the internet on their mobile devices by the year 2021. Keep it in mind and make sure that your site is optimized for mobile users.
Products should have descriptions. SEO optimization, search bar, social media icons, live chat for customer support, an FAQ page. All these things make a good website. And those who dedicate more resources tend to come out on top against the competition.
Step #7 – Start Marketing
Do not expect customers to come out of anywhere. Marketing is an integral part of a successful business, and you will need to dedicate a lot of workforces and other resources to create a marketing plan. Here are some marketing channels you should consider emphasizing:
- Social media. Work with influencers, organize contests and giveaways.
- Email marketing. Send out special offers and discounts.
- Pay-per-click marketing.
There are others, more unconventional marketing methods as well. However, if you are still in the early stages, you will want to focus on proven techniques, like those three.
Step #8 – Raise Brand Awareness
When the business starts to take off, do not stagnate and end up in the comfort zone. It would help if you looked for new and innovative ways on how to attract more customers consistently.
Raising brand awareness is also necessary for the future. Customers are getting pickier and will avoid brands they do not recognize.