Turning a brand new idea into a successful business isn’t easy. Here are some simple strategies for your startup to help you get thinking for success.
We have the privilege of meeting and hearing about some incredible startup ideas both large and small. Turning that idea into a viable business model can be a challenge, one unique to startups. Many startups have not only the challenge of creating a new product or service but on top of it they need people to know about it and then want to use it. I want to highlight few strategies for your startup above and beyond establishing a purpose that will improve the probability of success. Keep in mind, my experience comes from working with startups that our dependent on cloud based solutions such as a mobile app or website.
#1 Tie in an Effective Revenue Source
The first is to start thinking of your revenue source and how it ties in with your purpose. Very often the idea of building a free service, getting an enormous number of users and then selling to a large outfit is the plan. Unfortunately, it tends to fall short of building users. I believe this has to do with the fact that the true value to the user is overlooked. When you need to somehow convince the user to invest in your product you automatically are thinking of ways to provide value. Even if the grand plan is to exit through a major buyout, take some time to really push for a monetization model.
#2 Measure For Success
Knowing if you are on the right track is very important. As quickly as possible identify what qualifies as success for your startup. Once you have that, build backwards on the strategies that will get you there. Then comes the tricky part of regularly reviewing if you are really making progress towards that goal. As the venture matures you will find that what you are measuring will become more and more refined. These findings may very well lead you to your next pivot point as well.
#3 Be Ready to Pivot
As much as everyone involved would like to provide you with a silver bullet that will guarantee success, it’s not exactly on the table. To fully get your little startup to evolve into a successful model it is likely that there will be a number of shifts along the way. New opportunities and directions will ever be present. Being prepared with helpful data and an overall purpose will help you know which opportunities or shifts to make and when. Take a look at some interesting Startup Pivot examples here.
Before diving straight into development take some time to give some serious thought and planning to the strategies specific to helping your startup. These along with a well thought out purpose will do wonders for helping you grow your startup.