How you launch your product, how you maintain the quality of the product and how much you still ‘stay tuned in’ with your clients, after-sales, help you to create a niche for yourself in this extremely demanding market where customer wants products on lesser cost and with as high as possible ‘quality’ features and outcomes.
Ideas for Starting a Business to Grow Faster
Few pointers to be considered as a priority in ‘to do’ and ‘not to do’ list can help to achieve the same.
1. Be innovative and creative, both.
One can be creative but not innovative, or one can be innovative but not creative, but to stay in the market and ahead of competitors or to have a head start, you need both. Being creative helps you to conceive something new, unusual, and has realized values to others. Being innovative is the implementation of the conceived product that has practical value to it, and the clients will look forward to it. The key is to deviate from the ‘norms’ and let your mind go ‘crazy’, practically, of course.
2. Stay honest to your core purpose
It’s easy comparatively to conceive, create and launch your products but extremely easy to ‘get carried away’ with its success, especially if it comes at the early stage of the launch than you expected. One can easily dream and try its expansion, out of proportion, without considering the factual data of the available resources. Every expansion should be done in tune with its launch ideology with careful planning and executing step by step expansion. Map your goals and assign a timeline for practically maximum utilization of the available resources for smooth implementation and functioning.
3. Always think your business as a startup business
Once the product is smoothly launched, one tends to think himself/herself master of the same, without considering and reconsidering the potential danger of customer’s changing choice and the new competitors entering with innovative products. Taking calculated risks, making necessary investments, constantly monitoring the customer’s feedback, and making necessary updates, learning from the mistakes is the key to keep and grow your business position in the market.
4. Never underestimate your growth as a continues growth process
Basically, don’t underestimate the forecasts and business models and don’t take your growth as a guaranteed success. Keep consistently and innovatively working to retain the same.
5. Hiring the wrong set of people
Once your company starts to grow, it is normal for you to think of its expansion. When expanding your team, look for people who are the motivating type. They should be the leaders in the true sense, working as a team and motivating each one of them to achieve the goal to reach your vision.
6. Adopt ‘pick and choose’ with new opportunities
While you are establishing yourself in the market, once you get noticed, it is obvious that you be bombarded with other associated opportunities. In an over-enthusiasm, one fails to recognize their strengths, weaknesses and go for more they can bargain for. Be sensible with your approach. You need to focus on work ‘on hand’, maintaining their time schedule, working on the other ‘expandable resources available’ and pick things which gel with your vision of growth. Never ignore this among other startup ideas.
7. Focusing on cash in hand
Never underestimating the power of continuous fundraising helps you in the long run for the smooth functioning and growth of your company.
8. Creating ‘interest’ and ‘demand’ of your product
Most of the people, in over-enthusiasm, spend almost everything in planning and creating the product. No matter how carefully you have done the market research and made your so-called ‘niche’ product, but, if people don’t know about it at the right time, it doesn’t count, and business is bound to fail. Keeping a separate budget for the market promotion of the same, at the right time, to the right set of clients, is very crucial for staying ahead of your competitors. Before going for the main launch, one can go for dummy launch to smaller segments, just to create awareness and be advertising your product simultaneously. If you fail to stir the curiosity in the audiences in major parts of your dummy launch its time for you to go back to basics or consult a professional company, as you might be failing to trigger your product launch at the right time.
