So you have an idea for a start-up? We all know that a large percentage of new businesses fail. Here are some steps you can you take to increase your chances of start-up success.
1. Get a Mentor- find someone who has started their own successful business and get advice from them. Also read any books or articles you can find written by successful entrepreneurs. You want to make sure you are getting advice from someone who has actually been through this before and will give you their HONEST opinion. If their opinion is not what you would like, make sure you get some constructive criticism, pointers, things to change. Do not ignore their opinion. You need to keep and open mind and consider tweaking your project/idea if need be.
Check out this article from INC. : “10 Great Entrepreneurs Talk about their Start-up Days”
2. Identify your Target Market- Make sure that there is actually a decent sized market of real people that are actually going to buy your product or service. You need to focus in on one specific market and plan how you will target them. Make sure your product or service solves a problem.
3. Customer Experience- make sure that every single customer has a great experience. Gather feedback from your customers so you can change features, etc as you go along to make the experience even better. Don’t skimp on customer service. Make sure that you have enough customer service to handle growth without any angry customers.
Here is a great model illustrating the stages of a successful start-up http://startup-marketing.com/the-startup-pyramid/
- Great Ways to Measure the Customer Experience (brighthub.com)
- What’s the Best Advice You Can Give to Other Small Business Owners? (blogs.constantcontact.com)