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8 Stages of a Startup Lifecycle - Survival Guide

TataNechNov 16, 2018, 10:47:30 AM
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Running your own personal business is not as difficult as you can imagine. How does it start? With an idea! From the very beginning ask yourself a simple question - what is the reason for opening your business? This is one of the most important questions you should ask yourself. If you just want to make money, then get ready - not always what you discover can bring you pleasure. At some point, you may not be able to do it, simply because you have no inspiration. The reasons for creating your business can be many, but it is important to remember: how feasible is your idea? So, the first stage ...

1. Scrap ideas

I ask myself a few questions before realizing the idea. What is the uniqueness of this idea? Why should what I begin now really be a success? It is also very important to understand whether there is a market for the demand for this particular business idea. I often discuss these primary questions with close people. They can push you to ideas and thoughts that you haven’t even thought about. Women have their own outlook. And their business ideas, models, as well as managing all processes often differs. And these are excellent sources of your inspiration and motivation to look on another angle. For example, you planned to make a profit in a month, but it is not. And at such moments, people who can support you and say: “Yes, you are doing a cool thing, because you checked it, you made the right business model, try to involve customers' feedback, or …...., get all together and continue to work.”

2. Check for environmental friendliness

After you have found the answers to the questions above, consider how green your idea is? As far as it does not harm the environment or other people. Sustainability in any business is very important. This means that your idea is not abhorrent to you and it is very important that it does not deceive people. That business which you will create should benefit someone. Only such a project can earn.

3. Target audience

In fact, one idea is very small. After hewing your idea, try to thoroughly explore your audience. It is important to understand who these people are who will use your product or service, what wealth they have, what places they visit, where they dress, what they eat and buy. Knowing the niche of your customers will help you to understand exactly whether these people will come to you. The more you register and understand the portrait of the target audience, the more successful your project will be.

4. Sales channels and communication channels

Think about how and through what sources of information you will speak with your audience, which advertising is more effective. Understand where your customers live.

5. Resources, budget, and pricing

It is important to know what you have, besides a cool idea. Analyze if you have a starting capital for this. Where will you take it, if not: a loan, investment companies, grants, an employment fund, government agencies - consider all possible options. To form a budget is not difficult at all, as many people think. For example, I summarize the entire cost part together with the profit channels and calculate it in the short and long term. Immediately recommend laying more. If you manage to save, you will not lose anything and this amount will be a joy to you.

After creating a budget, you form a price. If you want to put a price higher than the market, then you must remember that you must offer something better than what is already on the market. Give the client more, then he will definitely return to you.

6. Team composition and roles

The team of your project must include a brand lawyer or brand holder, an analyst and the person who will sell. A brand manager is one who tracks the quality of the entire product. The analyst will help you to keep records, calculate the budget and process information. The third person is one who can talk beautifully and tasty about your business, pick up distribution channels and communication channels, and who is not afraid to communicate with customers. Even if you plan to run your business alone, be sure to decide for yourself who will be performing these functions. Your team is your realization, it’s 70% of your success. And it must be people who believe in your product. If people believe in you and follow you, it will help you to successfully implement your idea.

7. Strategy

This terrible word can be described with just one sentence - what you go to and what you want to get in the end. In general, this is your market positioning. Strategy is important to change and revise. Its flexibility depends on how your idea will look, for how much and to whom you will sell it. Remember that not everything pays off immediately: a payback period of 3 months to 3 years is normal!

8. Risks

The budget may not correspond to reality, taxes may jump, and the currency, on the contrary, collapse - you need to remember all this and plan ahead for you. Try to understand the work of each of your employees, to be always ready for their illness or care. But the main risk is yourself. If you are disappointed in your own project, you are depressed, perhaps what you started is not your dream at all. Do not despair. Just ask yourself, what would you like to do? What would you bring pleasure? Some mothers prefer to earn money staying at home, by running a blog or baking cakes. Just do what you love and do it well. And again, go through the list above. The more accurately you work through these stages, the sooner your business will work.