5 Steps to a Successful Startup Strategy
Posted on 19th January 2018 in Business
Written by Freya Hughes
Everyone is dreaming of becoming a successful entrepreneur, so you need to execute a great startup strategy to excel. However, in practice, a large majority of startups fail to achieve their complete market potential with the result. It’s not an easy or straightforward process to negotiate the pitfalls of creating a successful startup, and lots of work and hard thinking has to be employed in the process along with plenty of determination and persistence. There are no magic formulae but effort goes a long way. Read this roundup from Kate Ashton, from Shark Processing, to see what your startup strategy must include.
Forecasting is a key element of a smart business strategy from the beginning.
It’s important to get a handle on all the essential elements of costs and revenues and try to limit your financial exposure to the barest minimum. It is much better to have a slow start than to have unrealistic business expectations.
Over a period, your business should begin to take off and deliver much more satisfactory and promising results. A clear strategy helps you identify key milestones and objectives for the coming years. A forecast will also help in identifying when important decisions have to be taken and how to evaluate the results of your decisions.
2. Use smart and cost-effective business tools
There are a number of tools available which assist you in achieving the best possible results with minimum expenditure.
These tools also assist you in defining your business and your vision and give you a reality check on the viability of your business ideas. The use of these tools means that you do not have to use your scarce money and resources in employing experts who may be useful.
Many of them serve as do-it-yourself resources for entrepreneurs and facilitate the creation and development of ideas and strategies and the use of high-risk merchant accounts.
3. Define your market
It all begins with market research, and the first goal is to identify a target market your business can reach. Ensure your products and services are likely to find customers and are needed.
If you want to sell high-value brands, you should target high-income customers, but figure out a strategy of how to reach them. If you need to concentrate on price, you need to generate high sales volumes and have a strategy to reach high traffic markets.
Unless you have defined your market, you are unlikely to go much further in the development of plans and strategy to suit your target market.
4. Identify the needs of your customers
Once you have identified your target market, your market research should next focus on the needs of this demographic.
Ideally, you should identify customer needs which your business can satisfy better than your existing competitors, because of the competitive advantages of your business, which distinguish you from the rest.
5. The determination of prices
The most important part of your market study has to deal with pricing. Once you’ve identified your target market, and their needs, you need to find out how many paying customers are there to buy your products and services. What are they prepared to pay for? Lower costs, better products, or both?
This should help you to determine whether you can profitably offer your products and services in this market and the pricing that you can hope to achieve.
Kate Ashton is a writer at SharkProcessing.com. Shark Processing is a wonderful source for startup, small & medium-sized business owners & merchants to check plenty of genuine & unbiased high-risk merchant account reviews & articles before opting for one. Connect with Shark Processing through Facebook and Twitter.