SupportBiz lists these six things that all start-ups need to consider.
1. Target market/s
One of the six crucial aspects that a start-up needs to think about is its target market/s. Who will buy the products/services that it generates? Why? The start-up needs to find well-defined answers to these questions.
There should be a need for the firm’s products/services in the target market/s it is considering. The products/services should be able to address the issues which the target market/s is/are currently facing. Also, the firm should be passionate about contributing to solving these issues.
2. Human resources
No firm can succeed without the help of a team of individuals, each undertaking different, important functions. A start-up should focus on building a team of wonderful employees, who are experts in their respective domains.
It is essential that each staff member of a start-up shares a common vision, and has a strong team spirit.
Raising the required amount of funds is a very important aspect that each start-up needs to consider. There are several sources from which a firm can choose to raise funds: friends and family, personal resources, banks and financial institutions, angel investors and so on.
The start-up should spend time and effort in thinking over which source of funding would be best for it, at the current stage. Other important consideration is when and how the firm will repay these funds, and the collateral to be furnished in case of loans from banks and financial institutions. It is essential that the start-up have a detailed plan ready, regarding all of these aspects.
4. Strategic plan
Every start-up should have a strategic plan, outlining its short-term and long-term goals. It should have a clear picture of where it wishes to reach in the next 10 years or so, and a roadmap indicating how it will reach there.
This roadmap should cover all the areas which will influence the business – target market/s, marketing, funding, human resources and others. A well-thought-out strategic plan will serve as a guiding light to a start-up in the course of its everyday running, and save it from being clueless in any situation.
5. Improving market share
In order for a start-up to grow steadily, it is crucial that it keep on improving in terms of its market share. Only if the number of customers it has keeps growing will the firm be able to grow, in terms of profitability and betterment of its products/services.
The start-up should have clear plans about how it wishes to increase its market share. Offering quality products/services that evolve to meet the changing demands of the market is an essential to improve market share steadily, supplemented by appropriate marketing efforts.
6. Accepting change and adapting to it
Change is the only constant, they say. This holds special significance in case of a business, where adapting to change is the key to acceptance in the market and growth.
A start-up should have a strong mindset to accept market changes, irrespective of how volatile they are. It should be ready to adapt to these changes, and make changes in its products/services and processes, as required. Only then will the start-up be able to guard itself against possible threats and exploit emerging opportunities.