Journey of a startup
What is a start-up?
A start-up is a young company in which entrepreneurs develop a unique product that can solve an existing problem and thus building a scalable business model.
Stages of a start-up journey:
A start-up has namely four stages. They are the idea stage, MVP stage, investment stage, and settled stage. Each step has its requirements which the start-up should follow to become a successful start-up.
- Idea stage – the first stage of a start-up journey is to find the right idea. After seeing the right picture, the next step in this is stage is intense research. It would be best to research every possibility concerning the concept, be it its market share, scalability, or anything else. The next step is to test your assumption to validate your idea. After checking the outcome of the testing, there can be two possibilities. First, it would be correct, and second, there are some difficulties. Depending on the scenario, you can change your idea or make modifications to the same idea. Once done with it, decide the name of your company, register the domain of your company. It would help if you now decided on your company’s finances, and the last step of this stage is to set up a business structure and choose the most appropriate business structure that matches your goal. Also, hire an accountant from this stage as it is a crucial part of any company.
- MVP – the next stage is to build a Minimum Viable Product. In this stage, you are launching a product that is in the development stage. With each release, your product would provide more value, and also, it may fluctuate from what it was initially. Thus, marketing in this stage should also change according to each version release. It would be best to start selling your product or service to the customers with a smaller budget, say 1000$. If you are selling in large numbers, then terms and conditions for sale can be the best way to protect your business and your customer. You also need to protect your company. For this, you should trademark your company name or logo. If your idea is innovative enough, the best way to protect it is to patent the idea. Use should use customer feedback as a powerful tool to boost your marketing as well as in the modification of your product.
- Investment stage – in this stage, you need to get funds so that your business can grow. Pitch your idea in front of investors in the most efficient way to convey your ideas to them. After you get your first round of funds, you should use aggressive marketing techniques to expand your business in the short term. You are also needed to build working space and also workforce. You need to sign the contract with the employees as well as different contracts for freelancers. You also need to invest some of the funds into product optimization so that your product stands with standard-changing technologies.
- Settled stage – this is the last stage of the start-up’s journey. In this stage, your start-up is mature, but it does not mean that you have done anything. This stage is all about competition, and you need to have an eye on your competitors. You need to know what their marketing plans would be and create a way to tackle them. You need to update your product so that you offer more to the customers than your competition.
These were the various stages that a start-up goes through during its lifetime. In Finendorse, we help start-ups market their product in the MVP stage most efficiently. We use the power of digitization to help your product reach the right audience.