So you have a great idea for a business and dream of making millions in just a couple of years? Here are expert tips on how to make your start-up company a success.
STEP 1: FIND YOUR WHITE SPACE
Question to ask yourself: What area is lacking?
All you need to do is find that one area that is lacking and that you feel that you can contribute to.
STEP 2: KNOW WHO YOU’RE SELLING TO
Question to ask yourself: Who is my customer and what do they need?
Once you’ve identified who your customer is, only then should you pick items or services that cater to their needs. Having that singular focus and vision ensures that you stay on point.
STEP 3: GO WITH YOUR GUT
Question to ask yourself: Do I really believe in this company or this product?
Follow your intuition as this is enough to keep you motivated even in hard times
STEP 4: EXPAND YOUR BUSINESS WITHOUT LOSING YOUR ESSENCE
Question to ask yourself: What makes sense today?
When it was time to expand the business, keep your singular focus and only add a few things that feels like a natural expansion of what your customer is looking for. In this way you will be able to grow without diluting their market position or brand.
If you have a great idea, especially one that hasn’t been done before, make sure that you work hard to launch as soon as possible.
STEP 5: FIND YOUR A- TEAM
Question to ask yourself: Are my partners and employees as passionate about this business as I am?
As your business grows, ensure that everyone you hire is equally motivated. It’s crucial to find "mad, passionate, inspired and smart" people to help you bring your dream to life.
Never forget that strong players build strong brands.