A startup company (startup or start-up) is an entrepreneurial venture typically describing a newly emerged, fast-growing business. After rigorous screenings, you chose a brilliant idea and capital is readily available. Is capital and brilliant idea all that’s needed for a startup? You’d have an answer after digesting this piece.
Contextually, a startup is not solely a newly emerged venture but also a fast-growing business. Sadly, startups of nowadays are merely newly emerged, they tend to fold-up after a while, instead of going to the next phase.
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Listed below are 7 pre-startup necessities that prevent a startup from a pointless fold-up.
Satisfy a need
Success is guaranteed when a business is created to meet a specific need at a particular place and time. Perhaps you started your business without identifying a need; it’s not too late. Do a market survey and consider the services needed in your location.
Name your business
The name should agree with the mission and vision of the proposed business. This paints an image of professionalism. However, ensure the name is not already in use.
Register your business
Having successfully named your business, registering the name is appropriate. It hinders another business from using your chosen name.
Service availability and accessibility
Service accessibility and availability to customers are of paramount importance. A service needed but not accessible is more or less unavailable. Analyze the proximity of your services to those who need it. Consumers get discouraged if they have to travel miles before getting a necessity. Note that, humans tend to find an alternative when a good/service is scarce.
Do not do it alone. There are experts willing to share experiences. Consult them to get detailed information about your proposed business. Utilize that experience to establish your business. This will prevent unnecessary setbacks.
Don’t forget your competitors
Consider your competitors. Study their methods for loopholes, and amend where appropriate. Decipher ways to make your services stand out to consumers. You can’t satisfy all customers. Yet, be considerate. Moderation is the key.
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Good/Sevice Quality and packaging
Quality and packaging are as important as the capital. A well-packaged product gains entrance into the market but a well-packaged quality product controls the market and advertises your business.
However, it is noteworthy that the above-listed points are necessities and they differ for individuals. What other necessity should be considered before barging into the startup stage? Share in comments