We often think of startups as high-paced, but not all need to move at the speed of light. In fact, several startups move slow and take time to grow, while building momentum for sustainability in the long run.
First, build out your foundation. It’s one thing to have an idea—it’s another to bring that idea to life. Take time to vet your idea and ask for expert advice. You want to make sure as many angels as possible have analyzed your idea before you jump in deep.
Begin to sketch out what your business model will encompass. Ask yourself these questions:
- What is your service or product? What problem are you solving?
- Why are you doing this business?
- Why do you think you can make this business a success?
- What does success look like for you in this business?
- How do you define your product so your customer base understands the value of your service or product?
- Who are your customers? Can you turn them into repeat customers?
- How do you make money? How much will you charge?
- What is your communication plan with your customer base?
- How soon can you test your MVP (minimum viable product)?
- Do you have a team of contracted professionals (CPA, attorney, advisors, investors, etc.) to help you succeed?
Once you’ve thought through these questions, create a timeline for the launch of your startup. You may want to warm-up online and begin to build your brand identity on social networks. You don’t need to have everything perfect and set in stone to do this. In fact, it’s helpful to get your feelers out there and start generating a buzz for future customers.
Be open to feedback and constructive criticism. Whether you ask for it (and you should) or not, you will get other’s opinions and thoughts on your service or product. Be comfortable with listening to feedback and be open to change. If your startup is in this for the long run, you’ll need to be able to adapt to change frequently.
Entrepreneurs, who run startups that withstand the test of time, constantly ask the questions listed above. Be open to change. Be adaptable. Ask for feedback. Test your limits. You are an asset to your startup and team. Put these plans into action and use your grit to your advantage.
Derek Rundell, is a successful business leader, operator, and serial entrepreneur. Derek has founded, managed and sold businesses in the technology, media and finance industries. He sits on several boards and serves as an advisor/investor to numerous established businesses and startups. Startups are Derek’s real passion, and in addition to building his own portfolio of technology, media and financial ventures, he invests in and mentors startups and entrepreneurs. He is passionate about sharing his knowledge and helping other businesses succeed.