What are the main points a startup company should consider before launching?
As a start-up company, what are the main points or factors we need to take care of before launching?
Thanks in advance,
Predefine who gets what (profit) and who will be responsible if things go wrong (liability / the bill).
Get your partner agreements in place, check legal terms and conditions and perhaps consult a lawyer (have one ready just in case).
Whatever you do for someone else (customer) makes you liable and responsible (unless you have your legal stuff in place and signed by partners and customers) ..
Get NDA's, terms and conditions, price-list.. just imagine; what if your work had a negative effect on the customers brand and now they are going to sue you for damages !?
Don't be too happy-go-lucky at the start and think of worse case scenarios.
as a start up you should focus on:
1. Experience you have: it is from your experience that you had in the market that would help you to tackle obstacles.
2. Know your competitors strength and weakness.
3. what innovative idea that you can bring into the market.
4. Market condition: how does the market perform.
5. Break Even Point
6. Rate of return on investment.
7. the profit.
8. you should have good strategies with you the should act as your blue print for penetrating deep in the market.
9. you should know your weakness.
Certain Points may be a standard spectrum wide however, many are also very specific. If you wish you are welcome to contact me and I would be happy to provide feedback. One of my entities called giving-back is built solely around the concept of helping create businesses for unemployed and underemployed. Though as a part of that is the knowledge, market data specifics etc applying to many industry types, sizes, goals etc. From Inception to Market Domination is the tagline for another of my companies Web2Market
I am always happy to help. Feel Free to get in touch, I do not charge to answer questions.
Hard to say, not knowing your company or what you are doing, but look at 3 aspects:
1. Product/Service - Roadmap to Revnue
2. Relationship Management Strategy - Partners, Customers, Employees, Government
3. Customer Success Strategy
If you can "Check" these boxes, it is a starting point!
The points listed below are excellent...Make sure your psyche is ready for the ride...Fail forward fast, be sure you like selling, and don't be afraid of rejection...
"Launching" assumes you have identified and know how to reach your ideal customers with a compelling value proposition that can be easily acquired/adopted. Your business plan should guide you to the optimal use of resources to create, sell, support and grow client relationships. If you are not clear, don't waste time, energy and money. Get it right the launch right the first time and you will have plenty of opportunity to make and learn from mistakes but if you don't create clients in your launch, you don't have a business. Good Selling!
Due your homework work on business plan be honest with proforma and projections
Know that the answer may not be contained in your MBA classroom. Be ready for blood, sweat and tear equity. The answers/points/factors also depend on type of start-up. Virtual storefront or bricks and mortar. Software or industrial. Product or Service or both.
reason you started company in first place; a perceived need in your industry
customers who will benefit from your unique offering and know the why
time to market for your product or service
pricing of your product or service; is it competitive within your industry?
know the intangibles of your offering; differentiation
telling your story, informing your selected customers
Focus; do not try to be everything to everybody
Budget; where is it coming from - banks, grants, angels, pending contracts
location of facility/ease of access for visiting customers and shipping/receiving
dedication of your team to this company/buy-in; personal investment in addition to time
your processes/procedures ensuring a quality service/product to your customers
infrastructure in place/development when you open doors
certifications/registrations for your company as deemed required by your industry
verification/validation your service/product meets/exceeds industry requirements
No doubt, all the suggestions raised are relevant and depending on your business, branding, promotion, marketing and more promotion would be beneficial. However, I believe in certain cases, timing is more important. When it comes to product placement, marketing, promotion and everything else that helps your business off the ground, if the market is not ready for your products/services, you're more likely to struggle. I've experienced it all before...! Good luck with your business.
You have been given a lot of sound advice. But ---- if you expect to grow, you will need to hire new employees. I am sure you really want your business to succeed and are willing to throw everything you have at it, meaning all your creativity, innovation, productivity, intelligence, knowledge, experience, and energy. The big question is do you know how to lead your new hires to feel the same as you? Do you know the right actions and the wrong actions to take and why the right ones are right and the wrong ones wrong? If not, you need to find out and there are only a very few people who know all the answers.