8 Choices to Create a Startup Strategy

Safalta Expert Published by: Sanny Gangwar Updated Tue, 31 Oct 2023 05:10 PM IST

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The world of business is not your cup of tea and if you are new in this line it can be a little crazy for you. Because the building of a business needs a lot of hard work and planning. And most of the time only about half of all businesses survive five years or longer. The  5 basic strategies for startups you can follow to help get your company up and running:

Table of content 
Basic Need of A Great Idea
Make a Business Plan
Secure Funding for Your Startup
Surround Yourself With the Right People
Make Sure You’re Following All the Legal Steps
Select a Place for Business (Physical and Online)
Design a Marketing Plan
Build a Customer Base

1) Basic need for A Great Idea
Your first step should be to identify the problem and solution for the business and learn How to start a business. This is because flourishing startups start from business ideas that supply the demands of a group of clients.

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But your idea doesn’t always have to be a unique one. You can rework existing products or services in a way that’s better for the client. This can be as easy as:
 

  • Changing the product’s image
  • Adding a new attribute
  • Uncovering a new use for a product that customers already value
For example, Apple started from Steve Jobs’ original idea for a computer and has since created enhanced versions that better fit the market. They’ve also restarted to evolve newer products like iPhones and iPads, making them more useful with each update. One example is how they’re adding a keyboard for iPads that’ll make them easier to use like a laptop.2 All these creations by Apple led to them being worth over a billion dollars.

 2) Make a Business Plan
Once you have an idea, you’ll want to start creating a trade program that defines your products and services in detail. It should contain details on your initiative, procedures, finances, and demand estimation. Documenting a business plan is also significant for getting financing for your startup. Banks are more likely to provide loans to firms that can present how they’re going to utilize the money and why they need it.

3) Secure Funding for Your Startup
The cost of a startup is different for every business proprietor. However, no matter what your costs are, you’ll likely be required to obtain startup financing from:

  • Friends and family
  • Angel investors
  • Venture capitalists
  • Bank loans
You could fill application for a business credit card. Many companies offer 0% APR promotions, which means you won’t spend interest on your purchases if you pay off the balance before the end of the offer period. If you don’t acquire the right amount of funding or can’t raise money for your firm, you’ll risk not being able to pay your operating expenses. This may cause you to shut your doors. It’s figured that 29% of startups fail because they go bankrupt. To make sure you get the right amount, you’ll want to calculate your expenditures and funds, including the interest rates on your loans. Once you do that, you can use QuickBooks or FreshBooks to track your expenses and help you stick to a budget.

4) Surround Yourself With the Right People
There can be a lot of risk in starting a business. That’s why you’ll need essential business advisors to help guide you along the way, like:

  • Lawyers
  • Certified Public Accountants (CPAs)
  • Insurance professionals
  • Bankers

Building the right startup team is especially important in the early stages of small businesses. This means you’ll want to carefully select your:

  • Co-founders 
  • Contractors
  • Initial employees, including remote workers
5) Make Sure You’re Following All the Legal Steps
From developing your product to setting up your workplace, extending your dream startup can be a lot of fun. But before you officially enter the market, you’ll want to take the proper lawful action to provide you the best chance at success, including:
  • Applying for a business license
  • Registering your business name
  • Getting a federal tax ID number
  • Filing for a trademark
  • Creating a separate bank account
  • Familiarizing yourself with industry regulations
  • Building contracts for clients and others you plan to work with
6)Select a Place for Business (Physical and Online)
Whether you need to set up a manufacturing establishment, set up an office space, or open a storefront, you’ll desire to decide if leasing or buying a property is right for you. In many cases, you can get tax deductions for managing a commercial space, which is an advantage to possessing your place. You’ll also be able to rent it out to make extra income.

However, one reason startups lease, in the beginning, is so they can invest their money into other aspects of the company. Leasing can also be a cheaper way to get your startup in a premium location. Keep in mind that rent prices can spike abruptly, which can push you to expend more or move. You also won’t make any equity while you lease.
 
In today’s digital world, it’s very necessary to set up an online existence and e-commerce forum. You’ll have a situation being prosperous without it. This is because consumers are rapidly purchasing online and using Google to find out more details about your products. On top of this, websites offer benefits like:
  • Maintaining your store open 24 hours a day, on weekends and on holidays, which improves sales.
  • Aiding you reach customers around the world.
  • Permitting clients to read reviews about your products, can raise your brand’s credibility.

You can enhance your online existence even more by initiating a blog. This will aid you to prove yourself as a professional in your domain. You should use search engine optimization (SEO) to increase your brand’s presence on Google searches. And it’s always a good idea to broadcast on social media platforms, where your audience visits often.

 7) Design a Marketing Plan
Every startup needs to spend different amounts of money and time on marketing. It’s a vital expenditure because it allows you to:

  • Establish a trademark identity
  • Stand out from the competition
  • Construct customer connections and build loyalty
  • Boost visibility, which draws new customers
  • Strengthen your company’s prestige

Some startup marketing exercises you should look into include:

  • Utilizing social media to engage customers and promote coupons or deals
  • Giving rewards out for referrals, which fetches more business
  • Offering free samples or demos in your store
  • Sponsoring events to get your name out there in neighborhoods
8) Build a Customer Base
For your startup business to have long-term success, you’ll want to build a customer base. These loyal customers can help with:
  • Boosting your sales, because they’re willing to keep spending at your company
  • Sending a message to new customers that your brand is trustworthy
  • Gaining referrals, which saves you time and effort in finding new customers
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Some ways you can attract and retain customers include:

  • Regularly offering a great product or service
  • Establishing loyalty programs to keep them coming in
  • Using companion marketing on social media, which involves paying influencers to publicize products to your target audience
  • Concentrating on great customer benefit
  • Using market research to understand your customers’ expectations better
  • Asking for feedback directly from the customer

 

On top of this, the International Council of Shopping Centers (ICSC) found that 92% of consumers said their loyalty to specific retailers was because they offered prices that were fair and matched the value of their product, while 79% said it was because of product quality. 


 

What questions to ask when starting a startup?

  • What does success look like for this role and how will it be measured? 
  • What are the company's mission and values?
  • What are the team structures? 
  • What's the current growth like? 
  • What is the current runway and what are your future funding plans?

Why is strategy important for startups?

A strategic plan ensures that every decision you make within your business will further your end goals. The planning of your strategy will save you time and money on labor things that will actually help you get to where you want to be.

Which strategy is mostly adopted by startup organization?

Identify All Target Markets: define WHO is your ideal customer or target market. Most companies experience 80% of their business from 20% of their customers. It makes sense then to direct your time and energy toward those customers who are most important.

What factors should I consider before a startup?

Here are five factors to consider when setting off on your entrepreneurial journey.

  • Business structure. One of the key decisions you need to make when starting a business is which legal structure to select. ...
  • Business plan
  • Funding and costs
  • Find an accountant
  • Employee issues
  • How TaxAssist Accountants can help

How do you know if a startup idea is good?

A great business idea is an innovative and unique concept that is tailored to solve a problem or meet a specific need in an industry or market. Factors that determine whether an idea is great or not entail scalability, investor-friendliness, ability to solve a problem, replicability, and sustainable profitability.

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