6 keys to Creating a Successful Startup Business Model

May 13th, 2015

6 keys to Creating a Successful Startup Business Model
How can you really convince your investors that your startup model is going to work? Can you really explain to them how it will generate more revenue than your expenses?

Even if you are the investor yourself, you should ask yourself these questions.

Here are some of the basic ideas which would pull the records in your favour and also keep you on the right track throughout:

6 keys to Creating a Successful Startup Business Model

1.    Never delay the market research

No matter how passionately you feel about your business, skipping the market research is never a good idea.  It is a bad idea to go blindly into business and hope that things will work themselves out. Sometimes you have to take into consideration the hardcore statistics about market demands and your competitors.

You should also take into consideration the input from your investors as well. If you want to take it up a notch, listen to what your potential customers are saying on the social media platforms. This way you can correctly quantify your opportunities.

2.    Market it before you actually build it

Today marketing is the king. Proper marketing helps even the tiniest startups to reach great heights. Marketing momentum can take a very long time to build up, sometimes as long as it takes to build the original solution in the first place. If you wait around for the start up to be established  before you begin your marketing, you may find that you are not offering what your customers want and are effectively wasting your time and resources by focusing them in the wrong place!

3.    Plan for a working real-time revenue model

Having a free model in mind, with the loose intention of monetizing with this solution later on as you progress, just doesn’t work anymore. Be very sure about where you want your money to come from and how you are going to generate the revenues on a continual basis.. If you don’t decide early where your investment will come from, you might run out of finances in the middle of your start up.

4.    Word of mouth won’t be enough for effective marketing

Even though the Internet easily permits you to market your stuff yourself, you should not assume that all you need is a website to improve your sales and marketing. To get the visibility that you so desire, you NEED to realistically assess your marketing needs. You need to research which forms of marketing will be most effective for you (in terms of cost and effectively reaching your target audience). Also, you would need a real marketing model for events and promotions.

5.    Customer service is the best service

Remember one crucial thing– the more your customers are delighted, the more you will benefit, and the customers are always looking out to get something extra. The least you can do is giving them a good support. Also, remember that a happy customer will tell their work colleagues and others in their business area, so you will benefit by ‘word of mouth’ advertising. A detailed budget covering little extras such as price alternatives, returns, etc, is essential for a viable business model.

6.    Include everyone in the sales process

Do not go with the mindset that only the front desk should be skilled in the sales process and that they can be hired and trained at any point. Each and every member of your team must be customer oriented and they should not be just driven towards accounting or processing.

A great business involves a lot more than just a great product and not every great product ever makes it into a great business. To build your credibility and momentum, you must present the right business solution to your target customer set. Without these, you might burn out quickly in the market.

Do you have in mind any other point to add to this list? We’d love to hear it.

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