Once you’ve had your eureka idea, you instantly want to see it grow, make money out of it and turn it into something big. As a young entrepreneur with a startup, you need to put your all into your idea to turn into the next Google or Facebook.
The beginning of a startup is challenging and will consume a lot of time, effort, and money. Startups have a high failure rate, and this can be due to many reasons like financial problems, poor marketing, bad execution, or simply being a bad idea.
It’s a hit or miss with startups. Still, by setting your business goals, coming up with an effective business plan, and the right marketing strategy, you’re guaranteed to turn your idea into a sustainable business. So the question is how to make sure your product or service is valuable and turn it into a hit?
Do Your Research
Before setting high expectations for your idea and starting to take action, you have to make sure it’s viable and wanted. For example, the selfie stick has been around since 1925 and has been adjusted and patented throughout time. But only in 2014 was it listed in Times Magazine as one of the 25 best inventions of the year because a young entrepreneur, Yeong-Ming, took advantage of the selfie outbreak and noticed the selfie stick’s value and demand in the market.
Entrepreneurs must research the targeted market and confirm their product is new and solves a specific problem. If the product already exists, their product needs to add something valuable and different from its competitors.
What is your edge? What makes your product special? Whether it’s an extra feature, a lower price, or efficiency, you need to make it noticeable. Your idea needs to be in demand and something you know will sell well, and you can make money out of. Be sure to carry out the market research early on to be familiar with your competitors. This will help you figure out how to have leverage on them and make your product stand out.
Set a Vision for Your Business
Once you’re set on your idea, you need to set the 5-10 year goals for your business in the future. This will help you stay focused on your business’s core values and steer the path for you to begin making big decisions about your business.
Create a Business Plan
Every entrepreneur must have a strong business plan set defining their business direction. This plan should include everything from legalization, funds, and investors to marketing strategy, hiring employees, administration, and targeted customers. It should also entail everything there is about your product/ service, like the features and advantages.
Trust Your Product
Sell yourself the product before you do anyone else. You have to know everything about your product like its features, what makes it better than your competitors, its attractive advantages and what aspects your competitors have better than you. If you talk from the right angle and are convinced with your product, you can easily have the customer believe they need it.
Because how do you expect the customer to trust a product you don’t like yourself? With the right marketing strategy defining your project’s highlights and giving you a potent amount of online presence, your product is guaranteed to catch your customer’s eye.
This isn’t only defined by how well you know your product but also your overall attitude. Successful entrepreneurs show no hint of hesitation or concern, are always confident with their idea and know how to explain them clearly.
Your product or service will go “under construction,” and that’s okay. Remember that you need to make sure you’re delivering top-notch quality and efficiency constantly and that you’re up-to-date with the latest technology that’ll affect your service.
Modifying your idea into something better is not bad as long as you keep it true to its core values. You can get ideas from your competitors on how to improve your business or through feedback from your customers.
It is vital always to be connected to your customers, and thanks to the internet, that’s always possible. By having a strong online presence through social media, you can easily gain your customers’ trust and create good relations.
Sign up for a Virtual Mailbox
Most startup businesses are home-based; you want to put your money towards your business and thought it was a convenient, logical decision. But the truth has your home address as your business address can negatively impact your business.
Many service providers offer virtual mailboxes with real street addresses, with hundreds of nationwide addresses to choose from. The choice is yours. You can choose a commercial address in your current city or boost your reputation. Even more, pick a major city like New York or California.
Having a real street address as your business address other than your home address helps build up your professional image by giving your customers a stable, prestigious company location to trust. You can use this address on your website, social media platforms, or even your business card!
Not only will you get a commercial location for your business, but you’ll also get mail automation. All business mail correspondence will be done virtually. You will get instant mail notifications through your phone, laptop, or tablet and be able to send out mail requests like opening and scanning, forwarding, shredding, archiving, or recycling.
This means all time-sensitive matters will be handled on the spot, improving customer response times, which builds trust between you and your customers.
Can I turn this into a sustainable business?
By following these simple tips and organizing your business steps with a clear business plan, marketing strategy, and business goals, nothing stops you from turning your startup into the next big hit.