6 tips on how to develop your own startup

Establishing a company and maintaining it on the market has always been a huge challenge for entrepreneurs. Running your own business involves numerous costs and hard work, which is why it is necessary to generate a sufficiently high income. This applies especially to startups, i.e. young, beginner companies that focus on innovation and aim to introduce new products to the market.

For many startups, the main and most important goal is to scale the business and dynamically develop the company. Achieving these intentions can attract the attention of investors, customers and the media, significantly improving the company's position in the market. However, it is worth remembering that growth for growth's sake will only result in understaffing and overwhelm. Entering the business world without prior preparation and understanding certain issues may turn out to be a risky move. Marketing activities are not always sufficient, especially if we are not entirely sure what to focus on. That's why it's so important to ensure a solid business foundation before implementing steps to develop your startup.

1. Understanding the target market

One of the most key issues that should be addressed at the very beginning is a thorough examination and familiarization with the group that will consist of the target consumers of our products or services. Actions worth taking include:

·         defining potential customer data, such as age, gender, income, location,

·         analysing and conducting market surveys on the needs, interests and objections of individual social groups,

·         determining the expectations and preferences of target customers,

·         learning about trends in social media, as well as ways in which individual platforms can be used to achieve business goals,

·         analysis of products, content and websites of competing companies.

2. Long-term strategy

Setting long-term goals is the key to creating a successful business model that will give your company consistent direction and motivation, prevent chaos, and provide employees with comfort and confidence. Estimating goals in advance will allow startups to focus on specific tasks and issues, which in turn can contribute to increasing the company's productivity. When planning, it is worth ensuring that our goals are:

·         measurable – it will allow you to see progress, which in turn will increase motivation among the team,

·         precise – each plan should specifically specify the course, people involved and activities,

·         placed in time - it is crucial that the goals include a time frame, which will improve the team's work and increase motivation,

·         important - all potential plans should be tailored to the company's mission, its specificity and organization, and above all, they should be aimed at development and profit generation.

3. Online presence

It cannot be denied that we have been living in the digital era for a long time, and potential customers prefer to shop online and search for information about specific products using the Google browser. Therefore, one of the most important steps that will give our startup a much greater chance of success is to ensure the company's online visibility. Otherwise, we may have problems reaching many groups, especially young people. Examples of activities that may be most beneficial to our business include:

·         designing and establishing a website containing the most important information about the company and the services/products provided,

·         running a company blog that will provide customers with basic content on topics related to the industry in which we operate,

·         creation of an online platform enabling e-commerce and online shopping,

·         presence on social media, such as Facebook or Instagram,

·         use of marketing tools such as Google Ads or Google Analytics, which will help in conducting possible advertising campaigns.

4. Competition analysis

If we want to grow our business, it is extremely important to take a close look at rival companies. While these observations may not ensure immediate business growth, it is one of the most important steps on the path to a thriving business. Therefore, it is worth spending some time and energy on things such as:

·         getting to know the companies that constitute the greatest competition,

·         creating competition profiles containing the most important information about their services, products, prices and strategies,

·         creating a list of our strengths and weaknesses and then comparing them with the competition,

·         analysis of marketing activities of competing companies,

·         examining competitors' relationships with customers.

5. Participation in business events

Startups, as the name suggests, are companies that are just entering the labor market and are not yet known to the wider public. It is therefore obvious that the network of contacts of this type of enterprises is small at the beginning, as are the advertising and financial possibilities as well as experience in promoting products or managing a team. An excellent solution to gradually build your own brand and acquire new skills is to participate in various types of events, usually organized by larger companies and event agencies. There are many different services available on the market in this area, but of course there are types of meetings that are chosen the most often.

·         Networking events – can take many different forms, from seminars and workshops to virtual meetings and job fairs. They allow startups to build a solid network of contacts, establish relationship with more experienced entrepreneurs willing to provide tips, as well as obtain possible cooperation or sponsors.

·         Roadshows – a series of meetings and workshops held in various locations, during which the company can advertise its services in a unique way, while establishing direct contact with potential consumers. A perfect solution for start-up companies that want to promote their product and increase their customer base.

·         Conferences – meetings usually attended by quite a large number of people from different companies, which allows us to establish contact with many entrepreneurs at once. Conferences give participants the opportunity to exchange opinions and discuss the latest trends and key business issues.

·         Integration meetings – the least formal type of events, during which the team can establish closer contact with each other and get to know each other better by performing various activities together. Integration meetings are a great solution for new companies where employees have not yet had the opportunity to get to know each other well. Participating in this type of events can help entrepreneurs create a pleasant atmosphere in the workplace and a well-coordinated team.

6. Outsourcing and automation

Another extremely important step in the development of a startup is outsourcing and automation. We can delegate and outsource tasks to external resources and in the meantime focus on our core competencies, strengths and strategies. The greatest advantages of outsourcing and automation include:

· fast development

·         overcoming difficulties related to finding employees

·         increased efficiency and productivity

·         flexibility

· reducing financial costs

·         access to high-quality resources