Startups are one of the most powerful drivers for the development of any industry. Many start-ups not only use the work of more experienced colleagues but also often generate ideas that in the near future will set the development vector for different spheres of business. The atmosphere in the start-up industry is now more than favorable.
Nowadays, due to fast technologies development starting a business with no money became easier and faster in any industries. If twenty years ago it was about hundreds of thousands or even millions of dollars, now with the development of MVP, testing of the main hypotheses and the involvement of the first users, it is possible to stay in limits of several hundred dollars.
RELATED POST: FINDING THE RIGHT COFOUNDER FOR YOUR STARTUP
However, a start-up is always a risk and uncertainty. Solving a question of how to start a business, it is important to monitor current market trends and observe the most popular industries. This will help not only to determine which projects are attractive to investors but also to plan the development of own project. By teaming with a business partner it is also possible to reduce certain risks.
How to Develop a Startup
Starting a new startup business is not so simple, because it takes a lot of work, and no one can promise that everything will end successfully. For this reason, you need to start with something simple. It is much easier to make a simple product qualitative than to complicate the path of your business from the very beginning.
ALSO READ: TOP 10 FOOD DELIVERY STARTUPS IN THE WORLD
The best start-ups of the world began with a small, for example, the original version of all known Facebook was primitively simple, and the original Google was just a web page with a text window and two buttons. But all this gave tremendous results because users liked this simplicity and accessibility. The iPhone is much easier to use than any other smartphone, and this brand was the first to really take care of the user experience.
Regardless of your industry, if you follow these four basic tips, your successful start-up will evolve with even greater speed.
- Devote more time selling your goods or services. Your new business depends only on you and your efforts. This is your dream and the idea that inspired you; recently you just thought how to create your startup, and now it’s in your hands. That’s why you should focus as much as possible on managing the sales process and customer support service.
For example, if you produce clothes you can collaborate with your local stores to agree regarding the selling of your products and then open own shops.
ALSO READ: FINDING THE RIGHT FIT AT WORK
- Do not try to deal with everything alone because if you do all the work yourself, you will lose your strength, and maybe the whole business very quickly. That is why it is necessary to know how to find a co-founder. When you are constantly burdened with a multitude of tasks, you will make your life miserable and full of stress.
- Monitor pricing and do not make popular mistakes. Too often, founders online can put a small selling price on their products or services. This is very typical for a beginner, who thus tries to compete with competitors. But later it is found out that in this selling price some important expenses were not taken into account. Proper pricing is very important, as this will help you sell, maximizing the chances of selling again.
- Be active in marketing. The fact that you have a lot of clients now does not mean that the same will happen in a week, a month or a year. Active marketing will help your business grow. Often new enterprises put their products on the market in the hope that people will knock on their doors themselves. But this is unlikely to happen. Instead of waiting for potential customers, you need to look for them yourself using one or more direct marketing tactics.
ALSO READ: DO YOU HAVE THE MINDSET OF AN ENTREPRENEUR?
For example, if you have, for a bakery in only your city, then it’s better to perform a local advertisement.
Benefits Of Co-Partnerships
Co-partnerships involve two or more companies co-selling their products, services, and solutions. There are many advantages to implementing this type of business strategy to your start-up business, technology-wise and cost-wise.
Here are the benefits of co-partnerships:
- Resolve Complexities: Co-partnerships address the complexity of market trends, supply chains, and rapidly changing customer demands.
- Provide Holistic Solutions: Customers will appreciate the holistic solutions that two companies can provide. You can co-sell for your target audience to benefit from complementary services, technology, and a cross-industry ecosystem, opening new markets for your business.
- Implement Agile Approach: Partners in ecosystems enhance business agility through connections and collaborations across technology expertise. Partnerships in the ecosystem help align your business to customer lifecycle to improve retention and renewals.
- Accelerate Marketing: You can revamp and speed up marketing results by co-innovating digital marketing strategies and offline methods.
- High Revenue Growth: With co-partnership, the revenue growth is significant. Ecosystem partners now realize the importance of innovating and selling complementary solutions that provide more excellent value to shared customers.
- Save Money: Co-partnership can help start-up businesses save money. For example, a start-up marketing agency can save from the upfront and maintenance costs of information technology or IT infrastructure and in-house IT expert hiring by partnering with any IT-related company. In exchange, the marketing company can offer free content marketing services for the IT agency.
Learn more about co-selling partnerships through websites such as https://www.workspan.com/guide-to-drive-co-sell-partnerships/ and other reputable online resources.
Ways to Find Business Partners
- Looking for a business partner, attend the core start-up activities: startup lunches, meetups, conferences related to your business industry. These are the best events for founder dating. There you can get acquainted with interesting people, get advice from experts, find valuable employees, co-founders, mentors, and occasionally investors. However, here the balance is important – networking does not cancel the painstaking work on your startup.
- Participate in the present days, which are organized by the accelerators. There you can practice in pitch and get feedback from managing partners and experts. If you are lucky, you can immediately get into the accelerated program.
- Use Cofounderlab and Facebook: join profile groups about startup networks (startup networking, startup hub, etc.), write interesting content on your topic, add interesting people to your friends, comment on thematic posts.
- Read profile media to be in a trend.
- Create a profile of your project in online bases for start-ups. Through them, you can get leads from potential investors. Do not forget to update the information regularly.
What Pay Attention To
There are two main pitfalls in building the partnership that should be solved in advance.
Friendship: To Be or Not to Be
Running a startup with friends is a common story. Motives are understandable. We want reliable and trustworthy people. This rarely works well, because the main factor in the success or failure of a startup is the team. One of the most authoritative researchers of this issue, Harvard professor Noam Wasserman, came to the conclusion that there is less chance to create a successful project precisely through the prism of friendly relations. It’s amazing that unfamiliar people are more often founders of successful companies than our close ones.
ALSO READ: 5 RULES FOR TREATING YOUR INVESTORS RIGHT
The main difficulty is the importance of friendship. Entrepreneurs often become hostages to complex issues and try to avoid discussion until real problems begin. The principle that should be followed in this matter is to treat a friend, as well as to any other potential co-founder. It is necessary to discuss mutual expectations, to be convinced of the commonality of goals, values, and vision of the future, to discuss the plan of action, in case of disagreement.
All Questions with the Partner Must Be Decided in Advance
Most often, conflicts arise when the company’s first free finance is distributed. But if the relationship between partners is not built correctly, the case may not reach the division of profits. The struggle for leadership between partners and shifting responsibilities and responsibilities on each other is also unfavorable for the development of the project. In this case, we can talk not about the success of the business, but about the path to ruin. To avoid conflicts, professionals advise to distribute responsibilities between partners at the very start of the project and sign startup partnership agreement/contract.
Conclusion: Few Important Moments to Remember About a Partnership
There is a very wise thought that very subtly answers the question of what is the partnership. It says: “To find an excellent business partner, you need to be an excellent business partner yourself.” Having conceived the search for a reliable person, think about what you can give him in return. Look at yourself from the outside and honestly answer, would you like to become a partner of such a person. Partnership implies mutual benefit, so you clearly need to understand if you are ready for an equal return.
And finally, let’s say a few words about the formula of the successful partnership. You can take the arsenal of the opinion of the famous American investor and businessman Robert Kiyosaki. Describing an example of his profitable partnership, he brought out the three main factors that make this cooperation so successful:
Partners have a common investment philosophy. This is an important point. Your opinions on how and where to invest money should be clearly aligned, otherwise, you will find frequent disagreements and conflicts.
- Your experience and knowledge should complement each other.
- Partners should adhere to the overall strategy that must be worked out at the very beginning to understand where the team should move. This will allow working in a single direction.
About the Author:
Carol James is a writer and senior editor. She has MA degree in social sciences and writes articles, reviews on the different actual subjects. So, if you have any questions regarding the writing, feel free to ask her and visit her company’s page EssayLab.