Your startup company is like a child just born preparing for its survival. You are the parent of that child who has to take careful steps so that you can guide your company towards huge success. Yes, well begun is half done! But make sure that you do not offer your dream product having ‘n’ number of functionalities initially itself as this might throw you out of your budget. Hence let us discuss in this article how you can ensure that your startup grows properly within your budget.
The 5 essential steps to be considered for ensuring the success of your startup company is:
- Understand the inevitable & important functionalities to be offered
- Include the features that are inevitable and also try including certain functionalities that make your product unique
- Learn the profit you made due to each functionality included
- Include additional functionalities using the profit you acquired
- Keep on learning the impact of your product & its functionalities and keep upgrading
Understand the inevitable & important functionalities to be offered
Learn similar products from other companies in the market and understand which all functionalities are to be offered for sure ensuring good sales. Create a numbered list of the same. First note down those functionalities that are must and then note down additional functionalities offered by your competitors. Next note down those functionalities that you wish to include and are unique.
Include the features that are inevitable and also try including certain functionalities that make your product unique
Make sure that your product offers all inevitable functionalities without any flaws. Try including unique functionalities instead of offering the same functionalities as your competitors as uniqueness brings you better success rather than a copy. Include those functionalities offered by your competitors’ product too if needed. But make sure that you do not run out of your budget. Prioritise the functionalities and include as many as you can within your budget.
Learn the profit you made due to each product & its functionalities
Enter the research phase once your product reaches the market & customers start buying it. Understand how many customers get attracted to specific functionality offered by your product. Do this all functionalities of your product without any omission. It can be done effectively through the customer-feedback collection. This step is crucial as it plays the most important role in formulating future product strategies.
Exclude certain functionalities and include additional functionalities using the profit you acquired.
If certain functionalities are not up to the mark or are not much used by the customers then stop investing more money in offering such functionalities via your product. Remove them and try including new functionalities. Make sure that you do proper testing before releasing the new version of your product to the market.
Keep on learning the impact of your product & its functionalities and keep upgrading
Learning is an inevitable part of any business and you have to keep learning on a daily business. Understand the market and keep on changing your strategies. Include new functionalities and remove unwanted ones. Maintain these processes as a cycle and make sure that you grow step by step. Keep small but firm steps and ensure you do not run out of budget by jam-packing functionalities. Keep changing – keep including wanted functionalities & keep removing unwanted ones – and keep growing!
If you are planning to run a startup without blowing too much money then you learn from examples like Dial4trade.com.Dial4Trade is a leading B2B Marketplace. Initially, they started their company with 3-4 members and gave services free. Later they came up with the project – Buyer Connect – step by step. Through it, they arrange a conference call between buyer and seller and much more add-on functionalities after testing its performance well. Now they are reaping immense profit via their products & services.
Never haste in your business. You definitely have to Think Big but keep small yet firm steps to reach the target product present in your mind. This helps you in maintaining the cash flow properly in your business and saves you from loss. Hence work inside your budget with the help of above tips and keep upgrading your products effectively.
I want to hear from you – comment, ask questions and join the discussion in the coming weeks.