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Planning a Start-Up in 2021? Here Are Some Tips for a Smooth Launch

Planning A StartUp According to Net shop ISP, the world has about 472 million entrepreneurs. Such a vast number of entrepreneurs means numerous start-ups and new business ideas. Well, it’s no surprise that entrepreneurs launched around 305 million start-ups in 2020. Dozens of new businesses, innovative products, and employment opportunities entered the market. The competition became even fiercer, and more offerings created new channels in the market. The trend continues in 2021, and people still prefer establishing a start-up to a monotonous nine to five job.

However, running a successful business is no child’s play. It requires extensive planning and persistent efforts to launch a start-up that translates into a successful business. There are innumerable factors that act as a cornerstone for the foundation of a strong start-up. Unfortunately, most entrepreneurs miss out on these critical aspects of the start-up. Therefore, the failure rate of the start-ups is also rising along with their increasing number. According to Startup Info, more than 40% of start-ups fail because they didn’t have robust market launch plans.

Therefore, it is essential to do thorough research before launching a start-up. It provides a stable start for operations and keeps things smooth in the beginning. It has great significance because the initial period of any business is quite vulnerable. This article stands of high importance in this regard. It mentions four tips for a smooth launch of a start-up.

1. A dedicated and specialized marketing team:

A start-up launch is of no use until people get to know about it. Indeed, we are referring to marketing activities. An entrepreneur might be will to save revenues in the beginning. However, it is lucrative to launch marketing campaigns to achieve a prominent position in the market. For this purpose, it would benefit your start-up if you hired MBA grads as they possess expertise in various business functions. Look for individuals who have an AACSB online MBA no GMAT as they are well-versed in marketing, finance, human resource, etc. The online programs they pursue instill essential business skills and knowledge in these individuals, preparing them for the dynamic corporate environment. By hiring them, you’ll have experts on board who will look after marketing activities along with accounting, administrative, and HR functions.

Planning A StartUp Strong marketing creates the necessary buzz in the relevant markets. The consumer gets to know about your market offerings. Especially if the products are innovative, marketing becomes more critical. Moreover, the contemporary marketing norms have become increasingly complex. Now we have social media marketing, content marketing, and marketing analytics. People with exceptional knowledge and expertise can utilize these tools for a business. They enhance consumer awareness about the launch and make it a success.

2. Comprehensive Audience Analysis:

When to launch and where to? How to launch? What media should be utilized? Any entrepreneur’s mind is filled with these questions before launching a start-up. Only a thorough target audience analysis can generate replies to such queries. A start-up must determine its target audience and what its preferences are. It enables the start-up to align business functions accordingly.

Moreover, it also helps to design a more customer-centric marketing approach. The contemporary consumer has become more inclined toward personalization. According to Forbes, 91% of customers prefer a brand that provides more personalization to their choice. Therefore, knowing what the customer wants is pivotal for a start-up’s smooth commencement and long-term success.

3. The network is Net worth:

According to HubSpot, 68% of business professionals value networking for growth. Networking helps in identifying the right resources and assistance for different business functions. That too in a very cost-effective manner because a personal reference is involved. Positive networking opens new avenues of strategic partnerships and technical coordination. It also helps understand the market dynamics as people who have been in the industry for years provide valuable insights.

Planning A StartUp A start-up already requires dozens of new resources in the beginning. There can be hundreds of suppliers and vendors for the same products and services. Thus, a reliable network helps reach the best market players through cross-references. It helps to achieve operational efficiency and timely produce quality products. Moreover, networking also provides free-of-cost business consultation. You can always share any challenges with your friends and family who possess the relevant expertise.

4. Preserving the Business Idea:

A start-up without a purpose and vision will eventually fail. In contrast, start-ups with a concrete vision to resolve an existing problem in the market grow immensely. They mature into a proper business. Therefore, specific business ideas drive the purpose of an organization. It might include product ideas, company operational standards, or innovative product/service improvements. Unfortunately, forgery, unlawful replication of ideas, and deceit have become increasingly common in the contemporary business world. Therefore, you must preserve your business idea through appropriate lawful tools.

Safeguarding Intellectual Property (IP) serves great benefit for start-ups. It provides a competitive advantage in the market since your market offerings stand out among other competitors. It gives you a separate and unique identity. A start-up can apply for trademarks, copyrights, and patents to secure its intellectual property. Another important aspect is to draft comprehensive Non-Disclosure Agreements (NDA). It helps to make interaction with external stakeholders more secure and leakproof. It also provides legal support in case of intellectual property fraud. All these technical documentations make a start-up’s launch free from legal loopholes.

Final Thoughts

Most start-ups might struggle in the beginning. Some might suffer severe losses as well. However, the route to success demands persistence and positivity. Those who exhibit character and resilience emerge as market leaders. Airbnb, Spanx, WhatsApp, and Instagram all were stumbling start-ups. Now they are billion-dollar brands. Therefore, equip your start-up with the tools mentioned above and launch into the world of new possibilities.

Image Credits:

Image 1: Photo by Mikael Blomkvist from Pexels Image 2: Photo by Sora Shimazaki from Pexels

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Any facts, figures or references stated here are made by the author & don't reflect the endorsement of iU at all times unless otherwise drafted by official staff at iU. This article was first published here on 17th July 2021.

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