6 Life-Saving Hacks for Your Startup Company
Planning to begin a start-up or already into one? Congratulations, on not just having brought in the new beginnings but also to have landed at the right place! With over 24,000 tech enabled start-ups already competing and about 3 to 4 start-ups making their debut per day (as per reports from NASSCOM and Zinnov Consulting), the start-up’s ecosystem only seems to be getting densely populated. Now that you have stepped onto this planet, surviving the tide is a priority and like any other symbiotic relation, your start-up too requires a systematically planned strategy to sustain.
Via this blog post, I intend to share with you a six ingredient mix of self assessment questions cum hacks to get your start-up ideas working towards your goal of surviving and sustaining these tech competition times:
- Do you have a concrete Project Plan and Management?
Most start-ups that begin with an unbeatable fervour land up losing their purpose in the tech space and slowly make their way out of the race. About 80 percent of such failures are caused by inappropriate planning and directionless movement. Having the right control system is essential for your start-up to do justice to its purpose. Last year, India witnessed about 200 start-ups calling it quits and a major stake in their failure was because of lack of vision and management. In order to sustain, work towards creating a tech ecosystem that is strong enough, innovative and flexible.
- Have you got your systems ready to help measure your ROI?
Having invested in a startup in itself is a huge financial move from your side and again it is imperative on your part to keep checking on the return on your investment. From user acquisition cost (the amount of money you spend to get one mobile customer) to the percentage of new leads and mobile customer made purchases (if applicable); everything has to be monitored on an ongoing basis. This will help you track your high and low points and do better by re-organizing what seems to be pulling you down from reaching your best.
- Do you have an extremely high-performing and best-in-class core Team?
The ingredients to a perfect start-up is the team that works towards preparing it for something bigger and as an entrepreneur you must be careful of the quality of your workforce because they alone determine the velocity at which your brain child will work. From the web developer to your security tester, every single person in the loop is important. There are no heights a quality team cannot achieve and this by far is the most crucial aspect — be very cautious by choosing your core team.
- Do you have a fixed budget and are you meeting it?
Most sensitive factor of all is the budgeting function of a start-up. With venture capitalists funding most start-ups in the techno space, it is crucial that you have an appropriate cost budget in place and are able to adhere to it while operating. Most start-up companies fall short of a compass to guide them and this leads to heavy financial losses, debts and ultimately a shut down. A cost budget is more than just a need. Have a strong foundation planned for your constitution. It will solve about 70 percent of your issues.
- Do you have a rock-solid Mobile App that supports your idea, ready?
In the tech zone, your start-up company having an app is exactly like a fish wanting water for its survival. Having the perfect online b2b marketplace platform will help you manoeuvre through your marketing and sales journey. With a perfect mobile app to assist you, your startup can simply take up its inbound marketing work efficiently and this will help you generate a lead or even a sale. Just like having the right team to assist you, having an appropriate app design is also imperative.
- Are your Analytics and Security standards set?
Along with setting up a website and developing an business app, it is also important to fetch and analyze the data of the two — from the most frequented web pages to the area that needs to be developed further, everything must be analyzed. In case of an app, a heat map is necessary to analyze the most touched parts of your app, the user flow and breaks, the working content and CTA buttons, the running products/services, and much more — so you can make better decisions that convert and yield more. Also, for a high-performing and smoothly functioning startup comes the need for a high level security system to safeguard your tech space from hackers and other unethical attacks or data invasions. Roping the best possible security system is mandatory for your startup to be able to fight the constant threats we face as in the highly polluted techzone.
Having the right tools and teams in your kit fights half the war for you. You simply have to direct it towards the penultimate goals — survive and win.
Have something to talk about or planning on implementing any of the tech factors? Let’s get talking!
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