Business Goals for Start-ups: What You Need to Know
We are living in the age of mushroom growth of start-ups. Out of which few succeed and make their mark. Why is that the case? Here we have defined some business goals for start-ups.
Goals are what define a journey
One needs to set realistic goals while planning a startup. Running is good as long as one knows the destination, without that its a waste. That doesn’t mean one should not be ambitious, in fact, ambition is a key element for success. Also when you create a team, they should be as passionate as yourself. But then what are realistic goals, and how to set them?
What’s in demand?
Before starting any business, the most rational approach to see what’s lacking in the market? For instance, when researchers choose a thesis topic, they look out for the research gap. So a study is produced that is not merely there to get readership. Besides what’s its significance? Which means is there a need for it? And does readership seeks to know about it? Will it benefit from solving a problem?
The same rules apply to startups. One needs to research market tendencies to know if there is a demand for the said product? It requires extensive research to know what service is lacking in the market and needs to be supplemented. Or maybe it exists but demand is larger than supply.
Many successful startups revolve around this idea. There were cabs but no cab service at doorstep. Careem and Uber were successful in making their mark by studying this trend. Airbnb’s founders faced difficulty in renting an apartment with a shortage of funds.
It struck them that there is no service provider for short term or affordable rentals in the market. Therefore, they created this startup that has grown into billions of dollars worth giant now. There was no startup offering online legal streaming of movies, so Netflix easily took over the market and set up its own platform that is giving a tough time to even cinemas.
No Time or space limitation
These startups; Airbnb, Careem, Uber, Dropbox, Netflix, and Facebook, etc spread around the world. They targeted something that wasn’t time-wise or geographically restricted. That is another factor of success if you are targeting something that is in short term demand, or within certain areas or regions. Such targets are bound to fail or succeed in the short term only. So business crucial!
It’s not money that works as a decisive factor, but shrewd strategies that sell the brand. Dropbox rose to billions of dollars worth with Referrals policy. Even though it was in decline and suffering more loss than profit. They adopted a referral strategy. It became easier to send invites through every social media site including, Facebook, Gmail, or twitter. The right technique facilitated the process.
Another strategy was to use social media influencers to enhance the product’s community trust. It’s always expensive to use celebrities as brand ambassadors let alone hiring them for newly formed startups. Social media influencers came as saviors.
With less money and huge followings, they could inspire many to buy the product. Airbnb threw a huge party in London, invited all major influencers as guests, who live-streamed the party thus their brand reaches out to thousands in one night. This way one event saved them millions of dollars from being wasted at a generic media campaign.
Strong social media presence
Other than hiring influencers, there has to be a strong social media presence in every major networking site. Strength alone won’t suffice, it has to be coupled with an interesting presentation. Brands, in order to reach their audience, need to have a captivating presence on a Youtube channel, Instagram, Medium or advertising the product.
Merely posting about product can’t suffice unless it’s packaged with appealing presentation. Besides the general public is more subscribed to social media than the mainstream one.
Some nice video interviews of satisfied customers won’t harm!
Teamwork and consistency
One of the most striking features of any successful startup is to build a strong team. It won’t make sense that you are ambitious for your goals while your team members don’t share your vision. They have to be committed to the brand’s vision. Hire individuals based on skills and interests.
Nothing would work without consistency though! If your message and brand strategies aren’t consistent, you will lose credibility in customers. Minor reforms are bound to occur, but change should be gradual, not abrupt. A simple word of mouth, at times, prove to be enough for destroying a brand’s repute.
Increasing productivity by saving time
For any emerging startup time management can save hefty sums of money. But how? Time monitoring was a real challenge back then. Founders used to end up as either overpaying or underpaying employees, not sure who worked more diligently.
They didn’t even know how much workforce they need to hire for the execution of a certain task. But nowadays it has been made a lot easier by time monitoring software. So opting for the right technology is decisive for the success of any business startup.
Recipe for the success of any business startup is embedded in its marketing strategies, and that can be done with the limited financial budget as well. All that is needed is a genius mind with a disciplined and passionate team. Funds shall kick in.