6 STAGES OF STARTUP, WHICH ONE ARE YOU?



Concept and Research – You might have a billion thoughts but it's quite rare to find that one “great Idea” that can turn your life around, however, even after finding that great idea, planning and implementing it takes a long time. On ground, to find the perfect audience for your business is a huge task.  Before commencing ask yourself these questions, what do you really want to sell? Do people even need your services? What problem does your offering solve? 


Do through market research on what your target audience is, research into your potential competition and industry. Research in hand, create a business plan and mission statement. Set goals for your development over the coming years. 


 

A promise – In this stage, you transform your mere idea into reality! From concept to a company. Building prototypes, departments and teams. Secure funding and working on your business plan, figuring out a proper roadmap. Work towards a minimum viable product, begin initial marketing to drum up some word of mouth, then launch. 

 

Validation - Idea validation or idea assessment is done through various angles such as validating demands, pain points etc. This process helps you evaluate whether your idea is worth implementing or not. It’s a vital process since founders spend not just time but money on it, it’s a decision that can make or break your startup. With the help of professional experts, accurately evaluate whether your idea is good to go or not, without waste of time or money. At this stage, focus on growing your customer base and actually attaining the product-market fit you researched earlier. 


Refinement- This stage occurs roughly post 2 years of launching your company in the industry. In this you and your team process the feedback by your audience/customers on your product and services, in order to refine them according to the needs of your clients. How can you improve your offering? What about your customer experience? Are there some questions that you need to address during this phase. 


 Scaling – Scaling or evolving is the next step after refinement, growing not just your company by hiring more employees but also your consumer base. Scaling occurs after 2 or 3 years of launching, look what's working for your business and emphasis on those particular points. continue  орtimizing  yоur  marketing  strategies to efficiently  рull  in  customers and increase  yоur  соnversiоn  rates.  Build  out  your  staff  and infrastructure to suрроrt  yоur  growing  workload.  Fоr  the  smооthest  sсаling  up, build  sсаling  mechanisms  into  yоur  business  рlаn  from  the beginning.  


  Becoming Established – After 3 years or so, your company is an established brand and no more a startup. Focus on customer retention, loyalty, testing and improving your marketing strategy to see a considerable growth although not at the rate you saw during scaling.


About Easy To Pitch


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