An idea can change a life. The idea to start a startup is the beginning of a long journey which has numerous ups and downs. The startup is a new trend where individuals can sell the product and service offered by him. The bootstrapped startups founder sells something about which he or she is passionate and wants to earn their living hood with it. The idea of starting a new startup is fascinating, but in reality, it’s a tough nut to crack. There are numerous elements that should be considered before launching a startup and it’s a fact that fifty percent of startups don’t survive a month. Launching a startup needs a deep study of the product you are offering and deep market research.
One can find numerous advice on the topic of’ how to make your startup successful on the Internet, but every piece of information isn’t right and there’s a possibility that the information you receive isn’t accurate for your startup. So the bootstrapped startup owners should stay alert and gather the relevant data. Every startup needs a different kind of approach, but the general advice that one bootstrapped startups owner needs to enter the market is as:
6 things which a bootstrapped startups MUST Do
First sale, then production
The first and the important step to start a new business is to identify the market where you want to sell your product or service. It’s advised first the market should be created before launching the startup. The demand of the product or service which you wish to sell should be examined and the product should be prepared according to it. The ninety percent of the startups fail because they never assessed their market. The product that you are offering should be according to the preference of customers, not of your choice. The customer is a king, so sell what he wants not what you want to sale. This is a mantra for bootstrapped startups.
Think hundred times before spending
It’s the harsh reality that startups have tight budgets. So one should critically examine before making any purchase and tries to avoid any unwanted expenses. The future of the startup is uncertain, so it’s best to save as much as you can for the future uncertainty.
The Internet is the biggest tool for the startup owners. Built your virtual office and save yourself from unwanted expenses on office rent. The different portals are available where startup owners can promote themselves and sell their products directly to the right audiences. The startup owners can hire employees virtually to save the cost and pay only when they have worked. It’s a win-win situation for the new bootstrapped startup founders.
Select the right medium of advertisement
There are various mediums available where one can promote their product or service. But they are all waste of time and money, as there’s only one right medium of advertisement should be used according to the targeted customers. For example, if you offer services to the new business ventures then there is no need to advertise it on TV or radio. You need to visit business seminars and meetings to get the business venture opportunities. So it’s very important to select the right method to sell your services and product via the right advertisement medium.
Make books and follow regulations
The new startup owners should make themselves familiar with the prevailing rules and regulations of the venture capital. The books of the accounts should be kept according to the law and it you be regularly evaluated by experts.
Hire a business coach
Experience matters and to make your startup seek the help of an experienced business coach, who can guide you at the time of crisis and provides all the technical knowledge. So ripe the experience of expert and learn something productive from them.
The starting a bootstrapped startups required an optimum level of dedication and hard work. So it’s advised to you all young ambitious startup owners to make a leap and start your journey with a positive attitude.