Gathering the courage, resources, and knowledge a person requires to create a startup business takes a lot of time. Most young entrepreneurs already feel disheartened by this fact.
However, the fact that you must grow your startup after creating it only exacerbates this discouragement. Most people aren’t even sure where to start. The ones who do know how to start don’t know how to analyze their feedback. This leads to mistakes they don’t know how to correct.
Our 90-day growth plan for your startup helps combat these issues. Below, you’ll find a few tips to help you on your startup journey.
Days 1-30: Define your startup
The first 30 days are the most crucial for your startup’s brand and image. It’s particularly useful to decide what you want to achieve with what you’re doing.
Define the problem you’d like to solve with your startup and focus on that. Why do people care about this problem? Why is the problem so big in the first place? Do some research into the statistics to see if this is the niche you want your startup to specialize in. Maybe you’d like to open an online casino site, and if that’s the case, you might want to take a look for inspiration on websites such as www.canadacasino.ca and see how the market in this niche is evolving. Starting a page like this can often turn out to be a great business idea, and your passion for the project will only make it better!
There might be cases where your startup has no practical use. Going through with it anyway will probably be a bad idea as it will get swept under the rug. Securing investors and funding for your idea will also be a lot harder if it is so.
Other times, your startup may just deal with problems that are up-and-coming, important issues. This only bears good news for your project. It will be easier to create a business model, secure funding and partners, as well as find a solution to the problem.
Finding the solution is next on your startup’s to-do list. You may need to spend more time brainstorming solutions. However, once you find the solution to your predefined problem, everything falls into place quickly.
The final task on your to-do list for the first 30 days is securing some sort of funding for your startup. You may find yourself presented with an opportunity at a moment when you least expect it or you may have to work harder for it.
Brushing up on your elevator speech can be a good idea if you’re turning toward investors to secure your funding.
Days 31-60: Buyers, business models, and partnerships
Your second leg of the 90-day growth plan should focus on defining your target buyers, developing a business model, and securing partnerships.
This includes sizing up your competition. Doing extensive research on other startups and companies who are dealing with the same issue can be a great opportunity to learn where you can be better. This doesn’t mean you should copy their ideas, though.
After you’ve conducted this research, you should work on developing a business model. Determining the resources you need to create your product and defining the manufacturing progress are the key parts of this step.
A business model will greatly help out while pitching your product to investors, as well. As a result, you may just land an even bigger investment this way.
Business models can help you reach out and form partnerships, as well. However, you should make sure to form partnerships with companies and businesses that align with your vision. It wouldn’t make sense to just form partnerships at random.
Days 61-90: Develop and finalize your plans
You already have a business model and some partnerships to back your product up. Now, you need to set some goals and plans. Having a sales plan, business plan, and financial plan can help you keep on top of the short-term goals you’re trying to achieve.
Sales plans should help you keep track of the sales numbers your startup is trying to target. Your business plan should describe the short-term and long-term milestones you’re trying to achieve. Finally, the financial plan should provide a clear picture of the material cost and selling price of the product. Above all, this is where sticking to your budget is crucial.