Every start-up business, in order to prosper, needs to think of ways to overcome marketing challenges. Financial resources, out-of-the-box ideas, and a stringent mentality for commercial success are highly accountable. Most youngsters of middle-class India want to start a business – create something new, be it an app-based endeavour, a food stall, a tattoo parlour, or a café, and look up to the American dream. This transformation of the American dream into the Indian dream requires a commercially bent mindset. Here are certain ways to overcome challenges revolving around every fresh, start-up business –
Need To Understand What Sells Where
The financial context and requirements of the target locality must be kept in mind. If one is to open a five-star hotel at a locality dominated with lower middle-class and middle-class people, the business is sure to fail. No one will come to your bar-cum-hotel-cum-restaurant to spend because they don’t have excess money to spend on luxuries. So no matter how delicious your bouillabaisse is or how exquisite the Chardonnay you serve, they will find no takers.
They Sometimes Judge A Book By Its Cover, Not Always
Need to think of a fancy name! People swoon over them. The décor must appeal to the visitors. However small the business may be – it may even be a tea stall – it must have a name/décor that appeals to the sensibilities and aesthetics of the masses. Think of Dolly’s Tea at Dakshinapan, or Khyber Café at Jadavpur, which are both very dear to the students of colleges and universities nearby. But then a jazzy name with dull food will lead you nowhere. Ultimately what you serve, your product, has to be the star.
Not Everyone Has The ‘Business DNA’
Not everyone is a Mittal or an Ambani. You can follow their footsteps to get inspired with ideas but ultimately it is your own show and you have to write the screenplay. You have to be prepared for the ups and downs that comes with every business. Being resolute and determined is the key. If you have your money, context, and ideas right, you might just make it through.
Never Run Out Of Cash
Running out of cash is simply not a good idea. Decent handling of capital is imperative. Whoever is in charge must realise which commercial steps will lead uphill or downhill. It is imperative to have back-up money to sustain the business when it is going south. You have to make sure that salaries aren’t compromised with. Not having enough money will conveniently lead to your inability to apply for bank loan. If you want to reach an increase in valuation, you must acquire certain milestone successes. Along with risk, it also involves wisdom.
Meet The Market Need
Although it takes time for a start-up business to meet the market need, constant revising of products is helpful. You need to get the product-market fit right. But, this cannot be a continuous procedure. Time waits for no one, and the commercial world is running every second. You need to move out and justify your ideas to your customers as you develop your business.
Think BIG, Start Small
A good suggestion for all start-up businesses is to start small. It is wise to keep your feet on the ground while initiating the business. Maintaining a slow and gradual process is suggested. But, that need not stop you from taking marketing risks – finding a balance between the two is what makes you a good businessperson. Most successful ventures started with a very small set-up and grew gradually.
Planning And Staffing
You may pay another person for lining out a suitable plan, or may make it on your own, but make sure you think of the consequences. You must think of measures beforehand to deal with the complications that may follow. Although you may start the business on your own, or hire part-time employees, as your business grows, common sense must prevail, along with proper division of labour. Single-party management leads to common mistakes.