Startup companies are booming, and it’s not only Silicon Valley that sees all the action. Startups are popping up everywhere, which means that intense competition exists among fledgling companies. How do you give your startup the best chance of success in today’s hotly-contested spaces?
Let’s look at three of the most significant goals a startup must take on first:
How will we develop a product customers want to buy?
How can we get our product out the door most cost-effectively?
How will we minimize risk?
Goal 1: Build a product people will buy
Rarely do startups have enough initial funding to create a product with all the bells and whistles a customer might want. Startups can focus on two approaches to discover their product “must-haves”: prototyping and minimum viable product (MVP).
With prototyping, product development goes through several “trial and error” iterations before production. Quick samples or models, wireframes, and even sketches allow testers to kick the tires and make changes in real-time. This process helps avoid costly mistakes before heading into MVP.
At the MVP stage, the core functionality of a product is built and launched. The MVP gets the product to the market faster, for less cost, and indicates whether it has value. “Value” means customers are willing to pay for it.
Goal 2: Get your product out the door
Once you have your MVP, building a steady stream of sales, quickly and cost-effectively is a startup’s primary focus. Production and logistics typically include materials, equipment, warehousing, assembly services, and delivery.
Some funds may be also allotted to marketing activities at this stage to build awareness of your product. At this point, your business may also need to bring on additional staff to properly handle operations and logistics.
Goal 3: Minimize risk
Perhaps the most significant risk for any startup is running out of funds. A new business reduces that risk by mitigating mistakes and quickly adapting when they happen. Going through the prototyping and MVP process, as discussed earlier, is a solid strategy to help ensure you’re developing a product that is polished and commercially viable once it hits the market.
Flexible operations that can quickly respond to product flaws, customer demands, or heightened competition (i.e., a new startup in your space) are also crucial. As a startup owner, you have many decisions that will come into play. Make sure you’re minimizing risk to avoid costly mistakes.
Strategic use of outsourcing helps startups meet all their goals
A common way of thinking among entrepreneurial companies is that it’s a one-man-show. However, it doesn’t have to be! Local outsourcing is available to help startups handle tasks cost-effectively and with expertise.
Utilizing quality local outsourcing can take work off your plate so you can focus on core competencies and support the continued growth of your business. With help from an outsourcing partner, you can devote your time to develop your next-generation products and work on new strategies.
Ohio Valley Goodwill is the ideal outsourcing partner for your startup
From assembly services to kitting, fulfillment, packaging and delivery, Ohio Valley Goodwill’s Industrial Services Division offers a unique approach to outsourcing labor that provides distinct advantages to startups in the Cincinnati area. We have decades of experience helping companies grow in Cincinnati, Northern Kentucky, and Southeastern Indiana. Best of all, the businesses which partner with Ohio Valley Goodwill support our mission to provide meaningful job opportunities to individuals with disabilities.
See what Ohio Valley Goodwill’s Industrial Services Division can do for your business. The sooner you contact us, the faster we can help your business grow!