First thing’s first, know that you will be researching. Researching quite a lot. Perhaps one of the most important stages in starting a new business is that of gaining as much understanding on the market and its particularities as possible – seasonal trends and fluctuations, past year trends and statistics, you will be reviewing all of this data.
You will also be sketching the target client’s profile, in an attempt to best understand his/her usage motivations and barriers.
This is also the stage where you will be interacting with industry leaders, participating at events and overall setting up the premises for a successful startup.
Next you will be focusing on the problems your product or service plans to resolve for mankind. Understanding the market’s needs and the public’s desires has evolved greatly in recent years, with the digital boom facilitating completely new business models, that we wouldn’t even have been dreaming about 10 years ago.
This is when you start applying all your understanding on the target market towards building your startup’s offering. Ride-sharing, shared hospitality, niche marketplaces are just some of the new business models that you yourself could be exploring within Digital Incubator.
After you’ve fully understood the market you’re ready to plan out your market strategy. You’ll start by defining an USP, your product or service’s unique selling proposition, after which you will be elaborating your business approach, describing the whole market process. In the end, you’ll be considering your differentiating elements and how these can help you break the market clutter.
Since you will not be launching your startup in a void, your next step involves studying the competition and the different players who are also trying to grab a slice of your market. This is the moment when you’ll be looking at each different player’s competitive advantage.
In order to account for the unpredictable as much as possible, it’s mandatory to map out your startup’s first year from the get go. This is when you sketch out your business’ journey for the first 12 months and when you decide on forecast dates for deliverables.
Here you will be defined all roles needed for your startup’s development and launch. You will be drafting the abilities and competencies needed for each role, sketching profiles of the specialists needed within your startup.
After you’ve set up your team, you will be interested in establishing and negotiating partnerships for your new business. On the hand, you will be looking for investors, companies and institutions that are interested in financing your idea. On the other hand, you will be discussing new distribution partnerships. Last but not least, you will also be focusing on the startup’s promotion strategy, in terms of image vectors, influencers and proper media collaborations.
A successful startup Always accounts for financial forecasts for its first years of activity. You will need to decide how your offering is priced and what your payment models include. You’ll be learning how to forecast for EBITDA fluctuations and how to turn the first year’s negative EBITDA into a positive index.