5 Guidelines To Launch Your Startup

Launching a new business in today’s competitive environment is undoubtedly a challenging endeavor. Regardless, we are attracted and driven by the pursuit of our dreams, and our ability to capture upside opportunities in the market. You are probably confident your business idea can be a game-changer for prospective customers. That certainly can happen!

5 Guidelines

Research indicates that 80% of startups fail within the first year.

I have had the opportunity to launch 4 new startups in the last 8 years and am actively coaching startup CEOs as well. The good news is that all my startup endeavors are still alive – and that’s an accomplishment by itself.

So how do we best position you for startup success? Here are 5 startup guidelines:

1. What Is Your Unique Idea?

The first step in launching your startup requires having a unique idea that you are passionate about. What do you plan to offer to potential customers? Can you identify where a need exists in the market and describe how you plan to take advantage of the opportunity?

Being driven by the pursuit of your dream and what you believe is a unique offering, will be vital to thrive and prosper in what is going to be an up-and-down dynamic and constantly evolving ride to launch.

2. Do You Know Your Target Customers?

As a business coach, I love when the CEO is determined, excited and committed. But we also have to win in the market. Before launching our product or service, it is vital to identify our target customers. Who will benefit from our offering and why will it be valuable to them? Write down the demographics of potential clients and how they will buy. The marketing strategy should focus on establishing a brand that stands out among the competition, increases visibility and reach, and creates lasting customer relationships. Only if our target audience is excited, willing and able to easily purchase our product – can our startup expect to be successful.

“The most important factor of startup success is the enthusiasm of the CEO”

Dr. Timothy Judge

3. Build A Prototype Product

The most important thing to work on in your startup is creating a great product. But that does not mean building a product and then looking for a market. This is a common mistake. Before building your product, carefully analyze the product gaps in the market. Do research design where you go into your target environment and see how the users might interact with their current solution, and how your product can make it better for them. Remember that prospective customers, need to have a reason to buy your product rather than do what they are currently doing. Creating a viable product that benefits customers in terms of functionality, usability, scalability, or pricing can give you the initial traction you are looking for. Is your product idea a ‘must have’ for the customer, or just a ‘nice to have’? This is key to ultimate success.

4. Document Your Strategic Plan

Having passion, a great idea and product prototype is a great start! But along with that, begin to document your strategic plan. This document is essential to clarifying your website, pitch deck, and other messaging. Define your mission, your SWOT, outline your product development road map, and devise a go-to-market strategy for your business. Define the obstacles you will face and how you plan to overcome them. Specifically calculate your financials – including estimates for your startup costs, funding strategy, anticipated investment, and projected revenue. Giving yourself, your team and your potential investors a clear idea of the road ahead and how you will manage it – will be crucial to funding a successful launch.

5. Build Your Team But Remember…. It’s Lonely At The Top

Launching a new startup can be challenging, but having a pool of knowledgeable and experienced personnel around you, including technologists, investors, startup coaches and attorneys – can take you a long way. All startup CEOs want team members who will work for stock options only, but that is not possible when you are pursuing proven, experience team members. Afterall, they could start their own companies and get 100% ownership, right? I think the best way to build your team prior to funding is to utilize part-time contract partners for software and product development and other key functions, including business coaches. You will be able to show these people on your team chart and keep your costs down. In the end, it is lonely at the top for the majority stock owning startup CEO. It’s a tough role and not made for everyone.

“All success starts with One. One step. One client. One order. One sale.”

Simon Sinek

The Bottom Line

The bottom line is this: Embarking on the journey to launch a new startup can be exciting and daunting. In most cases, you will not know for a couple of years if you really have something special going. As lonely as it is on the roller-coaster ride at the top, keep pushing forward. Keep making progress. Yes, you need to be sharp, smart, and motivating to those around you, and passionate about your new product. But if you can keep focused on your goals, exhibit remarkable leadership, manage finances efficiently, and execute the right strategy, you can launch your startup into the market with impact and go all the way to the top!

Ready to explore your potential?

1. These are ideas that Gary has implemented successfully with his teams and as a business coach with his customers. Can we help you ignite this kind of impact in your company? Contact Gary: [email protected]
2. Want more ideas? Gary was recognized as a 2021 Top Business Coach in Columbus Ohio. Check out Gary’s articles, order Gary’s book, The Growth Cube, on Amazon, or join Gary’s private mailing list so you stay up to date with the latest ideas!
3. Learn more about how Gary is applying these principles real-time in his startup company. Go to www.woundwiseIQ.com and sign up for a demonstration of a powerful mobile imaging and analytics application that automatically measures wound size and tissue characteristics – to help improve patient wound healing.