Your Guide to Developing The Most Scalable Startup
The scalability of a startup is what keeps investors hooked. They are looking at promising business models that can be sustained at minimum investment. Here are some steps towards a scalable startup:
- Have an investable idea. First things first, the IDEA! It is very important to have an idea that will be scalable and attractive to investors as well as customers. This is the starting point of any business model. In-depth market research helps refine the idea. You can stand out with your product over competitors.
- Create an attractive business model. Once you have your startup idea in place, it is time to outline a suitable business model for the same. This is what the investor will see when putting in money into the venture. Business model outlines how you intend to carry out your idea and present it to the customers. Be realistic when sharing the final version of your business model with investors.
- Use MVP to validate. MVP or minimum viable product is a concept used to test your idea on the ground. Get real customers to use and give feedback on your product. This way you can re-think or modify your idea or product to be more attractive to customers. MVP is the best tool to present to investors in order to draw in funds for your product.
- Market your product well. The importance of effective marketing cannot be stressed enough. Use social media and other forms to do so. These methods have wide reach and are reliable as well. In addition they are easily scalable to larger businesses. This makes your startup very investor friendly.
- Have a multitalented team. As a startup you might not be able to hire too many people to take care of every facet of your business model. It helps at such times to have people around who are able to multitask with élan. This will help cut down on extra hires while getting the best possible results from a driven team. As you scale up, these jobs can be handled by different people over time.
- Automate where possible. Explore every avenue to bring in automation in your startup. Too much dependence on manpower jeopardizes scalability. With major operations digitized and automated, you not only save on manpower but also time and money, while ensuring reliability of results to a large extent.
- Be open to franchising. It is not always practical to crush competition. It would make more business sense to try rope in similar players for licensing or franchising your idea. This would ensure longevity and growth of your own idea.
- Evolve along the way. There are likely a hundred other people toying with the same idea as you are. To be in the game and stay relevant, it is important to improve and evolve as you go along. Keep working on positive investor sentiment all the time with good results.
Sustainability of a startup needs continuous investor support. Make sure you make your idea attractive to your investors.
Summary
Investors are always attracted towards a scalable startup. To boost the scalability of your startup, it is important to develop an attractive business model based upon an investable idea. Moreover, your business should be fuelled by a multitalented team, powerful product marketing strategies, and enhanced automation. Your business should also evolve with time
Reshali Balasubramaniam
Head of HR, HR Counselor and adviser at https://work.lk/. Do you offer a Service? Signup for an account at work.lk