startup

Few of my readers requested to write an article on how to Turn Existing IT product into a successful startup. let me provide a step by step plan to execute.

Launching an existing product into a dedicated startup is exciting and great opportunity because building a product itself will take a lot of time and efforts. When a product is ready how to turn it as a potential money making startup. In which scenario it would occur? We have good amount of tech talent available, few people develop some products with a basic idea and few develop for smaller customers.

1.Product Study:

Certainly, we have to have a detailed study of a product to find out target customers, it is kind of reverse engineering because we usually find the target customers and develop a product for them. however, here we are finding customers for ready to use product. Prepare good documentation to follow.

2.Demo version ready for market analysis:

Your demo and presentation should speak these points:

Get ready with a demo version to showcase customers in a convincing way. Don’t miss a simple Business logic before going to customer. What would be the savings for him? Why should costumer buy your product? How come it will be better than existing system. Figure out highlights of the product and approach customers to demonstrate. Follow the below cycle.

1. Demonstrate 2. Taking feedback 3. Providing demo version with some expire date.

3.Business Plan and Market Research in parallel:

I would suggest prepare business plan based on the market analysis in parallel so it is easier to get the plan ready. Once you have the analysis and customer feedback ready your business plan will be ready.

4.Enhancements & modifications:

Based on the customer voice coordinate with team to incorporate modifications and enhancements. It makes your life lot more easier because you know what customer expectation is. Certainly you need to prioritize to incorporate, always follow the lean model. Don’t wait until the whole product is to be built.

5.Website Ready:

It’s time to build website to build online presence. Indeed, you need to get ready with a beautiful web presence to showcase your strength. Exhibit about product, team and strength.

6.Venturing a new startup:

All set to go. You have business plan is ready, website ready and customer required product is ready, all makes the difference is penetrating market with a right brand strategy. Complete all registration and legal formalities to start a venture.

7.Having few customer base:

I don’t  think you will see big issue to grab customer base as the product is designed per customer need. Reach right people. Focus more on bigger deals and work orders as it makes your life easy to go to next level.

8.Fund raising:

Once the product is ready and revenue got started, I don’t think it is going to be difficult to raise funds. I would suggest raise funds per requirement, don’t create false projections and attempt to raise big amount of funds. Wrong projections would create pressure.

9.Required team expansion:

Yes, it’s time to expand team in big way to streamline the business.

10.Build branding & Market penetration:

It’ s time to create branding as it is very much important for any  business . Apparently, it has its own significance and worth to allocate some budget to create branding with digital marketing and other public relation activities. Brand has its equity so don’t ignore.

How to build a brand in initial days of your startup to establish

11.Expanding the wings:

Time to think about expanding wings to other states and countries. certainly, time for big celebrations either. After Lot of efforts, time and patience, every entrepreneur would like to see this kind of celebration in the journey.

Recommended Article:

Burn to learn is the only way to know about startups?

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