How to Launch a Business

How to Launch a Business

To launch a business one must first identify the root problem of the market’s need and define the value proposition. One must identify the customer segments the solution is targeted to and do customer discovery to make sure that indeed what the entrepreneur believes to be true is backed up by the thoughts and behaviors of the actual customers.

An entrepreneur must research his or her competitors and see where the solutions must be improved to stand out in a competitive market. Identify all different types of partners and collaborators because starting a company by yourself is almost impossible and decide what must be done in-house versus what should be externalized by seeing where one adds the most value.

Define the correct business model per customer segment and for the company based on the cost of acquiring, maintaining and re-engaging new customers in a marketing funnel. For this one must define the best pricing strategy for the company, do research to understand the competitors price points and the willingness to pay for each customer segment and their lifetime value.Determine the funds needed for launch, project expenses, plan for team growth and understand the sales targets needed to reach the goals while accounting what it costs to produce your product or service.

Map the system the company works within and how do you plan on changing that system. Craft mission, vision statements and how the company is achieving the UN’s Sustainable Development Goals, if any.

Define long term goals and draft a plan to reach them, which KPIs and milestones will you track over time to help you reach your goals. Identify company values to see where you stand and understand possible future risks your company might face, that way you’ll be prepared.

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