Top 10 suggestions for startup founders
You are a startup and your revenue got a huge hit during pandemic, and you can’t sell your product or service now.
So what can you do now instead of sitting idle and hoping to get things better? Here’s my 10 suggestions.
It is working for us. And specially if you are a B2C startup.
1. Educate, aware, provide value: For example, start an webneir focusing on your Target group. Something that will be valuable for your TG. We did a Parent Show and a Kids Show. Parent show covers a range of topics on parenting.
2. Use the content you developed through webneir to develop micro-contents. Suddenly, from 10 episodes you will get 100 contents. You can reuse them again for awareness and education. This will help you to stay connected to your audience.
3. If you have a customer base, offer them something else too that you may not currently offering. But stay close to your original product or service. For example, we are offering drawing class, puppet course on our Kids Time platform that we previously didn’t offer. BTW, these are paid courses.
4. Assess your current offerings and evaluate their relevance in post-COVID time. This is very hard thing to do, letting go of your favorite segment of the startup. But hold your ego and strip out anything that will not generate any revenue in next 1 month to 1 year.
5. 25% of the startups already closed their business for good during COVID-19. More than 50% startups see 50% drop in revenue. Reduce your operational expense by doing everything you can.
6. Don’t change your business entirely under the same startup. You will confuse your clients and will eventually loose them. If you want to start something new, start under a new name.
7. Build your brand during this time. If you can’t sell your product or service now, spend the time by building the brand. Nobody is buying your product, that doesn’t mean you have to stop posting on social media. Startups don’t spend enough time for this. But when things will get back to normal, it will be you who will be on top of your client’s mind to take the product or service that you used to offer.
8. Develop you and your team’s skills. Everyone take one or two courses to master one or two areas of your business. No need to sit idle.
9. Involve, engage your partners: Find a way to involve individuals from your partner organizations to work together. Both of your businesses might be down, but doing something together at personal level will help you strengthen your relationships. Our parenting show is a good example of this, where we invited experts from different organizations.
10. It’s a test of your character. If you lost hope and you are certain that you can’t get back your startup in the future, let it go. There is no shame in failing. A true entrepreneur don’t fear losing. Let it go and build a new one. Or simply wait to find another opportunity. Or get back to a job.
So, these are 10 suggestions for startup founders from Mr. Waliullah Bhuiyan, Founder and CEO of Light of Hope, ToguMogu and Goofi.