Startup. How to create a profitable business?


Nowadays, a startup is an opportunity to implement grand ideas that will radically change the world for the better, or help to perform routine much faster and more efficiently. Of course

starting a business is a big risk, but a startup is a risk squared. 

Implementation of a startup offers a completely new product or service that has never been on the the market. A startup is based on an idea that seems crazy and ridiculous at first.

Most startups are designed for quick implementation in a short time and are not big businesses, but are officially registered. For example, it can be just a small application or service for users. If you still created a profitable application, then it may be interested in large companies and offer to buy the application. 

Then the startup has two options for earning money: sell a successful startup, or replicate it on the principle of franchising and get a constant passive income from it.

What exactly is needed to create a startup?

Well, if you still decided to start your own business, we advise interesting solutions and tips,

that will help you in creating your own startup. If the decision was to create an application, then you need to follow all the requirements for success.

The idea is the basis of a startup

Idea → Product → Team → Implementation 

The main difficulty in creating a startup is that a startup is so to speak born with one idea, which at the beginning is understood only its founder understands. And even if he understands the main goal of the idea well, it is not a fact that he will be able to

correctly convey and explain it to the members of his team. 

The problem with this approach is why: when you are just starting to prepare for the launch of your project, you focus on something one thing that is most important to you. When you present a beta version of the product to your family or friends, you get a lot of comments in response. 

Most of these comments are not about the form of the product, but about the substance. No one will say that this product is bad because you chose the wrong color palette. The basis of a successful project is the ability to hook the user.

In simple words, a startup should cause a "Wow!" effect in the consumer.

To create it correctly, you need to follow the following steps:

  1. Offer. What value does it have for the user?

  2. USE CASE. What goal will it help the user to achieve?

  3. USER JOURNEY. What path will the user take to achieve the goal?

  4. Information. What information and actions are needed for this?

  5. Architecture. How is the information organized and actions required?

  6. Design. How does it look visually?

A successful example of such an application in Ukraine is "Diia". This application combines

all of the above steps.

Team - implementer of ideas.

The team is the main implementer of your startup project. A startup has two options

create a team: hire professionals, or gather a team for a startup from friends, who are excited about your idea and have the necessary skills and knowledge.

The selection of specialists for each topic is individual, so there are no specific rules. The main thing is skills and experience in this field.

How can a business capture the market share of competitors?

If you have come to this question, then the hardest part is over. Now there is a question of getting profit from your startup. 

How can a business survive in a competitive environment, find its niche and increase the company's profits, we will tell you on the example of the popular messenger Viber.

Today, one of the important global trends is an individual approach to the audience: they

should feel that organizations understand their needs, desires and implement them in

reality. There is no more effective way to find out what consumers want than

to communicate with them personally.

Chatbots, which can be contacted for information, allow you to get an answer to

small questions to the user. This allows you not to stop the work of the company and not to be distracted by unimportant issues. And the constant work of bots allows you to keep in touch around the clock.

These factors are the most important factors that helped to improve first a small

project, and then a popular application with a large number of users. Therefore, successful

promotion of your startup project is the start, and then the realization of consumer needs.