As a continuation of discussing startup growth and how to maintain a successful business long-term, in this article, by Michelle Laurey, you will learn in detail all the steps needed to scale your business from a startup to a bigger company, and how and when to go for Initial Public Offering (IPO).
For startup founders, the path to becoming that billion-dollar unicorn is paved with countless unavoidable stops. Startups first have to find a winning idea and validate it. After that, they need to keep improving and iterating their product or service until they achieve the perfect market fit.
When a startup settles on a product that customers want, it will move from the survival phase and start working towards the success stage.
This is a huge transition.
Building a small business is hard, but keeping that business up and running long-term is much harder.
Growing a startup requires having what it takes to go head to head with your competition and actually beating them; learning the obstacles you may run into and solving them BEFORE they happen.
In this guest post, by Michelle Laurey, you will learn that the road to a startup’s continuous success has 9 stops, and they’re all discussed below.
In today’s day and age, it’s not enough to adhere to the old adage of “build it and they will come.” Firstly, if no one knows what you built, they can’t become a customer of your startup.
Secondly, your job is not finished once you have incorporated a startup company. Instead, there is more global competition for your startup than ever before.