All of us must have experienced at least one moment in our lives where an amazing money-making idea suddenly struck our minds- some more realistic than the other. Most people often shush their brain cells from processing this thought any further because of the complexity behind starting a business. Whereas, there’s this other group of you all who tend to consider putting your thoughts to action.
You need to keep in mind that passion and dedication are not just enough to convert your ideas into a successful startup product. The key factor for driving your new startup business to unmatched glory is the articulation of the perfect product.
The road towards converting your dreams to reality is filled with hurdles, but fear not! Keep on reading to take full advantage of some expert tips and tricks to follow while developing your startup product.
Table of Contents
- Product Planning
- Peer Review Your Ideas
- Choose your Mentor
- Develop a Minimal Viable Product
- Trust Your Team
- Analyze your Competitors and Predecessors
- Keep Your Data Safe
- Stay Updated
- Gain Customer Feedback
- Take it Easy
1. Product Planning
Your product is the identity of your startup. It is the first element that pops up in a person’s mind as soon as they hear your brand’s name. So, the importance of creating a unique product for your startup cannot be stressed enough.
Let’s talk about how you can make a startup product memorable for your audience. The simplest way to achieve this is by knowing the need of the hour and developing an exclusive product to meet it. This would not only set a standard of distinctiveness to your product but also reduce the competition around your business. As easy as it sounds, planning the product for your startup is pivotal. Thus, you have to invest maximum time and energy towards its formulation.
Having backup plans to support your ideas is also essential for developing a brilliant product. If one product plan doesn’t derive the results you intended, always have another one ready to switch.
Your goal behind the planning process for your product development must be to create a highly adaptive product. That way, there will be enough room to modify your product as the need of the public changes, so your business never loses its prominence.
Take a look at the step by step guide for Project Planning in Agile Methodology.
2. Peer Review Your Ideas
“To err is human” - this means that it is in our human nature to make errors now and then. Errors and mistakes made by us can often go unnoticed in our eyes but will be seen by others. This is a crucial thing to keep a note of while developing a plan for your startup product.
That is why bouncing your creativity and ideas with friends, families, and most importantly with other professionals in the field is vital. Feedback obtained from such people will help you identify the flaws of your product and work on fixing them.
When you approach someone for feedback, they would either shower you with all the advice in the world or simply nod a "yes" to every idea of yours. Prioritizing is essential, not all the reviews you receive needs to be catered. You must be able to judge them and decide on the ones that you wish to act on. As mentioned earlier, try to always base your product as a solution to a need. Streamlining reviews and feedbacks meant to address a current need can help you add value to your product.
Here are the 14 Sure Signs That You Have A Great Business Idea.
3. Choose your Mentor
A mentor should be a person who can act as the anchor to your ship when you feel like your startup business is facing many turbulences.
There is always space to lose yourself within the process of altering your product according to the feedback you receive. Pick a mentor who you can rely on for expert advice and stay on track to avoid such a situation.
You must decide on who you would want to be mentored by based on their experience in the business sector and sheer willingness to teach you. The right mentor will be equipped with immense knowledge to guide you through tough times.
While developing your startup product, always maintain strong communication with your mentor. You must remember that he or she has been in the business sector for a long time and must have experienced several twists and turns during their journey. Communicating with them during every phase of your startup product development would serve you with opportunities to learn and be cautious of mistakes to avoid.
While being respectful of your mentor’s seniority in experience, grasp anything and everything you can get from them to create a product unique to all.
Advice for Startup Founders - An Individual to a Leader.
4. Develop a Minimal Viable Product
When you develop your startup product, you would have a sense of belief within yourself that the product is perfectly engineered to face the market. However, is it right to rely on your instincts and beliefs to determine the proper efficiency of your product without testing it? Definitely NO! This is where the importance of developing a minimal viable product (MVP) comes to play.
If you have an idea of a product that you want to develop, but you aren’t sure about its demand in the market. The best way to test this out would be by building a prototype of the product with the major features integrated into it. Then, you can share this prototype with a bunch of users who would require this service to gain their feedback on your product. Their reviews will help you improvise your product and refine it in the future.
For example, let's imagine that you intend to build a salon appointment booking app. You would want to build a basic prototype of it with features such as selection of time slots, list of services and the beauty therapist your customer would prefer. This would be the MVP for your appointment booking app. We can then share this basic MVP to prospective clients and get their feedback on how we can improve this product.
MVP lets you decide the profitability behind the ideas and assumptions generated by you during the product development process. Correcting errors at the prototype stage will be easier than at the launch stage wherein you would have already spent loads of time and money on it. The prototype stage of your product, ie. the MVP, will help you build a final product that is not only worth launching but can also survive in the market.
Also, read on How to Prioritize Features for Your MVP.
5. Trust Your Team
Your startup product is figuratively your baby, for whom you would have to invest immense time, effort, and money to develop. Given the multiple layers of steps to follow from the development of the product until its launch, you would need all the help you can get to fasten the process. Remember, time is money. Thus, every minute you waste is an advantage for your competitor to develop a similar or better product than yours.
As much as you would love to do everything related to your startup by yourself, awareness of the need for work delegation is predominant. Though you might save some money by trying to do everything by yourself, the lack of a team of experts to assist you could create a negative impact on your product development process. Issues such as delayed progress, increase in errors, and lack of management can create unexpected lags. Thus, investing in a strong team to work on different aspects of the product development simultaneously is highly recommended.
The passion and vision surrounding your startup product are solely yours. Inspiring your coworkers to share the same is completely in your capacity. A team that is motivated enough to enjoy their work will always put their best foot forward to accomplish the mission.
6. Analyze your Competitors and Predecessors
When in the startup business sector, always have a clear idea of your competitors and predecessors in the field. This will give you an idea of what to expect when your product enters the market.
Your startup product has a possibility of either being a modification of an already existing product in the market or one that you would have created as a brand new concept. Either way, studying how your predecessors launched their product into the market, be it a modification or a new product, will help you create strategies for the same in the future. You can analyze the risks and backlashes they faced during their time and the coping mechanisms they opted to withstand the market turmoil. Using this data, you can shortlist potential threats that might apply to the sales of your product too, and be prepared to tackle them.
Also, understanding your competitors and their product will keep you on your toes to be better than the rest. The threat of your product being defeated by the competitor’s product will serve as a constant motivation for you.
Learning from your predecessors’ and competitors’ product making process and mistakes will only make your product the next big thing in town.
7. Keep Your Data Safe
While developing your startup product, you must save all your data in a protected space. It is always essential to add more layers of protection to your product data, to avoid leakage of information and exposure to viruses.
The usage of software development services for startups to build personalized data protection software for your business is highly recommended by experienced product development companies in the USA. This is to ensure that all data related to your startup and its product development process is stored securely.
Be aware that prevention is better than cure. It is never a bad idea to stay a tad-bit careful in this technology-oriented world, where online crimes such as hacking are common.
8. Stay Updated
The world that we live in is habituated to quick growth. This gives rise to multiple and constant productions of market trends that you need to be aware of to prosper within the field of startup businesses.
Firstly, expose yourself to discovering who your target audience will be. Then, work on understanding all the marketing plans associated with your product. By doing this, you would have the groundwork laid for the successful marketing of your product once it’s ready to launch.
You can also develop a mobile app for your startup to increase customer engagement with your product and business. Hiring software developers for a startup is helpful to get through the nitty-gritty aspects of developing a customized app.
Also take a look at our blog on How to Find the Best Web Developers: What to Look For and Where to Find Them.
9. Gain Customer Feedback
Investing in customer feedback is of great importance while managing a business, be it a startup or a well-renowned business. Feedbacks from customers help you draw a picture of whether the product you developed serves the need you were trying to solve practically.
You can review the effort you put into developing your product by investigating the customer interaction with it. If customers engage well with your product and are determined to stay loyal to your startup, you have successfully achieved your goal. Vice versa, the situation could mean that you need to revisit your ideas and the process you went through with your product development.
If you are interested in developing an app for your startup business by skilled mobile app developers, it will serve as a platform to gain customer reviews on your products easily. The more customer feedback you get, the more opportunities open up to gain better product ratings.
It is also critical to keep in mind that negative feedback associated with your product is not meant to dishearten or demotivate you. It is only meant to help you improvise on your ideas and product.
10. Take it Easy
Developing the perfect product for your startup is going to be a long and hectic process. That’s why maintaining a positive mentality is not only helpful for yourself but also your colleagues. Build the capability within yourself to transfer the light within you, that arises from your passion for the startup product development process to those working along with you towards the same goal.
Every thought that drove your ideas to eventually become a startup product is the result of the passion you have within you. In between the hustle to get to the goals that you have set for yourself, always remember to be grateful for the path that you have chosen and why you chose it. Automatically, you will develop a constant source of motivation for yourself and others.
Make it a habit to list out all the accomplishments you have made to remind yourself of the journey and the milestones your team and you achieved. In between the day and night effort to refine your product, it is these small things you do that pedals you to grow more.
Finally, enjoy the learning process!
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Suggested Read: The Right Way to do Product Development in 2021.