It’s great to dream big and please don’t stop. However, your startup must have a laser-focused plan in the beginning to get the market and investors’ attention.
Wal-Mart did it through low prices, Google did it with search engines and Apple did it with a personal computer.
If you try to do everything at once, it probably mean that none of the items will be done well. Also it’s almost impossible to craft a message that will make your offering standout in the minds of potential clients with ‘one-shot broad focus’.
I can’t think of any company that launched to super stardom with a broad focus. Can you?
Here are four laser-focused strategies that are most likely to lead to a victorious business startup:
* Allow enough time to market, it is critical. It takes too much time to build processes and products to capitalize on a widespread marketing strategy. If you are too widespread, smaller competitors will seize your business opportunities and steal your targeted customers.
* Innovation is key to market leadership. Success requires market leadership in your product area, and it’s easy to see that pushing more products and services dilutes your laser-focus and the attention of the marketplace.
Market leadership isn’t a one-time thing, it means continuous innovation, or you will be left behind. Get one good product or service working for you before you push another.
Remember innovation, uniqueness and value is key!
* Maintain quality – it is essential. The more you try to do at the same time – the harder it is to maintain quality. Remember the old adage that “you only get one chance to make a great first impression.”
Sometimes, customers can be unpredictable. Providing good quality and good customer service is hard, even with a focused product or service.
Give this your all.
* Personal bandwidth is limited. Trying to wear all hats in your startup business can be detrimental. When things become too messy or complex you will become disillusioned, tired, and possibly give up too easily.
When you are laser-focused, it is easier to communicate to others, manage your time and results, and you are more likely to get things done quickly and accurately.
As with everything, there are two sides to every coin. When applied appropriately, focus will result in rewards that exceed your expectations. Conversely, focusing on the wrong things will result in your business continuously spiraling downward.
Focus on exploiting your strengths and achieving success rather than resolving weaknesses and avoiding problems. Don’t get burned by focusing on the wrong thing.
Remember that most people can confidently and competently accomplish one thing at a time, and most customers are only looking for one thing at a time. After you saturate the market with your focused product or service, then you will have the time and resources to broaden your offerings.
Don’t give up on your big vision and ideas, since no investor wants to buy a “one trick pony.” But also don’t try to be the “one-stop shop” for everyone – especially on day one© Copyright 2013 Laureen Wishom