Starting a business can be both exciting and overwhelming, especially if you're new to entrepreneurship and have limited resources. Having been through this journey myself, I’ve gathered key insights to help you start strong.
1. Research and Understand Your Market
Start by thoroughly researching your idea—whether it’s a product or a service. Here's how:
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Identify Your Competition: Look for direct and nearest competitors in your market. List their product categories, unique selling points (USPs), and price points.
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Analyze and Differentiate: Plot this information on a sheet and identify how your product differs. Ask yourself, Why would someone buy from me? Note: A design change alone isn't enough. I made this mistake early on by focusing only on design without a compelling USP. Eventually, I pivoted to unique designs made from natural materials like cotton and linen with customization options, which set my brand apart.
2. Find Your Compelling Differentiator
If your product isn't standing out, go back to the drawing board. Ask yourself:
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What is my USP that isn't available in the market?
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What problems can my product solve?
If you’re stuck, float a survey. For example, if launching kids' shoes, ask parents about the challenges they face with existing products. I realized through this process that customization for curtains was a major pain point due to varying window sizes. This insight became a game-changer for my business.
3. Create a Prototype and Gather Feedback
Once you’ve nailed your differentiator:
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Create a prototype or produce a small batch of your product.
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Distribute samples to friends, acquaintances, and potential customers.
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Collect feedback through surveys. You can also gather feedback through a physical pop-up event.
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Refine your product based on this feedback.
4. Launch Strategically
Don’t wait for perfection—timing is crucial. Launch the best version you can and keep refining as you go.
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Set up an online presence through a website, social media, and a marketplace like Amazon, Myntra (if possible).
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Register your company and get GST-ready in parallel.
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Leverage word of mouth through friends, family, and your network. Create original content and participate in curated flea markets to engage directly with customers and get live feedback.
5. Scale Gradually and Strategically
Once your product gains traction and you see consistent demand, it’s time to scale—but do it gradually and strategically. The best approach is to double down on what has worked so far to build further traction.
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Strengthen Organic Social Media Presence: Invest time in building a loyal community. Share customer stories, behind-the-scenes content, and engage with your audience.
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Participate in More Pop-Ups and Events: This allows you to reach a wider audience, get direct customer feedback, and build brand visibility.
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Explore Retail Tie-Ups: Collaborate with local retail stores to reach new customer segments. This expands your reach without the need for your own physical store.
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Expand to Additional E-Commerce Platforms: If you are gaining traction on your initial e-commerce platform, consider listing your products on other platforms to broaden your market.
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Consider Paid Ads Cautiously: If your product continues to see traction organically, then consider investing in paid ads. Start small and optimize as you go. This approach ensures you don’t burn through your budget too quickly.
This post is about taking the first step to launching a product. This is mostly how I did it and saw success with initial traction without burning much money in the early days. I did miss a few steps and worked on them along the way. This lean approach gave us the confidence to scale in the later years.
Scaling up further is a huge topic, and I'll cover that separately. For now, focus on launching, testing, and refining your product. Remember, entrepreneurship is a journey of constant learning and adaptation.
Good luck with your venture!
