Manufacturing startup companies is a specialty of Josh Tarter, who’s currently working on a startup software company as we speak. Josh Tarter has also helped grow the startup Stateline Steel location in Columbia, KY.
To share his knowledge on growing startup companies with you, Josh Tarter is here to talk about what it takes to launch a successful startup. According to Josh Tarter, startup entrepreneurs must have vision, strong social skills, discipline, determination, and be good with money.
When a person possesses all of these traits, they typically can use this approach toward building a successful startup company:
The first steps…
In the beginning of launching a startup, you likely won’t be making a ton of revenue to reinvest back into your company, so you’ll want to focus on simply introducing your service or product to the market in the most effective ways possible. This could include building a website, forming an LLC, garnering press attention, etc. Initially launching a startup can be hard, but that’s only part of the battle because running a successful business requires constant work and focus.
The importance of branding shouldn’t be understated when it comes to startup companies. How is the market supposed to know who you are if you don’t have a distinguished brand that helps explain what your business is about? Branding is necessary for marketing purposes and psychological analysis can be used to help make a brand stronger and more effective.
As previously stated, a successful startup entrepreneur needs to be good with money, and part of that has to do with having the ability to fundraise effectively. Usually startups are funded by a little bit of your own savings plus the addition of some help from friends, family, and various crowdfunding platforms. Seeking funding too early though can be an issue because often times it requires giving up some equity in the company. Sometimes it’s best to work on your vision and establish the startup a little bit before aggressively searching for funding.
Once your product or service is ready to sell, you’ll want to put plenty of effort into marketing. Marketing is one of the best investments a startup can make because it will target customers who might actually make a purchase. Word of mouth is great, but a full-fledged marketing campaign will reach a much larger audience and customer base. And thanks to the internet and social media, digital marketing has been targeting consumers easier than ever before.