Every youth that comes across the how the like of Bill Gates, Steve Jobs, and Elon Musk and many other big names in the tech industry made their fortune by building a startup that turns out to be a big firm, which earns them a whole lot of money will be thinking of starting their own. However, the truth is, it is not as easy as it sounds. You have to be creative and be committed to your idea.
Having a startup is daunting and have a lot of challenges; some of these challenges are performing experiments with products and quickly learning from failure to produce a better product. Startup owners have to learn a lot during the startup phase, but to help lessen the failure gap, below are some of the pain points SaaS startup owners encounter during their startup phase.
1. Invalid Business idea
Many SaaS owners are deluded by thinking that their ideas would work, i.e. it will stand the test of time. However, in the real sense, the majority of startups fail to fit in the market. According to Forbes 9 of out 10 startups fail and the reason for their failure is that they fail to validate their business idea.
The question you can ask yourself when you want to validate your idea is that will the customer be willing to dip their hand in their wallet to pay for this product? If your answer is yes, it is not enough as a validation. Ask a colleague or your friend, and if you are afraid of people stealing your idea. Remember that competition is better than wasting time building a failed product.
2. Lack of Focus
It is not novel that you can’t meet everyone’s need. Targeting a broad audience without narrowing down the product niche makes it difficult for startups to thrive. Moreover, it is significant to focus on one thing at a time. Instead of a one size fits all product that hardly solves a problem.
This one step at a time approach also works for marketing the product created. Channel all your resources on one marketing activity and evaluate before moving to another marketing activity. Just make sure you stay focus on one strategy and be consistent.
3. Lack of Intuitive User Experience
A compelling software makes a user stick to the product and tries to figure out if the product can solve their problem. User experience goes beyond a persuasive look, and it is how easy the software usability is, easy navigation will engage users, and lack of this will make it hard for users to use the product and in turn returns loss.
4. Lack of Competitive Edge
Lack of competitive edge makes a startup fail. There must be a unique selling point (USP) for your product; this will make it stand out among competitors. That USP is what your startup will leverage on to compete with the big giants in the industry.
So, targeting a small niche with your USP will create success.
5. Selling Price and not Value
Some entrepreneur thinks that reducing the price of a product will give the product a competitive edge over rival product, which is wrong. Even if this strategy yields customers, they will leave when a better product with a high price hit the market. So instead of selling your product less, try to improve the product’s value. This will make your customers stick to your product irrespective of the competition.
The pain points discussed above are what you will not encounter when you bring your startup software development to TIN because we understand all this and by so doing, we’ll incorporate all that will make it easy for you to tell a success story about your startup.
