Tips for startups in the trading business

Here are 11 tips for companies that are starting up in the trading business.

1. Be adaptive

Because you can since the company is still small. I would underline that the main focus has to be to start doing more business. Have short-term goals to be able to recognize valuable opportunities for your company

2. Get long term vision

Have a collaborative moment where everyone can have input a take up the ideas

3. Avoid staying in stealth mode to long

You can not sell anything when you are in stealth mode

4. Aim at direct customers, since the company is able to be personal and consumer targeted.

Your first customers are probably people from the direct social network, since marketing is limited. Focus on this group by making a special offer to direct social environment. Give special attention to friends, family and colleagues since they are great PR channels.

5. Start selling the product on website for exponential growth

Check if the product is agile to sell on the market at all. Then find the quickest ways make the sells grow exponential. Create a alliance, or start selling the product online.

6. IT related investments

There are open source solutions that do not take as much time as self developed websites.

7. Things to consider before launching

Legal aspects, good distribution, stock, payment by credit card, feedback from customers etc…

8. Advertisement

Do not forget about marketing, some aim at R&D to much. Consider advertisement with popular search engines if you are selling on the web. Use platforms, partners and web advertisement (adwords, Microsoft search and/or overture). Create a marketing plan and be creative with free publicity

9. Try cross selling the product

It could be useful for a startup to think about possible media partners and/or distributors to collaborate the product or service with another business. Pizza hut managed to enjoy quick worldwide advertisement through collaboration with PepsiCo.

10. Limited budget

If you have trust in the product, consider a funding. Try to get ‘smart money’ from a partner that you trust. Make a vision for the long term and present it. Again, have a tight story and be trustworthy.

11. Chaos by lack of planning and organizing

If you are a organizer, make sure that you cover all aspects regarding the company. If you are rather developing or selling, consider getting a leader. You do not want to loose momentum during this turbulent time. I would recommend getting a standard system for bookkeeping, CRM and overall idea processing. Consider open source but look at outsourcing the bookkeeping as well.

Original source can be found here