(ThyBlackMan.com) D2C is Direct-to-Customer, which means the business directly deals with its customers. As a D2C founder, you should keep in mind that your business will be interacting directly with its customers.
When launching your startup, the most important thing to consider is how eager your customers are to utilize your product or service. Most startups are always quick to launch and they ignore a lot of things. They just want to get their products or services into the market and make profit off it.
In reality, that’s not a good approach. The timing for launching your startup doesn’t depend on your idea alone but the state of the market. As the business saying goes, ‘The market is always right, and the market always wins.’
Before launching your startup as a D2C founder, it is vital to know the type of products and or services to provide and the right market for your product.
As a D2C founder, you’re going to be dealing with customers directly. |
The Major Things to Keep In Mind When Launching Your Startup
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Understand it involves a lot of commitment
Before you start a business, you must be prepared for what launching a startup will entail. Running a D2C startup, no matter how little, takes numerous hours of work and dedication.
You will also require a significant amount of financial and time investment to launch effectively and grow the business. As your business grows, it will require more time and commitment. So it is imperative to have understood all these before you launch.
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Secure sufficient funding
Everything you will do as a D2C founder will have a financial implication. Before, during, and after your launch, you will need to be well equipped with adequate finances to deal with any setbacks or shortfalls that may arise in the process.
Sufficient capital is required to get the startup running and to ensure it is running effectively. Startup capital requirements vary from one industry to another. As such, your startup may need more or less money depending on the kind of product or services you offer.
It may cost millions or just thousands of dollars. Predominantly, the cost of launching and running a business is a lot higher than entrepreneurs initially think most times. However, it is crucial to have adequate funding when launching.
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Don’t over-complicate your concept
Many startups begin from an idea that provides a simple solution like a product that meets the basic needs of people. On the other hand, there are some that try to complicate things by trying several products at the same time.
Simplicity is a success — the more manageable and straightforward your idea, the less expensive it can turn out to be. Complex approaches to solutions are challenging to startups especially when trying to launch.
Always start small while monitoring the market as you grow. Research and learn how to provide simple, quality products or services, and then build slowly from there.
Establishing a team to support you through the process is very important, as you can’t do everything independently. These individuals don’t necessarily have to be your business partners. They can be peers, friends, mentors, or enthusiastic entrepreneurs like yourself.
Creating a support team will help your startup, especially in times of crisis.
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Find a location and build a website
Before your startup launches, it needs a physical structure where it is offline and a web presence if it is an online business. There is also the possibility of making it both an online and offline business (though this will be more expensive).
It is essential to implement this in your business plan and secure sufficient funding, as we have discussed earlier.
When launching a website, you have to ensure that it is responsive and accessible on all devices. It also has to be user-friendly and easily navigable for users to engage better.
Figuring out how to build a loyal customer base when launching is important for a D2C founder. | Photo Credit: Unsplash
When launching your startup, you have to keep in mind the need for a customer base. You are only in business to the degree that your products or services meet the needs of your customers. Being a D2C, you’re going to be working directly with customers, and that’s why building a customer base is vital.
To build and retain a customer base, you will need to put in place the right marketing strategy. Some of the strategies that you can implement for building a customer base include:
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Focus on the market as much as the product
Many startups and small businesses make the mistake of focusing only on their product to rack up sales. They forget that there are market forces like demand and supply that can affect the quality of their business.
As a startup, you should focus on delivering a great product while being conscious of the market. You can have the best idea and product, but you won’t get anywhere if there isn’t a market for it.
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Include miscellaneous costs
Always provide some financial cushion when it comes to expenses. You are most likely going to spend a lot, some of which may not be planned for.
To prepare for such expenses, you need to overestimate your business’s expenses and remove the assumption that your costs will always be in the green. Doing this makes your startup better prepared for emergencies.
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Create a system for effective cash flow management
Cash flow is essential, especially for new startups. Income is the fuel of every business, no matter the size. Your business should start generating cash as soon as possible. Before launching a startup, you must factor in how to effectively maintain and manage cash flow.
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Focus on ensuring customer satisfaction to build loyalty
You don’t just need a customer base, you have to find ways to convert your customers into loyal one.
Your ability to ensure customer satisfaction is also what determines how well customers will patronize your business. They may not remember what they bought from you or exactly when, but they will never forget how you treat them.
Conclusion
Launching a startup required a lot of effort and determination. First, you need to determine if your idea is worth turning into a business, and if you have what it takes to be an entrepreneur.
By following through on the points that have been outlined above, you can successfully launch your startup and grow it over time.
References
Core DNA: Direct-to-Consumer (D2C): 21 Ways to Get Started in 2021
BusinessKnowHow.com: Steps for Launching a New Business or Product
Chron.com: Estimating Start Up Capital for Starting a Business
Teamwork: How to Build Your Customer Support Team with the Help of Teamwork Desk
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Staff Writer; Jerry Brown
