StartUp with Priya Sachdev: 5 mantras to help you win
The competitive world of business is ever-changing. The bridge between a startup and an established business is about a great deal of hard work, a deep-seated vision, a few years and impeccable timing. When we started RockNShop in early 2014, we had a long to-do list to put things in place. From becoming India’s first online destination for both premium and luxury labels to deepening its presence into fashion, lifestyle, home, beauty and kids, RockNShop is now recognized as a premium marketplace for the aspirational as well as the time-poor and style-rich customers.
This journey has clearly not been a cakewalk. But here are my learnings on what it takes to build a successful entrepreneurship in such a short span of time:
- Market Research
Everything begins with research, because that is the undeniable way of understanding the emerging market. It is essential to realize how your product/service will enhance a consumer’s life. For that, the needs of the consumer, the response of your target audience, your business model (B2B or B2C), a short-term plan (up to 1 year) and a long-term plan (up to 5 years) should be put in place. Once this is done, decisions regarding capital infusion should follow.
- Plan your finances
Based on the outcome of your market research, formulate an investment plan because the right money from the right sources will fetch the desired results. Present your idea to your friends/family/investors, who will play a key role in supporting your project financially and be accommodating to their suggestions.
- Build an intelligent team
It is of great consequence to find a lean and passionate team that shares the same vision as you and believes in it to the hilt. Hire a team that is far-sighted and has the ability of making substantial value addition based on your idea.
- Outsource services
Initially, services like the HR, Technical support, SMM and more, need to be outsourced. Strategic planning in terms of tying up with service providers, that are also startups, is a wise decision. Count on those who are hungry for making a mark in the market, thereby delivering their best.
- Be flexible
It is prudent for startups to think out-of-the-box and offer something distinctive. Things do not always go as planned and it is significant to be adaptable to the needs of the vigorous market trends. Constant reading, attending events and conferences and incessant research are attributes that help in staying abreast of the market. Learning and growing is a persistent part of the process.