Everybody has the potential to come up with the next great idea in the startup world. The difficulty is that not everyone is capable of bringing it to the masses and realizing its potential. There is no doubt that most of us are familiar with the most infamous startup statistics relating to the failure rate of startups within the first five years. There will be no one who will tell you that creating and developing a startup is an easy undertaking in 2021.

A startup’s greatest difficulty is putting the company on a path that increases its chances of not only surviving, but also growing rapidly. Therefore, you must implement a very sound growth strategy.

It is fortunate that there have been a number of successful startup stories over the years and that we have seen enough unicorns to know and understand what the components of a successful startup strategy are and how they can be implemented.

Taking this into consideration, let’s explore what entrepreneurs must do in order to put together a startup growth strategy that will enable their startups to achieve sustained success and growth.

Ensure that your idea is marketable

In spite of the obviousness of this first step for every business, it is surprising how many would-be business owners attempt to establish a successful business without first ensuring that there are enough people out there willing to pay for their products or services.

Prior to taking any further action, you should conduct the necessary research to determine whether or not your product or service will be successful. Thus, you must conduct research in order to determine if your idea has a market. Make a thorough examination of the related business landscape to determine if there are already companies doing something similar, how successful they are, and whether you can improve on or reinvent the products or services they are offering to justify entering the contest.

Research is the first step in determining whether or not your business idea will be successful. The idea does not have to be a revolutionary one that has never been seen before in the world. Profitability simply refers to the number of people willing to pay for your product or service.

If, for instance, your town has a lot of pizza places that are all doing very well, opening your own pizza place may still be a very good idea. Why? Since the market has demonstrated that there is no shortage of pizza lovers in your area, why not get in on the action yourself?

Is it better to scale or not to scale?

For most startups, growth strategies serve as a means to reach the point at which scaling your business will become necessary. By scaling your business, you are enabling it to grow without suffering many setbacks. You need to look ahead, analyze your current capabilities and future needs, and develop a plan that will enable you to grow your company smoothly and naturally.

It is likely that scaling is the most important aspect of your startup’s growth strategy. It is a process that shouldn’t be rushed; it requires an evaluation of your business and your future plans from all angles. Often, startups rush their scaling efforts and approach the process recklessly due to the fast-paced and highly competitive nature of the startup world. Those who are too slow to scale will end up being left in the dust by their competitors.

In the context of scaling and scalability, it is important to consider whether your business requires scaling at all. Are you operating in a very specialized or niche market or does your product or service have an unprecedented amount of untapped potential? It is absolutely fine to choose not to scale your business and to remain lean and small, but profitable.