When a startup has made it to a point of maturity and the founder feels that he/she has gotten as much out of it as possible, it is time for a drastic change. Even if you were the first one to bring your idea to the market, in time, it’s inevitable that competitors will crop up and to deal with this you could either:
Revamp
More often than not, businesses stick to one kind of marketing strategy. As a new startup, you are bound to run everything through trial and error but once something fits, that becomes your go-to solution to all problems. While this might have gotten you so far, be sure that you will need to add something new in the mix from time to time, to remain relevant. Make sure your marketing material is updated from time to time and that you don’t rely on the design work of when you begin. Customers like to see change, it shows them that you are committed to progress and want to improve. Also, once you have reached a certain point in your business, you have to ensure that you are more professional, not only in your conduct but also when it comes to your website and marketing material.
Be Tech Savvy
As we live in a fast paced world, where innovation is the key to success, it is only fair that you continually link and introduce your startup with the latest technology. In today’s time and age, the most important thing is to stay relevant. If people are not talking about you that means you are old news. Make sure that you have an online presence and that you use it to promote your business.
Expand your business
When you feel that you have worked enough with a certain product or that your product has reached its saturation point in the local market, start something new. Introducing a new product can work out well for a startup as it would involve a new look and will give the business a chance to reconnect with its customers. If that is not something that interests you, and if you have enough capital saved, move your business to a new market. Not only will it offer more credibility to your brand, it will also bring back the thrill of starting something new.
Get acquired
Know when to take an exit. Once you have thought about it, try to find a buyer as soon as possible because if this is your end game, there is no point in sitting on the decision. Just decide when you’d like to cash out and understand the risks involved as well. Business acquisition is a serious decision and it would be wise to put in the time and effort to understand the process and the profit you’ll be gaining from it.
Selling a business you have built from scratch is never an easy task, its emotionally taxing and the founder should bear this in mind. While it might sting, if you aren’t interested in taking care of it anymore, the best idea is to give it away.
When you give up your startup, you can always share with your audience, the reasons behind taking an exit. This offers fresh perspective to future entrepreneurs and also gives you a chance to understand what you could have done differently. Savari, a local startup, had to be shut down but the founder shared a document with the public, explaining why the startup failed and what she’d have done differently, if she were to start over.
Being an entrepreneur, you’d no doubt find a new passion, but make sure you enjoy your early retirement (even if temporary) to the fullest. We think after a successful acquisition, Pina Coladas are definitely in order!