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5 Reasons Why Business Founders Need Startup Consulting
A winning project development frequently begins with startup consulting, attracting business experts, and validating the idea.
Here is the importance of this tactic and the reasons to follow it.
Here is the importance of this tactic and the reasons to follow it.
The idea of launching your own startup is greatly romanticized. But when it comes to practice, the list of pitfalls is usually much bigger than the list of possible benefits. Is there a way to highlight an almost-risk-free startup development path, along with increasing its chances to succeed?
A professional startup business consulting can be a winning getting-started decision, so let's find out the core reasons to use this service.
A professional startup business consulting can be a winning getting-started decision, so let's find out the core reasons to use this service.
Startup Consulting Services in a Nutshell
Startup consulting for business stands for the process of sharing theoretical and practical expertise in the business launch, management, and development the consulting company already has. Despite the simple definition, startup consulting implies attracting several specialists from different business domains to help the business owner take a comprehensive look at their idea, market environment, the resources necessary to develop a startup, and its technical feasibility.
That's why the following specialists take part in the process of both large and small business startup consulting.
That's why the following specialists take part in the process of both large and small business startup consulting.
Business strategist
This is a specialist experienced in business growth strategy development. Their knowledge and skills are necessary when evaluating the business plan suggested by the startup initiator and highlighting the main milestones of startup development from the business point of view.
Business analyst
A business analyst and business strategist are two different specialists. While the business strategist helps with recommending a far-reaching business growth strategy, the business analyst takes a look at the company's current state and evaluates its strengths and weaknesses to find out how the startup solution will contribute to the company's prosperity.
Market researcher
As the name suggests, this is the professional who soberly analyses the market the startup is going to enter. They evaluate the competition, possible risks, and pitfalls, analyze industry trends to give a business owner the holistic picture of the market, its free niches, opportunities, and limitations.
Marketer
A marketer can give a startup initiator an idea on how to promote their product even before it has been developed. Although the marketing strategy may seem unimportant before the product is actually built, suggesting the main promotion tactic and budgeting for it in advance still makes sense. With a clear idea of how to promote a product, you have better chances of delivering it to the right audience faster.
Legal tech specialist
A legal business startup consultant is a must-consult-with specialist in building solutions for the strictly regulated industries, such as fintech and healthcare. In these cases, failing to be compliant with legal requirements often means huge fines, in addition to a damaged reputation.
Project manager and software developers
When it comes to technical consulting, choosing the necessary technologies and the development methodology, using startup consulting management services for business owners becomes even more essential. In this case, the consulting company often attracts a project manager and several tech specialists to propose a winning technology choice for the customer and the most effective approach to project management.
The Causes of Using Startup Business Consulting Services for Founders
Below are five essential causes to use startup consulting before getting started with your project development.
- Follow the lean approach01
- Follow the lean approach01
The LEAN development methodology stands for careful research and validation of each new hypothesis before investing in its real-life realization. Most modern startups follow the LEAN tactic to find a pitfall-free way for their project creation and growth, meet the customers' expectations and use the available resources wisely. Using business startup consultant help before getting started with your solution development is one of the best practices encouraged by LEAN, since getting professional advice can be the first step towards securing your future business from costly mistakes and hasty decisions.
- Develop and validate the strategy02
- Develop and validate the strategy02
The opportunity to develop and validate both project development and business growth strategy is one of the strongest reasons to use startup consulting. The professional support and practical experience of a startup consulting company will allow you to get a comprehensive idea of the market you are about to enter, soberly assess the competition along with your strengths and weaknesses, suggest the best tactic for technical development, marketing, and business management, and spend your resources more wisely.
- Set clear goals and expectations03
- Set clear goals and expectations03
Business and market analysis is an integral part of startup business consulting services. The insights the founder gets as a result are valuable for setting the right expectations and clear goals, taking the real environment into account. Having a clear idea of what to expect, what to avoid, and where to move becomes a foundation for a viable business strategy development.
- Get an idea of necessary resources04
- Get an idea of necessary resources04
Sometimes the idea behind the project is too great to realize it within the budget limits. In this case, the importance of consulting a startup company grows since it allows for taking a restrained look at the resources you already have, aligning them with the specifics of the project you would like to build, making the initial estimate of the investment amount you need for it, and coming up with a data-driven business plan to show the potential investors.
- Unlock first-hand business, tech, and legal expertise05
- Unlock first-hand business, tech, and legal expertise05
There are a lot of successful startup examples that were built by young entrepreneurs with no prior experience. Most of them got their projects done without business analysis, market research, and proof of concept, relying only on the idea itself and the matter of luck.
Still, such an approach is more likely to fail than to succeed, so from this point of view, hiring a business startup consultant is an opportunity to unlock access to first-hand expertise, real-life stories of failure and success, the best practices to develop a project in a modern business environment, choose the right technologies to make it actually powerful and create a law-compliant solution.
Still, such an approach is more likely to fail than to succeed, so from this point of view, hiring a business startup consultant is an opportunity to unlock access to first-hand expertise, real-life stories of failure and success, the best practices to develop a project in a modern business environment, choose the right technologies to make it actually powerful and create a law-compliant solution.
Is it Worth It for a Developed Business to Work with Consulting Experts or Companies?
Indeed, startup companies always need more help than mature ones since the first have no experience and can be misguided by unrealistic expectations of the project's specifics and complexity. Still, using a business consulting company's help makes sense for a developed business as well. Below are the main reasons to consider this opportunity.
Use existing solutions better
On average, modern businesses use 73-175 different applications. In some cases, it brings more chaos than control and efficiency since such an insane amount of applications generate unclassified data, which becomes challenging to manage. In this case, tech consulting services can be eye-opening as for the number of solutions your business actually needs, the tasks you should and shouldn't automate, and the integrations that actually make sense.
Highlight the path to digital transformation
Only 21% of companies think they have completed the process of transforming digitally. 70% of the remaining businesses already have their digital transformation strategy in place and using business and tech consulting services is an opportunity to create a one for your business as well. What's more, with the help of professional support, you will be able to identify the business areas that need transformation and automation first, for example, setting up a more efficient human resource management process. Plus, you will be able to set the right priorities, intelligently distribute the resources and proceed with building the solutions you need.
Become smarter with research and development
Running the research and development process is one of the modern opportunities to improve your competition, suggest better user experience ideas, make your product better, and stay fully aware of the market trends and latest innovations to boost your business growth. However, establishing and maintaining your R&D requires you to have a clear strategy, so consider getting professional advice and support before starting an R&D process.
Get strong tech support
In addition to startup consulting, you are also welcome to use software development services for startups. As the most winning option, consider the same vendor for both consulting and development since with a clear picture of your business in mind, the tech team will better be able to meet technical requirements, take the users' expectations into account and perfectly align your future solution with the business goals.
Fayrix tech and consulting teams are here to support your startup development and growth. Get in touch with us for more help.
The Cost of Ignoring Business Consulting
In contrast to the benefits business consulting opens up for companies, the cost of missing this opportunity can be huge. At best, it increases the chances of making wrong and costly decisions, unable to contribute to the business growth. At worst, it makes the company unable to withstand competition and blocks opportunities to optimize the business processes, reduce operational costs and find better ways to solve everyday tasks.
The companies proceeding with using their legacy systems for everyday operations face higher maintenance, environmental, and staff costs along with increased data security risks and technical debt, compared to the companies switching to more innovative and custom solutions.
The companies proceeding with using their legacy systems for everyday operations face higher maintenance, environmental, and staff costs along with increased data security risks and technical debt, compared to the companies switching to more innovative and custom solutions.
Consider Fayrix Your Trusted Partner in Consulting Your Business
Being an offshore software development company, Fayrix supports both startups and mature companies on their growth path. What's more, we are here to help your startup become industry-recognized. That's why we offer the whole set of services the startup initiators can take advantage of, including but not limited to business analysis, legal consulting, prototyping, software development, and DevOps specifically tailored to your startup's needs.
Our cross-domain tech expertise and real-life experience in innovation development allow us to suggest flexible engagement models for startup initiators, help them choose the right technologies, and run a seamless development process you are welcome to control.
We are also well aware of how valuable the winning idea is, so you are welcome to protect it with NDA before sharing it with us and getting started with your project creation.
Our cross-domain tech expertise and real-life experience in innovation development allow us to suggest flexible engagement models for startup initiators, help them choose the right technologies, and run a seamless development process you are welcome to control.
We are also well aware of how valuable the winning idea is, so you are welcome to protect it with NDA before sharing it with us and getting started with your project creation.
Final Thoughts
Beginning your startup journey with getting consulting services makes a lot of sense. This is one of the most effective ways to get strong support and confidence that you have chosen the right business development tactic. Fayrix is right here to assist you along this path, sharing our tech and business expertise and suggesting a pitfall-free way for your startup growth.
Reach out to us right now to unlock more startup development insights!
Reach out to us right now to unlock more startup development insights!
FAQ
Startup consulting is a process of sharing the business and tech expertise between a development vendor and a startup founder. Usually, consulting covers business analysis, market research, and development projections.
A startup consultant researches the business idea, matches it with the current business environment, soberly evaluates its potential profitability, and suggests the best ways to create a startup from both technical and business points of view.
The main benefit of getting consulting services for a startup is protecting your future business from mistakenly taken decisions and costly mistakes. Instead, such a service sheds light on your business development strategy, taking the project and market specifics into account.
Consulting a startup means giving it an opportunity to follow the LEAN development approach from the beginning, carefully validating each of the new ideas, aligning it with the market and users' expectations, and intelligently distributing the available resources.
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