The #1 Planning Mistake Most Startup Companies Make and How To Avoid It

I'm

NICHÉ

Your go-to girl just shy of a fairy godmother for starting + managing your biz, who loves putting words and people together...

Listen Now!

Tune Into The Brand Standard Podcast

All your online business questions answered with some actionable takeaways prepping you for an online career of your dreams.

Every Company Must Plan, But Planning Well Isn’t Always Easy… Do This First to Ensure Your Success For Years to Come

Creative minds are a blessing and a curse. I know that to be an absolute fact because I am one. On one hand, they fuel innovation and push the boundaries of what’s possible. On the other, they can sometimes blind us to the realities of the market in the name of going after what the creative process tells us.

One of the most common and arguably the most devastating planning mistakes we see creative startups make is: a lack of streamlined, robust and iterative market validation with time to actually analyze and regroup. Think of it like having halftime in the middle of a football game. Without it, teams can’t redirect, make adjustments and prepare to finish strong in the second half.

Let’s break it down:

  • The “Cool Factor” Trap: It’s easy to get caught up in the excitement of your own brilliant ideas. We’ve all been there – convinced that our unique vision will instantly resonate with the world especially since we genuinely love the ideas we’ve created. We also know that our circles can tell us a lot about our product or service and so creating a strategic partnership campaign with our clients is key. This avoids the Cool Factor Trap and gets us to the goods we need in order to set up for success.
  • Customer Discovery? What’s That? Many startups dive headfirst into development, spending precious time and resources building something they think people want, instead of deeply understanding their target audience. Who are they? What are their pain points? What are they willing to pay for? Plus, who digs for this information and where does it go? Having a communication plan and dedicated team to mine and organize this vital info is so good to lean into, especially as you begin to bring in revenue.
  • Ignoring the Competition: It’s tempting to believe you’re operating in a vacuum. But the reality is, there are likely existing solutions, even if they’re not direct competitors. Ignoring the competitive landscape can lead to missed opportunities and wasted effort. With our clients, we create competitive and inspirational company analysis and strategize how to stand apart and head towards each respectively.
  • “Build it and they will come” Syndrome: This classic startup myth often leads to costly and time-consuming pivots, or worse, complete failure. Most businesses pack it up within the first 5 years. 45% to be exact, will not get to year 6.

The Consequences of This Neglect:

  • Wasted Resources: Time, money, and precious energy are poured into products or services that simply don’t resonate with your market and it’s not always the product or service, oftentimes, it’s the presentation.
  • Delayed Time to Market: Crucial feedback loops are missed, leading to prolonged development cycles and missed opportunities to capitalize on market trends. The market does speak and they are getting more sophisticated as the economy and times change in general. So, delaying any longer becomes more costly than hiring out a team to execute while you focus on selling.
  • Low Customer Acquisition Costs: Attracting and retaining customers becomes a major uphill battle, impacting revenue and long-term sustainability. Client experience is the heart of your creative, startup, service based business and it will show by what your clients say and by whom you’re able to retain.
  • Increased Risk of Failure: Without a solid foundation in client understanding and market demand, the risk of the business failing to thrive is significantly higher. Don’t let it get there.

How to Avoid It:

NC Co. specializes in operations, management, strategy, and design – all crucial elements for navigating this critical phase. Here’s how we can support your startup.

By partnering with The NC Co., you can minimize the risk of costly mistakes, accelerate your time to market, and significantly increase your chances of building a successful and sustainable business.

Don’t let the “cool factor” blind you. Prioritize market validation with proper planning and organization and build a business that truly resonates with your clientele.

Disclaimer: This blog post is for informational purposes only and does not constitute financial, legal, or business advice.

Niché Caldwell

Founder, COO

The NC Co. Consulting Group

Get on the Ché Lately List and Ignite Your Vision with a monthly dose of faith-fueled inspiration, actionable business strategies, and operational insights to guide you on your entrepreneurial journey, whether you’re dreaming, launching, scaling, or refining your path to success. 

Ready to transform your business? The NC Co. partners with visionary startup founders and companies to build high-performing operations, develop winning strategies, and design exceptional experiences online. Let’s elevate your vision together! 

Apply now and book an intro call.

Read the Comments +

Leave a Reply

Your email address will not be published. Required fields are marked *

as seen on:

READ          LATEST

the

Download Now

Free Operations Audit for Your Business

Find out where you are in your entrepreneurial journey and what actions you need to take right now!

Whether you're just starting out or an experienced business owner, take this audit to see who and where you are in business! Plus, get the key next steps to guide you seamlessly into the next phase.

We're a rare make up of strategy and design, operations and experience. The make up that works and creates a better brand all around, for you and your vision. We know that you can't have one without the other, so with us, you'll get them all.

Follow along →

Let's get casual →

I'm really into Pinterest →