Whether you’re building an app or organization, heading a startup can be as challenging as it is rewarding. Being a successful entrepreneur and founder requires a lot of skill and strategy as well as a solid understanding of business development basics. Here are a few tips to get started. 

How to Develop a Successful Business 

1. Find a Target 

Identify your target market and investors early on. Rather than reaching out to a broad array of people, hone in on a specific group and specific organizations you want to work with. This will save you time on product development and scheduling meetings as you can develop a clear, customized strategy based on your selections. 

2. Build a Network 

It’s important to distinguish that business development is not the same as sales. Business development is about building a network and cultivating partnerships that, in the long-run, will help you increase distribution and revenue or improve your product.

Try to make multiple connections within each organization you hope to partner with. You never know who may be a decision-maker or have influence within the organization. 

3. Be a Part of the Solution 

One of the most essential parts of success as a startup is to prove your product is valuable and that there is a demand for it. Find a problem and solve it. If you’re competing with established businesses, ensure your product or service offers something the others don’t and identify it clearly in your plan and pitches. 

4. Carefully Plan Your Pitch Meeting 

Bring your key players to the pitch meeting. You can include advisors and investors, but at the very least, be sure to have your VP, product development specialist, and engineers. Coach your product and development staff to answer in the affirmative to most questions since many things are possible with time and resources. 

If you’re interested in more business development tips or other startup-related education and training, turn to Huntington Township Chamber of Commerce. Since 1925, this group has served the Huntington, NY, community, offering a range of business resources for small businesses and startups. Call (631) 423-6100 to speak with a friendly staff member about how they can help you. Visit the website to learn more about economic development and community engagement opportunities.