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It’s ambitious to want to start a software company with no money, but almost 90% of startups fail in their first year of operations. Does your new business stand a chance? If so, how will it grow to sustain itself in the long term?

To survive, you must hatch a great plan. In other words, create a problem-solving product or service, onboard a qualified team, run multiple marketing campaigns—do anything worthwhile to increase your survival chances.

But what if you have no money? Will your idea remain a pipe dream? Here’s an actionable plan to help you start a successful software company even when you’re cash-strapped.

Build a Minimum Viable Product (MVP)

Most businesses fail because a founder can’t see the forest for the trees. They’re simply incapable of finding a great solution to a distressing problem.

To develop a problem-solving product, reach out to people experiencing the problem and know their pain points. Talk to early adopters of your product as they can help refine the product’s value proposition.

Ask for feedback to help nail down the core features that would take your product in the right direction. 8% of startups fail because of a poor product, so making informed decisions at this stage can boost business survival rates.

Employ MVP Pre-Selling Strategies

One great way to start generating income is by onboarding partners–and these can be your first customers. Get partners fast and give them a stake in the business. Once they own a part of your new business, they can help develop the product and come up with features that people are willing to pay for. 

The biggest problem for a  cash-strapped startup is finding people who are willing to buy its product or help improve it. Employ this strategy and your new business will survive.

When you have partners, they can advise you whether a vehicle title loan online or a bank loan is worth getting.  You’re able to make sound business decisions based on facts.

Acquire Customers

Once you’ve built an MVP and incorporated user feedback—and it gets a greenlight—release your product to your target market. If your product has the right features or ticks all the boxes but no one knows it exists, you won’t make any sales.

To ensure this doesn’t happen, promote your product. Not having money is a great disadvantage at this point, but it doesn’t mean the game ends there. You have to get creative and promote your product however you can—even if this doesn’t boost your sales fast enough.

92% of consumers access online promotions through mobile phones, so hang out online to connect with potential customers. Generate buzz in online communities to acquire customers and make sales.

So many startups grew this way. For example, Tinder did manual promotion of its app in the early stages. It launched a series of parties across California and made it mandatory for party goers to install the app to gain entry. Also, Stripe founders visited leads in person to gain access to their PCs and do custom setups of Stripe’s API. Do the same.

Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same.

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