The starting point is a problem, identify the problem, and find a solution. Even evaluate whether the problem is massive and applicable to a larger audience.
The problem that you are solving should be scaleable in the future. So, the TAM (Total addressable market) of your solution should be big.
Initially, attract customers by giving exclusive offers. Try converting the visitor into a customer.
For example, Swiggy or Zomato startups gave massive discounts in the initial days.
Your startup services should have a deep impact on your customers. Even it should become a habit and customers should feel it hard to go back.
Ola had done it. It is so hard for anyone not to use cabs.
Make sure that your customers are using your service frequently. Your repeat customer base decides your business lifeline or success.
Customer feedback is a goldmine for any startup. So, try to ask your customer about your product or services.
Build your core services fundamentally strong. Don't be in a hurry for expansion.
Byjus is doing the same mistake. It is lost its main core mission and now focusing on expansion. As a result, Byjus losses piled up to 4500+ crores in 2022.
Invest more in research and development teams instead of spending on marketing and advertisements.