Many people don’t become entrepreneurs for one reason; they just don’t know when to begin, where to begin and that’s the crucial first step.
We often forget that the most successful entrepreneurs today we see in the world all started out in the same way. They were also clueless what should be the first step but they just managed to do it. They just follow their dreams and today we feel motivated by their story.
Start something new and success will just come to your feet; life is not a Disney story nor your startup. Everyone wants a perfect business plan, lots of customers, more traffic, and more profits. A startup needs timing, planning, economic structure, legal paperwork, funding, research and picking your partners/advisors and a whole lot more.
The very first question one should ask himself before starting any startup activity; Is my idea already implemented before, and if ‘no’ then why? And if the answer is ‘yes’ then think what I am going to do different from them. The right answer can prevent from loss.
“When you are building a startup, it’s difficult. Particularly, a startup that is expanding at the rate of Tinder. You have to give 100%, and you have to be committed. Solving the problem has to be personal or else you’re going to disintegrate.” -Sean Rad, Co-founder of Tinder, Inc.
It is very important because like you there are millions of creative people who are dreaming; who have great ideas for launching a startup of their own. Some of them may already have launched the startup and some of them may be working on the same idea that you have got on your mind. The truth is If those startups were succeeded you can find them on Google. If they failed, the idea is not worth it.
Steps to checkmate for your startup
The solid plan
Every successful startup starts with a good plan. Your plan should have included both the short-term and long-term plans.
The short-term plannings of your business plan should include what you are going to do and how you are going to do it. The long-term plan should include how your startup will grow quickly.
And don’t think that you can’t change the plan later. Actually you will change your plans according to the situation while going bigger and closer to your dream.
Before building a startup, at first you should not hire marketing specialists/researchers to conduct market research. You should find most of the answers yourself because that can boost your confidence.
Try to locate your targeted customer by age, gender, location, and income level.
William Arthur Ward once said, “How to get business ideas? If you could imagine a thing, you could bring it to life’’.
Imagine yourself being a customer from your target groups and estimate; are you going to take this service? Then get ready for your next step. Now, think as a customer and Give your idea a number like 1 to 10. 10 means you are surely going to get this service and 1 means you will never take this. Thinking yourself as different age, gender, location you can estimate an idea. If your idea got a high score then you should go further with your startup.
We are living with lots of technological advancement nowadays. Revisit your ideas just to ensure that whether it is tech friendly or not. Moreover, how you can use technology for your startup.
If you’ve figured out that your idea is unique and nobody has launched a startup like that before, as soon as possible implement your idea and use social media or other technology for boosting up your business that more people get to know about it.
Analyze how you can use technologies to implement your idea. And what you needed is something different and needed to be developed by you then estimate the development costs first.
Let’s take Pathau or Shohoj as an example. If there was no location tracking technology like google map, mobile internet, smartphones, and online banking there was a huge chance that we might not have seen this kind of successful startup.
Moreover, as Uber already was given some services that are similar with Pathau and Shohoj so these platforms needed to go for more planning on how they are going to be different from others.
Companies like Apple, Google, Uber and even Pathao have the ability to invest more and more to improve their technological aspects or invent new facilities from them.
But as a new racer in this you have to think critically and make sure to use the best of technology that you can avail.
Know the Market
In the startup world, everything can be measured by money. Before spending money on your startup try to estimate how many people can be attracted by your future offer and how much money you can make out of it.
Almost half of the startups failed because there was no market research. It is certainly the most common mistake made by others. You must need to know your audience as well as your market.
Set your goal
22 Players fight in the battle ground and each one has only one desire; make a Goal in the opponent’s goal post.
You also have to plan your goal. What you are going to achieve and how you are going to do it. Take small goals like 3 months or 6 months and measure a larger goal of 1 or 2 even 5 years.
Make a full stack of plannings and ensure them from time to time. Achieving your desired goals will bring you closer to your dream.
Follow your competitors
Keep in your mind that there will be competitors. Even you are planning a wholesome of a great idea but sooner people will know it and they will also join the market.
For example, once Facebook was all alone as a social media and soon enough we have Twitter, Instagram, Snapchat. Though they all are different in their own way but somehow each one is fighting to maintain their present users as well as get more users. Snapchat adding a new feature sooner or later others will also try to include that feature on their platform but slightly different.
Very recent case is Zoom was flourishing their tech service in this Covid-19 pandemic. They got huge shares and profits. Facebook also had added a feature called ‘Facebook Room’ where users can use up to 50 members for video calling or conference.
Therefore, you will always find constant competitors and you have to be prepared for them.
Explain your product or service.
It is the part where your customers will know what your services are. You should give crystal clear detailed info about what you’re selling and how it is going to benefit your customers. And If you are nowhere about what exactly you will give to your customers, then you must revisit your business idea from the beginning again.
Start by describing the service/the product you are going to provide. Finally, give them a great deal of landscape so they understand what sets your service apart from others.
Design comprehensive marketing & sales strategy
Before you work on your marketing and sales plan, you need to work on your market analysis and choose your targeted customers based on economic situation. Your comprehensive marketing and sales strategies should cover how you are planning to diversify your brand name and sell your service.
Make plans on how to catch up the market/how will you grow your traffic/find ways for distribution/ your sales strategy/planning scale for growth/communication process with customers/pricing strategy/offers for gaining the attention of customers.
Financial plan with business costs/funding/revenue
you’ll need resources to start the business. Make an outline; the perfect financial model for your startup. Keep everything in detail, including your estimated startup cost, financial aspects, and keep a funding request if you want to pitch for investors.
You should have a brief knowledge how and where you are going to use your resources/money so that you can estimate how much each of those will cost. Will you need an office space?computer/phone/internet/travel cost list out every small or big need and how much they are going to cost.
For convincing investors and loan sources to support your startup only your accurate financial model can help you.
Business is all about the connections you have or you are able to make. Because your network will push your company to the next level. Professional networking can take you the way forward. Almost 90% of people now trust reviews from online consumers. So surely you need to start networking for all the right reasons.
Networking can also bring you more customers and traffics or you can find a perfect partner or investor.
You can begin your own networking by signing up on LinkedIn and joining groups there. And use social media to keep in touch with the right people.
Legal Requirements to Start a Business
The paperwork and legal activities is a part where we always do not talk much. Your business name, registering with the government, getting a tax code, a business license or a seller’s permit. All of this will determine the legal structure of your startup.
Furthermore, make sure that you register your business with the government, even with the location or every detail that is needed. Once you are done now your brand name and ideas are safe. Your business won’t be counted as legal if you do not complete all the legal procedures.
Maintain a balance between work and life
Your dream, your work, your life all should be roughly equal. Maintaining the balance between work and life is very much essential. If you are not mentally and physically healthy, who is going to take care of your business. Afterall, this startup is like your baby.
I am going to finish by a quote from Jessica Herrin, founder and CEO of Stella & Dot- “You have to see failure as the beginning and the middle, but never entertain it as an end.”
As a founder if you want to succeed be prepared to be able to change with the times, proper planning and with everything you need. Just never try to let it go. Never leave your dream your idea. Yes, Startup failure is extremely common, with 90% of startups failing within five years but by adopting those strategies and creating many of your own you can increase your chances of success.
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