Explore the world of Startup Business
Welcome. I am delighted you are here…
Well, you are here that means you have come up with an Idea. I know everyone has their own perspectives which would depend on their inventions or imagination.
But, getting a startup business idea is very conventional. Nowadays, everyone wants to become a successful entrepreneur in no time.
Certainly, you think you have a great startup business idea to start a new journey of your imagination. Despite how good your startup idea is, there is no assurance that you will become successful or not. Unless you determine to execute your idea effectively, you won’t be a successful entrepreneur anymore.
I must say, there is a huge difference between having a great idea and starting your own startup business.
It will take lots of effort, money, consistency, hard work, knowledge, courage, excitement, failures, management before you succeed.
A startup is a quickly growing business structure having a lot of risk factors. I am not going to demoralize you by saying risk factors but having a good guide before you get started your startup will always be better than fake information.
Like many startups would fail in their first 10 years. So, if you want to avoid lots of failures you must start asking questions to yourself about your vision and mission.
Before we get started the adventurous journey of starting a startup business, I want you to list out some questions relevant to your newly discovered belief.
How to start a business?
What about Capital? How do you manage it?
Do you know about Marketing and Sales strategies?
Do you have an expert team?
Will you afford the Legal registration?
Are you going to offer your products/services through an online or offline medium?
How much time will you spend on your startup?
Are you ready to make some sacrifices?
How would you measure your success in terms of achievements and profits?
Are you going to learn different things to get good results?
Are you ready to struggle to become a successful entrepreneur?
Do you know about online payment gateways?
What about Hiring protocols?
And the list goes on…
But, for all of these questions, I only have one answer for you, “There are no limits on who can become an enormously successful entrepreneur”.
I personally believe that everyone who starts their own adventure has a different perspective regarding any kind of startup.
But, before starting your startup you have come up with an authentic vision. Despite that, you won’t succeed in your mission without putting all efforts and trust in your great Idea.
If you have a phenomenal desire to determine anything that will help you to achieve any dream you want, only then you can absolutely tackle the journey of entrepreneurship.
Maybe, you’ve heard one crucial statement about the startup which is, “ Startups are meant to fail almost”. In some situations, it is a little bit of a true statement.
But, the main reasons behind all failures are like “ having no original idea, not sufficient funding, failing to convince customers, lack of intelligent staff and the list goes on.”
In this article, we’ll talk about all cures on the prior major obstacles of being a successful entrepreneur.
You’ve got a startup business idea, right? Now you should consider the plan of action to seemly execute the idea into product or service.
In which category will you be fitted in like small business or a big venture? If you are about to start a small business, then you should know the steps to start a small business, right? For that, you will have to come up with a great business plan to execute it properly.
Let’s see the steps of starting up a business, like the most successful entrepreneurs had done in their early-stages.
1. Create a business plan template
Invest the first couple of years for making an impeccable business plan template to dominate the market. But, before thinking about the business plan, you’ll make sure that you have an intact vision of your startup.
You should have a mission to make accomplishments without having any loss. To become a famous entrepreneur you should have an enthusiastic vision.
A perfect business plan has several leverages to make your startup more authenticated.
It’ll help you to get instant approval for a business loan, more authentication means more investors, more investors means more funding.
Nowadays, many investors like angel investors have been putting their money into the number of small businesses only because of the effective presentation of a business plan.
If you have a outstanding and hot topic business plan then I must say,” You’ve got a Jackpot”.
You should write some notes about how you’re going to do it and how it will perform after launching it. Maybe, due to an incomplete business plan, it will cost you very hard.
I know, having a proper business plan template doesn’t mean you’ll win the startup war. It takes lots of effort and money. So, we’ll talk about the financial aid for the startup business plan later.
Now we’ll try to examine the market expectations for your idea by deploying the market research plan.
2. Do a Market Research
Market research before launching a product or your startup business idea will always be a helpful and most profitable way to avoid major future losses.
Let’s take a tour of how you are going to do this task and what are the types of market research?.
Start taking online surveys using SurveyMonkey. Ask questions related to your product and services. Start questioning about the problems and try to keep finding the solutions.
Start with direct interviews with a specific group of people like professors, students, parents, etc. Create a report on the basis of their responses. Direct interviews also help to create empathy.
Do observations regarding your product services and user’s daily usability. It will help you to make your product more efficient and different as compared to the competitors.
Take feedback and responses through public seminars, presentations, events, etc. It will help you to save time and money.
Launch a Pre-Production Unit
If possible, launch a pre-production unit and deliver it to some group of people for getting the exact value and response of your services. It will directly proportional to your profit charts.
Analyze the market research
Gather all the data from the research and analyze it. Then it will lead you to a specific group/area of people who are going to use your product/service in the future. It will help you to grow your business rapidly without wasting money on marketing.
You’ve done a great job by finding your market as per your niche, right? Now, the big deal is how you are going to implement it without any funding?
Let’s what you can do with the following suggestions…
3. Fundraising Ideas for a startup business
Initially, newly founded startups get funded by its owners, family, and friends that are called bootstrapping.
Mostly, newly funded startups struggled to get funds from investors. For that, I suggest you do a great presentation in front of investors or come up with great hot topics, also having ideal market research.
They don’t want any information about your background, past experiences or any other facts like that. They only wanted to know one thing which is “How is your product/service going to dominate the market in the future?”.
You have to focus on only one area of your product’s quality and how you are going to lead your mission having a great long term vision.
I am going to list out several ways of raising funds for your startup business - read it loud to become a successful entrepreneur.
Small business loans
Starting your own business without having sufficient capital, I would say “You are in big trouble”. That’s why mostly I recommend people to apply initially for a small business loan along with the bootstrapping.
It will barely survive your launching but you can start your business on your own.
If possible visit any incubators or angel investors or you can start crowdfunding to launch your product.
I know you’ve been reading about the top entrepreneurs in the world or fortune 500 companies. It is good to take more inspiration from those stories but they haven’t come up here without taking any risks.
They have made it by only taking risks. You will be a successful entrepreneur only if you take risks and are ready to do lots of struggles.
One day you will see yourself in that fortune 500 list.
4. Legal Registration
Before launching your product/service you have to register your business through the specific procedure.
After filing your application for legal registration you will have to hire some people like Lawyer, Legal advisor, Accountant, Financial Advisor, Insurance Agent, etc to protect your business from copyrights and other frauds.
You need to decide what kind of registration you are going to do for your startup business-like-
After this process completed, you need to file an application for a license like food, hardware, gold, software, research, invention, project or anything that will be considered only after a license certificate.
Now, you are ready to hire some experts to get started your startup.
5. Build your Dream Team
Now, the most important thing to become a successful entrepreneur is “YOU NEED AN EXPERT TEAM”. You know what most great startup ideas had been shut down only because they didn’t have experts.
So, you need a team having the same amount of energy as you have for driving your mission as their own personal mission to fulfill your vision.
Having experts in your team is kind of having a tough backbone to your Mission. So let’s get started to find experts for your business.
Follow the Hiring Process.
Do Recruit as per your needs.
Clear your Vision at the very start.
Keep it simple.
Have a good working atmosphere.
Keep them always well trained by conducting training and mentorship programs.
Change working strategies to keep them energetic and progressive if you want more results.
Conduct workshops for their self developments.
Keep good communications with all your team members.
If you don’t know the people management skills, acquire it. Go through all hiring practices. Be professional in Leadership skills. Know how to do Team management and try to keep a healthy atmosphere in your startup world.
6. Be searchable- Launch your Website
So, you’ve team, legal registration, market analysis report, product. Now its time to execute your idea into action. Let’s do this by getting online your business website.
Initially, decide how you would develop your site. Like, by hiring programmers and freelancers or by using best free website builders. Both of them are their own pros and cons but If you ask me where would you go? Then I must say, go with the online best website builders and make a free small business website.
There are many online website builders dominating the market. But some of them are really the best in their cases. Like Wix Website, Squarespace, Weebly, Shopify for an eCommerce site, also there is a free website builder known as Wordpress. It is an open-source project having some pros and cons too.
Build a website by selecting the best among them and start selling from your first day.
For scaling up your business you need to grow your customer’s base.
Maybe, you have great social media followings but you’ll have to convert those following into the conversions.
7. Keep them Engaged-Grow your Venture
You know all the steps to become a successful entrepreneur. Now you’ll have to do one thing to grow your business worldwide which is the growth of your customer base. Stay focused on how you will Increase the number of customers on your website.
For that, you’ll have to keep yourself updated using social media tools and website content. Do organic marketing over the paid once. Give more knowledge to the users. Get them helped from your side. Provide solutions. Give them the right direction.
Focus on up-selling. Make sure that your customer will return to your site to purchase your product or service. There are more chances of returning customers to purchase something from your site rather than a new customer. Keep them satisfied with your services and provide the most important thing in any market which is “Customer Service”.
There are no limitations to growing your dream business. You can target your audience by offering something different.
Execute some sales tactics to get more customers. Learn how to influence customers using various copy-writing techniques.
Always keep determining to acquire the market by providing the value, not just information.
Give them some valuable reasons to get them to buy from your business.
Create your own social media plan to make them engaged with your services.
Make yourself a brand through social media marketing strategies and grow your venture persistently.
Market yourself using social media through influencers and paid campaigns.
Learn through the mistakes. Re-apply the social media plan and get things done without any struggling.
Be a learner to grow your business. Only one thing will stop you. That is your limitation which totally depends on how you think about the startup? and how you will treat your business?
Keep your mission very straightforward and serve them very well.
Listen to them softly and get reviews from your customers to make changes in your services or products. It will definitely lead you to dominate the market.
Follow these steps and keep away the problems from your dream project- Good Luck!
Always learn from the mistakes.
Accept the failure and keep believing in your dream project.
A startup is not easy to deploy.
You will be gone through lots of failures, losses, stress, management failure, quality management, marketing issues, social media, laws, administration and many more. But one thing you’ll have to keep remember, “Why you are doing this?”.
Keep learning new things and apply them to your products or services. That will lead you to a different era of the startup business.
Keep learning. Struggle more. Hustle more. Earn more.
Work hard. Do not settle on a specific point.
Find your Niche. Learn it. Create a product.
Get funding. Do market research. Analyze the results. Get reports.
Build your website or find a perfect location for your startup. Develop it.
Launch your Product or Service. Be a master in Marketing strategies.
You’ll see the growth of your business gradually while growing your customer base.
Make a brand yourself. Develop an authentic image in the market. Stay Loyal to your customer.
Serve them what they want from your product.
Provide great customer service and be a successful Entrepreneur!
What will you do if you fail in the early stages of your business?
Let me know in the comments below-