t is a dream of many people to become their own bosses and not be conformed to the nine-to-five corporate cultures. However, there are only a lucky few who get to achieve this dream. With the right guidance and proper steps, you can be among the people who succeed in getting their startup businesses off the ground. In this post, we are going to help you to answer your question How To Start A Startup?
“When the question arise in your mind about how to start a startup? then you need a proper documentation about your startup which could be a feasibility report or a business plan about your business idea.”
Start with an idea
The idea is a fundamental part of this question of how to start a startup. although the idea consists of only 5 percent and 95 percent is about practical business. It is important that before starting your own business, you have a crystal-clear idea of what your business is really going to be about, and what are your examples of target markets? This can be done by doing a lot of research on different industries and gaining appropriate knowledge. The main idea here is to launch a product or service that distinguishes you from the rest of the similar products and services out there. For example, if you are planning to start a skincare brand. Make sure that you identify beforehand what will set you apart from the rest of the skincare brands in the market.
It could be the use of only organic raw material that goes into the making of your products. You can pair up the product with excellent service and experience to attract customers. Jessica Alba is a great example that can be quoted in this context. When she was expecting her first child, the lack of baby products without chemicals available in the market, convinced her to launch her own brand named ‘The Honest Company.’ This company boasted about creating products for babies that did not have any harmful chemicals and toxins that are normally found in other baby items. There are many institutes and universities which can aid you in honing your entrepreneurial skills while at the same time equipping you with the right information required to kick-start your business. There exist many great entrepreneurs in today’s world that has gone to renowned business schools to become successful business owners. An example of such people includes Mark Zuckerberg, CEO of Facebook, who went to Harvard. Another example is that of Jack Dorsey, CEO of Twitter. He got his degree from the University of New York.
Choose a Niche.
Draft a Business Plan
The next step after brains-storming for an idea and settling on the best one is to draft your own business plan. Studies and statistics have shown that people who started their own startup without a business plan, have a low chance of succeeding in the long term. Whereas those startups that have a business plan at hand tend to be more successful. Tim Berry, the founder of Palo Alto Software, conducted a survey that highlighted the importance of business plans. The survey concluded that those startups who had acquired a business plan were twice more likely to succeed than those who didn’t. Other than this, the chances of gaining capital also increase if you are a startup with a business plan at hand.
A business plan provides you with an opportunity to present the starting years of your startup in a strategic manner. It lays out the company’s future in a detailed manner which helps the business owner in the future steps needed to start their own startup business.
Secure Funding from a reliable source
If you’ve decided to start a business, then you should consider getting a loan or using startup funding options. This is because starting a business requires a lot of money. You will need to buy equipment, hire employees, pay rent, and more. So, before you begin, make sure you have enough funds available.
The next step in getting your startup off the ground would be to secure financial assistance from a legitimate source or venture capital. If your startup is a part-time job, then there will be little investment required to run it. However, if a startup company requires heavy machinery, employees’ salaries, and other overhead costs, the initial investment can reach up to millions. There are many ways that owners of startup businesses choose to acquire money for their business. It can include borrowing from their circle of friends and family. It can also include using up all the savings and credits that they have secured up to that part of their life. Besides this, another source of funding includes contacting venture capital firms or looking out for angel investors. Other than this, startup business owners also contact banks and turn to crowdfund to gain the appropriate amount of money required to run their startup business.
In order to calculate the correct amount requires for your startup business, it is essential that you have a business plan. A business plan usually consists of a financial plan and marketing plan with information about products or services which can better help guide the business owners. It is noted that the total amount of funding required would be much higher than what the business owners usually forecast.
Blend yourself with the ‘in’ crowd
It is necessary that if you are a business owner of a small startup company, you surround yourself with people who have experience or are working in the same field. Since there is a lot of competition in different industries and probably in the industry you are willing to start a startup. It is great to establish your support system of great entrepreneurs, designers, lawyers, investors, accountants, and many more beforehand. Other than this, it will also be a step in the right direction to link with successful entrepreneurs who you consider to be your mentors. This will help you learn the ropes of handling and managing your startup business along with other marketing tricks and hacks. Watching the interviews of successful entrepreneurs can also be handy for aspiring startup business owners. Besides this, startup business owners should also make full use of social media sites such as Facebook and Twitter to learn more about the people they look up to as well as keep up to date with the ongoing trends and important discussions.
Obtain a location for your startup business
The next natural step after completing all the above steps is to find a location for your business. It is best that you rent a space in the middle of the startup epicenter. This will help you connect with like-minded people and increase your social circle. In most cases, your startup may not need a physical location and may require only an online presence it is crucial that business owners of startup businesses invest in their own branded web addresses and social media platforms. It is never too early to initiate the promotion of your business. This will help you in raising awareness among the people on the web in case they are searching for similar services or products that your startup business is offering.
In conclusion, we tried to answer your question about how to start a startup. it is obvious to say that startup owners have to work hard day and night to get their businesses to flourish. By following the above basic steps, startup business owners can build a stable base for their company. The next step would be to employ genius marketing skills and invest in it to attract customers. The mantra to keep in mind during the whole process would be to remain humble and patient and work hard to start your startup business as fast as possible.
Waqar Hussain is the founder of The Business Goals. He writes about entrepreneurial strategies and is an SEO consultant by profession. He is a B.Com, GDM, and an MBA from the Australian Institute of Business.
Thanks for the helpful tips and information. It is a great help as I open and start my own Hong Kong company soon.