Starting a new and innovative business is not a highly structured process, and finding time for structured learning is unlikely. There’s a misconception that every startup founder wakes up in themiddle of the night to an idea striking like a bolt of lightning. Mostof the time, though, it doesn’t happen that way. Most startup ideascan’t be traced back to a single “Eureka” moment. Instead, most ideasevolve gradually and in stages.
However following below steps may help you to build a successful startup:
Startups are like Roller-coasters.
The high of watching your dream take wings is unparallel; while thechallenges can keep you up nights on end. Running your own business isexhilarating, once you find the right balance – the balance that comesfrom meticulous planning and execution. The lure of setting up one’s own business is far more attractive than becoming just another cog of agiant corporate wheel. Entrepreneurship stems from great yet oftensimple ideas that aim to solve a problem.
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10 Tips for Choosing the Perfect Business Name
A great business idea is the tipping point but that alone does notguarantee success. There are other key elements that need to cometogether to create a story that customers and investors will buy into.If you are really serious about getting your startup dreams off theground, these ground-rules will help you make a confident start.
Create a thorough Business plan
Everybody thinks they have a plan until they get punched in the face – Mike “Iron” Tyson
A viable business plan is critical to the successful transformation ofyour start-up idea to reality. A comprehensive business plan serves asthe framework and helps set benchmarks for the business. It’s a roadmapthat serves as the guideline for the business. Whether it is drafted for investors or for founders, it should cover essential aspects of thebusiness in detail.
Also read: The Do’s & Don’ts for Building a Successful Brand
- Business Goals, mission and vision statement
- The product or service offering in detail
- Market size, growth opportunity and competition analysis
- Marketing plans
- Cash flows and revenue forecasts
These are some of the key elements that will provide valuable insight in tothe business. Remember it’s a charter that defines the course of thebusiness. Furthermore, the research that goes into preparing thebusiness plan makes you aware of the present market scenario, challenges and ground realities which may not have been taken into account. Oncethe plan is ready, the next aspect is to ensure it is implementedearnestly.
Also read: 7 Basic Steps To Writing A Business Plan
Hire passionate people
You can do anything but not everything – David Allen
Entrepreneurs often tend to be greedy when it comes to involving others in theirstart-ups. They believe, although erroneously that they are better offdealing with all the nuances of their start-up than delegatingresponsibilities. After all who could know more about their idea thanthemselves? However, this is exactly what experts have cautionedagainst. For one trying to do too many things could lead one to losesight of the more important aspect of the business.
Instead, thebest option is to hire experts who have the necessary skill set toexecute the job. Also, having a team of passionate individuals allstriving to achieve a common goal is always better than having to workall alone. After all, nothing succeeds like the collective enthusiasm of a team.
Devise a marketing strategy
Marketing is not about the stuff you make, but about the stories you tell – Seth Godin
The product or service you are offering, no matter how good and innovative, will be of little use unless you have a way of reaching out to thecustomer. This is where an effective marketing strategy comes in. Ithelps reach out to prospective customers and goes a long way in building the brand for your business.
It starts with choosing the rightbrand name that your customers will find easy to identify with andcreating the right buzz around it. Social media has made marketing moreaffordable and opened up a whole new avenue to introduce businesses toprospective customers.
Also read: 20 Things Not to Do Before Starting A Business
Use Technology for Productivity
Technology must be like oxygen: ubiquitous, necessary and invisible – Chris Lehman
Technology has come to the forefront of everything that we do. For a startup where budgets are crunched, technology can prove to be a big boon. As astartup founder you wear many hats and juggle multiple tasks. There aretools and apps that can take the load off your shoulders so you can stay focused on other important aspects of the business.
One of thekey concerns for any founder is staying in sync with the voice ofcustomer. There are several social apps that can help you keep you stayclose to your business and customer.
We have covered these helpful resources for startups in detail a little while ago. We recommend you bookmark it!
Plan financial resources and budgets
A budget is telling your money where to go, instead of worrying where it went – Dave Ramsey
All business ventures require funding, which is the one aspect that canmake or break a business. Whether bootstrapped or investor-funded, thefirst step is to correctly estimate the budget for your business tostart off. The budget should also factor-in risks and contingencies that are par for the course in business.
Another aspect to consider is the gestation period before the investment begins to bear fruit andthere is positive cash flow. If you intend to approach externalinvestors, convincing them of future earnings and presenting a healthyfinancial statement will augur well.
Also read: 7 Tips For Overcoming The Fear of Starting Your Own Business
So, there you have it, not an exhaustive list by any means but adherence to these would prepare you better for the ride to come.
Did we check off all the basics on your list? If not, what did we miss? Leave us a comment, we’d be excited to hear from you.