What are the 7 best steps to begin a Startup
Always Remember – “Starting a startup may be easy but keeping it up in the market with the same market value can be a difficult task.”
Daily millions of startups begin in the world. Approximately 71% of startups are unsuccessful within 10 years. Due to this most of the people faces losses as well. That’s why it is said that being an owner of the company you should have these 7 things in your hand. So that you can fight with ups and downs. Now we will see the best steps to begin a startup.
Product Research and Market Research to know the best steps to begin a startup
Product research is the first and very essential step to begin a startup. Research everything about that kind of product, and analyze that do people need that product? Is there space for your product in the market?
We know very well that the product we are launching should be very unique, which means it should be meeting the customer’s requirements in a different way which other company is not meeting.
Keep yourself in a “sweet spot(The place which you like the most)” and decide what revolution you can bring the market through your product.
Make a Business Plan
While deciding the product, you should prepare the business plan because it keeps entrepreneurs focused on the purpose of your startup. So many entrepreneurs avoid making a business plan which is a huge mistake. 90% of the startups fail because not having the perfect business plans. So, before you face any problem, sit with your team and prepare an excellent business plan.
There are some benefits listed below of business plan-
[1]. Startups who have complete business plans are 2.5x as likely to get funded by the investors.
[2]. It brings to think about all kinds of aspects of your startup (any good and any worst situation).
[3]. You will prepare for anything.
[4]. It sets the priorities, set goals, manage changes, manages liquid cash.
[5]. Business planning improves corporate executive satisfaction with corporate strategy development.
[6]. A business plan helps you to keep your team motivated.
Collecting Funding
You can not start a business plan without capital.
This is the third-best step to begin your startup.
Because you are an entrepreneur, so definitely you will need some investors to provide the funds to your startup. You have to determine, what you have? What you will need? How you will go about getting it?
According to a recent study, over 94% of new businesses fail during the first year of operation. Lack of funding turns to be one of the common reasons. Money is the bloodline of any business.
If you want the investor should invest in your startup then two basic things are needed.
- Your idea
- Business plan
Which we have discussed earlier.
There are some funding options listed below
[1]. Bootstrapping your startup (Self-funding is becoming an easier option nowadays for entrepreneurs).
[2]. Get venture capital for your startup.
[3]. Winning the contest and competitions can help in raising funds.
[4]. Get an angel investor for your startup(the person who is ready to invest liquid cash in your startup.)
[5]. The government that offers startup funding
[6]. Get funding from business incubators and business accelerators.
[7]. Bank loans/ Startup loans.
These are some options for getting funding your startup. This is one the best steps to begin a startup.
Build a Website and Find a Location
Don’t you think your startup should have a physical address?
If you want to grow in the market then this step is also important. If you provide a physical address and web address then this makes your startup more connecting and trusted. You should strategize this in your business plan. Try to secure enough funding so that you can buy the property.
You also need to create a website.
“Today no startup can survive without online presence”. You can also start generating money from your website. So don’t wait for the product to be officially launched. It’s never too early to start promoting your startup. Utilize the online social media platforms for an example- Facebook, Instagram, Snapchat, etc. These accounts will help you with promotions. Start taking some preorders from the online platform.
Get Your company registered
Along with your company license, you may also need to get some additional license depending upon the type of business is yours and laws. You can not work in any country without having any govt. registered papers. If you do, then it’s illegal. Govt. can fine penalty for this. So its better to get all the documents prepared. It’s also important to know about zoning laws. You can get the information for zoning from your local country clerk’s office.
Hire right people
“When a man is not perfect then he should hire perfect employees”.
Don’t you think your startup needs some more hands to run?
Yes, definitely……..
You are going to begin your startup. You can not perform all the tasks alone. You need to hire a Co-Founder, Manager, and many more depending upon the type of startup you are going to begin.
You need to consult with
- Accountant
- Lawyer
Plan everything with them and celebrate every success with them. Treat them like a family. Share your vision with them.
Don’t forget about insurance.
After doing this, you can hire the employees.
Marketing
This is the last and very effective step of your startup. This step is the heart of the startup. This is a very challenging phase of your startup. This can bring the output in just one try and also can take several tries to hit the market.
Hit the market means to launch your product in such a way so that it can bring excellent output in just one try.
Become a digital marketing expert or hire them.
Publicize your startup launching as much as you can. Target the particular community with the new technologies and offers. This will also help you to grow your startup.
These were the best steps to begin a Startup. Now you have all the information.
Get in Startup Wish you all the best for your new journey !!!!
If you have any query can mail us.
Check out these post also:-
https://getinstartup.com/how-to-get-new-business-ideas-best-ways-you-should-know/
https://getinstartup.com/basics-of-marketing-strategy-every-entrepreneur-should-know/
