Every great start-up begins with a great idea but it takes a massive effort to be put into practice and make it successful. When you look to make it out on your own and ask yourself how to start a start-up, having a great idea is just the beginning and here are few steps you'll take which will not only assist you in conceptualizing an honest business idea but also successfully executing it.
1) Do your market research
Every entrepreneur has a minimum of one big idea for subsequent big thing but what matters isn't the thought but the willingness to require action thereon idea so as to make that idea into a reality. For this, you would like to conduct thorough marketing research so on know where you stand and if your idea is basically worth pursuing further. To know where you stand, begin your research by writing down the matter you think that your business idea will solve. Please keep these points always in front of you so you can get back to it again and again. For your next step find out what percentage people face these problems that your business idea will solve.
For this, you would like to either consider writing up a survey for these potential customers to require or ask them personally to require feedback. It is only after you get your results that you will know where you stand and if it’s even worth checking out the competition for your product. Note, once you've got progressed from the initial stage and conducted a radical competition check, please keep all of your results and data with you as would be really helpful in the coming years to know where you, later on, stand and also in securing funding for your start-up.
2) Find a Co-founder
During this point, you furthermore may get to make a decision if you would like co-founders or want to travel solo ahead.
It is important to understand that not having the right support during this point can make or break your chances of making a successful venture.
Thus, first, search for a founding team or co-founder before you think about making a big investment in your company.
This will not only assist you build a network but also having a co-founder will assist you share your projects load with them.
3) Get your company incorporated
Incorporating a company is as big a deal for a start-up as it will affect may aspect of its lifecycle. Incorporating means turning your business into a legal entity and deciding how it'll be structured for the longer term.
In India after the method of incorporation, a corporation will typically be incorporated together of the following:
· Private Limited Company
· Public Limited Company
· Unlimited Company
· Limited Liability Partnership (LLP)
· Sole Proprietorship
· Joint Venture Company
Also, there are provisions of getting your company incorporated as (a) Liaison Office, (b) Project Office, (c) Branch Office, or (d) subsidiary.
4) Secure intellectual property and rights
When you ask yourself how to start a start-up, you also need to check if you can actually start or even own that start-up.
For this, you would like to secure property rights and research if they're already not patented or trademarked by somebody else.
Intellectual property or IP refers to the method by which you or your company can own the rights to make your product then sell them.
Examples or IP rights include patents, copyright, and trademarks and that they are vital to your success and your company’s success within the future.
The above also will assist you secure a correct protocol for your product and in few cases even eliminate few competitions within the future.
It is important to secure your IP early because it will protect you against any copycats. This will also let you know if you are not one of the “copycats” and that your product is genuine and not violating any existing IP rights.
5) Decide on the branding for your product
Branding is nearly as important as IP rights for your company because it builds your company’s image and reputation.
Note that branding is quite just choosing a reputation for your company because it builds its identity and projects its idea.
When you believe branding, you would like to ascertain not just your current product, but also its future potential.
For example, if you're close to build a platform for selling books on a web platform, you can't just restrict its name to spotlight books as you would possibly expand to selling other products within the future and having a reputation with the word “books” in it'll somehow limit it.
It is also important to pick a reputation that you simply love and need because it would be rather hard to vary it once your company had built its brand and reputation.
It would even be tons of labor to recreate a reference to your new brand or name that folks already accompany your name.
6) Write a business plan
When you ask yourself how to start a start-up and how to execute it, one of the most important aspect for it is writing a business plan.
It is one among the foremost crucial steps for any company and will cover every aspect of your company and its future.
You can write an honest business plan for any company using the marketing research (that you probably did earlier) and from there on creating your plan for the longer term and drafting every step for your company.
This business plan also will assist you determine goals and milestones for your company and assist you know once you explode track and guide you on many aspects.
7) Pick a workplace and find a mentor
After you've got developed a business plan it's important to execute it and execute it well, so during the method find a workplace for you and your co-workers where you can not only sit and execute the plan but also an area which suits your need and your company’s needs.
Where you work also does have an effect on your start-up as you’re getting off the ground and having the right environment is very important to motivate you and your team.
While many founders initially choose to work from home so as to save money, you can later on also choose coworking spaces or get a virtual address from entrepreneurly.in so as to have an actual office space to start your business.
This is also the simplest time to seek out a mentor because the right mentor will guide you at an important time and make an enormous difference within the decision that you take for your business.
Right mentor also can provide deep industry insight and wisdom which will assist you navigate a number of the challenges which may come your way within the future.
8) Raise the capital
For any company, capital is one among the foremost crucial parts of their launch and raising it's one among the toughest parts for any company.
Founders thus need to search for angel investors or risk capital firms for his or her company and reciprocally for his or her money need to show tons of potentials and at times keep everything as collateral.
While capital investment is large for any company it also does have a dark side as its an enormous financial risk for anyone.
Thus, you would like to understand exactly what proportion capital you would like to boost for your business and the way much of it should come from investors as a loan. Once you have that figured this out, you should decide how you’ll be raising it and how you plan to give it back in the future,
This research should be extensive and not exhaustive as these are the people that will make it or break it for your company and even have an enormous impact on your future.
Entrepreneurly.in can be your partner every step of the way. We provide end to end solutions to new age startups and Businesses. You can contact us for more information about our services and we will be happy to help you:)