Starting a startup is a long process that requires you to determine your knowledge. There is no universal formula for success, but here we will look at a few helpful things to know at the outset.
Idea
You will need an idea to start with, but keep in mind that even a good and original idea is no guarantee that you will be successful. That is just the beginning. What is important here is that you should solve some problems that potential users are facing. Investigate whether the market is large enough, how much competition there is and what it offers, what sets you apart from others. Try to think about how to put it into action and materialize it.
You don’t have to be an expert in the target area, but you must learn about it every day. Talk to the people who are in it. Find out what they see as an obstacle and whether there is something that would make their daily responsibilities easier. Research and write down. Today we are all surrounded by a lot of information, and you can easily forget crucial things.
Change and perfect the initial idea. Customize it to the needs of the clients, not your needs.
Mostly, those who contributed to finding the idea and its development with their passion – were more successful than those who set out to be entrepreneurs and earn some money.
Business plan
If you have a business plan, everything else will go much easier for you. It should describe the future of your company in writing. It should answer the following questions:
– About the company: whether it is new or existing, what field it deals with, its basic characteristics, etc.
– Products or services: description of the product or service – what is the product or service, what needs it meets, basic characteristics, etc.
– Market: whether your product or service can be sold on the market, what is the demand, what are the quantities that can be sold, sales prices on the market, who are the competitors, organizing sales, etc.
– Production possibilities: is there production possibilities for realization, what technology is needed, is it available, how much does it cost, necessary raw materials and materials, description of the technological process, etc.
– Financial resources: how much financial resources you need for the realization of the venture, in the very beginning, what results do you expect, who are the potential investors and creditors, expected income and expenses, etc.
The business plan is primarily intended for the entrepreneur to see his idea and whether it makes sense to open a company. It usually serves as a basis for providing financial resources for the presented project. It is also great for analyzing the results achieved. It is intended for both internal and external participants.
Capital to start a startup
To get something – you must first give. This item depends a lot on the industry with which you want to deal. Smaller startups that will not pay for workspace and employees and do not need the equipment – less than 10,000 € will be enough. For more serious projects, you may need millions. That is why it is important to find investors. They can be people close to you, such as family or friends, and you can also reach out to investing communities.
Site and location
The site is your online business card. It must introduce you – as well as possible, to be fast and well optimized for search engines. Don’t worry if you don’t know how to program – because you can always use WordPress or a similar solution. You do not need to wait for a product launch to create a site. Start promoting as soon as possible. If possible, take orders in advance and schedule appointments. Try to build quality backlinks because of how important it is to gain the trust of your customers – you will also need that from search engines.
Social networks such as Instagram, Facebook, Twitter, LinkedIn, and others can help you with promotion. There are over 3.96 billion active users on social networks today, so use this to secure potential customers.
Be sure to specialize in marketing, or hire someone who specializes in that area. You can offer the best product or service. But if no one knows about it – you will not achieve anything. Information is obtained on the Internet much faster than through television, radio, or newspapers. It is necessary to do it the right way. Content marketing, email marketing, affiliate marketing, social media marketing, SEO, SEM, PPC, and the like can help you a lot.
In addition to the website, you need to have a physical one. Whether it is a production plant, office, or sales area – register your business at an address.
Be there for your clients
One realized sale is not enough. Instruct clients to come back to you and recommend you. You will achieve this by being there for them. That is another indication that you need to have a website and be available on social media for your customers. Their needs and desires must be your priority. They are crucial to the success of your business, so treat them that way. Answer all their doubts and be available to them. The unwritten rule says that you earn better from old than from new clients.
The team
It is also good to have people to support you. You will surely want to give up many times because starting a business is not easy at all. Surround yourself with people who will be your support – but also ready to help you and encourage you when needed.
Having a partner is also helpful because of the sharing of costs and responsibilities. Find someone who will complement you in areas where your skills are not good enough. In addition, investors give more confidence to companies run by more than one person – because such companies are less likely to fail.
In the beginning, when you choose your business name, register a company, and sort out the paperwork, you will also need a lawyer, an accountant, and a financial advisor.
Persevere
You must persevere. Do not allow yourself to retreat in the face of obstacles. They are an integral part of every job and should be accepted. Some will be easier to solve some will take a little longer. You have to believe in your idea first – so that others can believe in it. So keep going.
Success does not happen overnight. It may seem simple when you read about the achievements of various startups, but behind most of them are years of creating and working on an idea.
Improve every day, learn, read, listen to podcasts. With the help of that, you will find out what problems others have encountered and how they have overcome them.
Be prepared to start your business in a lot of time, and it may take years.
You can download our StarS brochure, which will give you instructions on how to make your startup more visible and save yourself up to 25 hours. Be the next unicorn!
Are you ready for a step like this?
Good luck!
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