A startup is a young company founded by one or more entrepreneurs to develop a unique product or service and bring it to market. By its nature, the typical startup tends to be a shoestring operation, with initial funding from the founders or their friends and families. We are here to direct every step of the way.
There are no limits on who can become a great entrepreneur. You don’t necessarily need a college degree, a bunch of money in the bank or even business experience to start something that could become the next major success. However, you do need a strong plan and the drive to see it through.
Step oneInitiate your plan
If you’re on Entrepreneur, odds are you already have the drive, but you might not know how to start building your empire.
Step TwoEvaluate yourself
Let’s start with the most basic question: Why do you want to start a business? Use this question to guide what kind of business you want to start. If you want extra money, maybe you should start a side hustle. If you want more freedom, maybe it’s time to leave your 9-to-5 job and start something new.
Step ThreeThink of a business idea
Do you already have a killer business idea? If so, congratulations! You can proceed to the next section. If not, there are a ton of ways to start brainstorming for a good idea
Step FourDo market research
Start researching your potential rivals or partners within the market by using this guide. It breaks down the objectives you need to complete with your research and the methods you can use to do just that. For example, you can conduct interviews by telephone or face to face. You can also offer surveys or questionnaires that ask questions like “What factors do you consider when purchasing this product or service?” and “What areas would you suggest for improvement?”
Step FiveGet feedback
Let people interact with your product or service and see what their take is on it. A fresh set of eyes can help point out a problem you might have missed. Plus, these people will become your first brand advocates, especially if you listen to their input and they like the product. One of the easiest ways to utilize feedback is to focus on “The Lean Startup” approach (read more about it here), but it involves three basic pillars: prototyping, experimenting and pivoting. By pushing out a product, getting feedback and then adapting before you push out the next product, you can constantly improve and make sure you stay relevant.
Step SixMake it official
Get all of the legal aspects out of the way early. That way, you don’t have to worry about someone taking your big idea, screwing you over in a partnership or suing you for something you never saw coming. A quick checklist of things to shore up might include: 1.Business structure (LLC, corporation or a partnership, to name a few.) 2.Business name 3.Register your business 4.Necessary bank account 5.Trademarks, copyrights or patents.
Step SevenWrite your business plan
A business plan is a written description of how your business will evolve from when it starts to the finished product. As an angel investor and tech-company founder Tim Berry wrote on Entrepreneur, “You can probably cover everything you need to convey in 20 to 30 pages of text plus another 10 pages of appendices for monthly projections, management resumes, and other details. If you’ve got a plan that’s more than 40 pages long, you’re probably not summarizing very well.
Step EightFinance your business
There are a ton of different ways to get the resources you need to start your business. Angel investor Martin Zwilling, whose business Startup Professionals provides services and products for startups and small businesses, recommends 10 of the most reliable ways to fund your business. Take a look and consider your own resources, circumstances and life state to figure out which one works best for you. Furthermore, consultation is available from our exports.
Step NineStart building your team
1. State your goals clearly. 2. Follow hiring protocols. 3. Establish a strong company culture 4. Find a location
Step TenRent, utilities and other costs
Rent is the biggest facility expense, but check out the utilities, as well, and whether they’re included in the lease or not. You don’t want to start out with one price and find out it’s going to be later. Once you know what to look for and it’s time to start searching for a place that fits all of your qualifications, these four tips can help.
Step ElevenStart getting some sales
No matter your product, service or industry, your business’s future is going to depend on revenue and sales. Steve Jobs knew this — it’s why, when he was starting Apple, he spent day after day calling investors from his garage.
Step TwelveGood New- Grow your business
There are a million different ways to grow. You could acquire another business, start targeting a new market, expand your offerings and more. But no growth plan will matter if you don’t have the two key attributes that all growing companies have in common. First, they have a plan to market themselves. They use social media effectively through organic, influencer or paid campaigns. They have an email list and know how to use it. They understand exactly who they need to target — either online or off — with their marketing campaigns.
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