How to Start Business as Startup?
Entrepreneurship is a great idea to pursue and it appeals to many people. However, business requires a lot of effort at the start and usually, it scares the people away. Having an idea and then figuring out how to start a business is a little overwhelming. It needs hard work, dedications, money, and failures before success. I know many questions are popping into your head. How to start a startup? Which product you should sell? Who are the target customers? How to choose a business name?
You will get all your answers in this article. If you are serious about your business idea, then stop overthinking and start executing. Let’s get started!
1. Refine your Idea
Do you have any super idea? I believe you have one! But sometimes having only an idea is not enough. However, you have to dig, analyze, and do some research for the idea. Once you make up your mind for a startup then you have to refine your ideas. Check different markets and choose the best niche out of all. Brainstorming your idea selection that why you should choose this path is important.
Furthermore, after choosing the niche, you have to select a name for your startup business. Selecting a name and logo is the other main step after analyzing the idea.
2. Create a Business Plan
Done with the idea? The next step is making a business plan. A business plan is a roadmap that guides you in this journey. A business plan is required to solve few questions. Make a flowchart or a document of questions.
- What is the purpose of this business?
- Which niche is the best? How much the startup cost?
- Is this beneficial or not?
- Which item you should sell?
- Who are the target customers?
- What are your future goals?
To solve these questions you have to prepare a business plan and execute it. Make sure you are working on it after placing your idea!
3. Conduct Market Research
Now, it’s time to conduct market research after placing an idea and executing a business plan.
- Who is more likely to purchase your product?
- Who will be your targeted audience?
If you know or if you don’t know, market research will determine this.
Market Research is an important step because it helps you to figure out your customer needs and preferences. It also helps you to analyze the industry and competitors. Although, Market research is considered the best strategy which increases the chances of success.
4. Find your Mentor
The eagerness to do business or build your venture usually comes from motivation. However, there must be any mentor or successful entrepreneur that motivates you to start a business. A mentor is someone who guides you throughout this journey of a business startup. The one who has enough experience in the business. Moreover, having a mentor by your side motivates you and develop confidence in you. A person with whom you can establish a relationship of trust, dedication and constructive behaviour. Therefore, there must be some tasks for the mentorship:
- To provide you with full startup planning tips and management skills.
- To help you enhance your market knowledge related to the idea.
- To describe the basic methods for team hiring, funding, and communication.
So, choose it wisely!
5. Evaluate your Finances
If you are motivated enough to start your business, then it is time to calculate your finances. No doubt whether it’s a startup or ongoing business, you have to make sure about your finances. Your finances are dependent on your niche idea. Before evaluating your finances make a questionnaire and work according to it.
- Whether you have enough amount or you have to take a business loan?
- What will be my services and products?
- What are the prices for each product?
- How much revenue the product will generate in a year?
Analyze each and everything according to your business startup idea and then set your finances. Calculate the profit and loss rate on each sale. According to recent statistics, 29% of tech and similar e-commerce startups flops because of less amount of money.
If you are not good enough in accounts then better hire an accountant or someone who is a finance expert!
6. Register your Business
Finally, after passing through all the important steps for a startup, it’s time to register your business. There are some cities and states in which you can’t register your business until you are generating some profit. Before registering, once again check all the requirements of your current city or state to avoid any trouble.
Are you sure about the name and logo? Make a flowchart of a startup.
Make sure you are selling a legal product. Otherwise, it would create a problem. However, for this purpose, you have to research different products that are legal or illegal. If you would not register your business on time, then you couldn’t build a team for future success.
7. Grow your Business
The promotion of your business has an important role in sales. Once you set up your business then it’s time to grow your business. Growth is necessary. If your business is not growing or not making a profit then you have to take few steps to establish your business.
Growing a startup business is not a piece of cake. You have to face many hurdles before reaching the top.
Collaborating with different brands can help you succeed. You can promote your business through social media marketing platforms such as;
Facebook: Facebook is the no.1 platform for promotion. Here you can run campaigns or advertise your products.
Instagram: Nowadays, people use Instagram for buying products. You know it’s a game of followers? You can add links, campaigns, posts, and ads and make more money out of it.
Pinterest, SEO, LinkedIn, and Quora are pretty good platforms as well.
If you are certain to proceed with your selected business vision, then do not forget to adapt these simple trick and tips to give it a boost.