10 steps for a successful Startup | You need to read this before starting up.

STEP 1: Identify your passion

You need to understand that if you want to have success in your business you have to love what you do. You need to find your field of interest. Being an entrepreneur is not an easy journey. So, in order to sustain and become successful, you have to be passionate about your business. People who don’t love their business will sooner or later quit because it becomes too hard for them.

STEP 2: Determine the problem your idea will be solving.

Once you have identified your problem, you need to figure out what problem your business will be solving. If you want to succeed, if you want to make money as an entrepreneur you need to solve a specific problem. People don’t care about how amazing your product/service is, they care about how beautifully you are providing a solution to them. You need to provide value to your customers. The more value you provide, the more money you’re going to make.

STEP 3: Research your market and competitors

You need to know if there’s a market willing to pay for your product. Research your industry and get a good understanding of your competitors. You need to understand a few things from them:

  • How are they doing it?
  • What are their strengths?
  • What are their weaknesses?
  • What will be your unique selling point?

There are some free tools and website available over the internet which will surely help you to identify, evaluate, and track your competitors.

1.Kompyte

Kompyte provides online tools for tracking and understanding your competitors.

2.Gartner Magic Quadrant

A Gartner Magic Quadrant is a culmination of research in a specific market, giving you a wide-angle view of the relative positions of the market’s competitors.

3.Lumascapes

Lumascapes are detailed and exhaustive layouts of not just competitors but all market players in a given industry.

STEP 4: Make a business model for your idea.

While each extraordinary business begins with an awesome thought, that thought is just signing on the off chance that you can transform it into a business model—one that clarifies how the business makes an incentive for clients conveys that incentive to them and catches a bit of the incentive for its proprietors. Figure out how to take your crude, problematic thought and measure its probability of accomplishment—at that point enhance it.

Some useful websites are listed below:

1.Leanstack

Leanstack is a continuous innovation platform that helps companies systematically uncover and build what customers want.

2.Business Model Gallery

Business Model Gallery is the world’s biggest business model database; surely understood organizations’ models can be an incredible reference while considering your own business model.

STEP 5: Find Your Co-Founders and build your team

Your Co-founders can play a major role in the success of your business. Your success depends on your capacity to discover a group with the full supplement of important aptitudes. When you locate the correct introductory group, it is imperative to set desires no matter how you look at it.

Have a look at the below-mentioned list which will help you find your Co-Founders and build your team effectively.

1.CoFoundersLab

CoFoundersLab is the largest network for entrepreneurs supporting founders that are looking to build and scale their business.

2.AngelList Recruiting

AngelList’s recruiting site controls their Jobs item which is an exceptionally prominent activity board for hopefuls hoping to work in a startup. It’s free for both the businesses and applicants and has advanced some huge patterns in the business, for example, forthright pay ranges and no recruiting expenses

STEP 6: Follow the Lean Startup methodology

A core component of Lean Startup methodology is the build-measure-learn feedback loop. The first step is figuring out the problem that needs to be solved and then developing a minimum viable product (MVP) to begin the process of learning as quickly as possible.

Have a look at this website: http://theleanstartup.com/

STEP 7: Get your legalities done

Your startup should be legally correct in every aspect before you enter the market. You don’t want your company to become a mess in the future.

  • Incorporate Your Company for Protection and Investment.
  • Find a lawyer who has a complete knowledge of every legal term of a startup depending upon your zone and your field.
  • Select an Accountant and an Accounting System. There are some Accounting Software in the market which will make your work easier.

STEP 8: Choose the right technologies and startup tools

There are so many startup tools available over the internet just to save your precious time and make your startup life a bit easier. Startup tools are available so that you can work more efficiently and manage everything with ease.

STEP 9: Track and analyze your business

In order to grow your business, you need to check how your product is being accepted by the market, and how to improve and move forward. You need to collect all the relevant information and analyze the data with the goal of discovering useful information, informing conclusions, and supporting decision-making.

There are some tracking tools available on the market which will help you measure your business with Data/Web Analytics.

STEP 10: Get support and find investors

In order to scale your business, you need to have the right support and investors ready to invest in your business. Due to an increase in online funding platforms, access to capital has become much easier. Basically, there are two types of platforms equity versus non-equity stages. The distinction is regardless of whether a stake of ownership is traded because of giving capital; equity stages take into account a group of people who expect ownership (shares) in your organization, while non-equity stages oblige a crowd of people who need to give money to an item in return for a non-money related motivating force—ordinarily early access to the item itself. Among equity stages, their models can shift significantly and it’s critical to explore the distinctions and comprehend which one is best for you. A few stages are just commercial centers that interface you, some charge a ‘win expense’, while others take an ownership stake in your organization.

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