You are not alone if you are thinking to start a startup. It is so easy to come up with like-minded people who are willing to leave their boring job and ready to take a risk for a startup.
There is no denying that starting a startup is on trend for sure and you should be doing it if you think that you have the potential and your idea is going to create another multi-million company.
But first of all, we would like to shed some light towards the fact that why people are no more willing to work for someone else or why there so many people trying their luck to become an entrepreneur.
People are Realizing their Value
People have now started recognizing their true value. Earlier, they used to get satisfied with whatever salary or perks they were being offered but now they want to feel valued. Not only in monetary terms but also a need for honor and recognition is always felt by the employees, which is never fulfilled. This realization of their talent, value, and potential along with the need for recognition drives them towards the path of the launching of their own business.
Companies don’t pay good salary
Further, not every company is Google or Facebook who is going to pay you a good salary.The one who is working inside a cubicle every day knows the amount of hard work employees put in to survive and the earning is a pittance when compared.This is another reason that why most of the employees quit their job and run towards their dream of starting a startup.
Leaders want to work for themselves
Almost everybody who thinks he can do something better instead of doing the same thing every day is either thinking or have already started to build something.
Now what it takes to lay a foundation of a multi-million company or we can say what are the things you should consider to start a startup.
How To Start A Startup
1Conceive the idea
Coming up with a brilliant idea should be your first step. Aspiring startup should know that to come up with a brilliant idea, there is need to explore it thoroughly. This will require the following:
Thorough research of the market: You have to find out what are the needs of your customers? It will help you to understand the feasibility of your idea by giving you the hint whether there is enough market for you to capture with the available resources you have or not.The more detailed research of the market will be conducted, the greater will be the chances of your business running smoothly, once your idea is finalized into the plan. Another benefit of conducting research is that you will get to know how much funds you will be needing in future.
To sum up, your startup should either fulfill the need of people that can make their life easier or add value to their life Or should amaze them with the product or services you are offering.
A closer look at the competition: Keeping a closer look in the industry to decide your opportunities is of utmost importance.
Decide and know your customer base: When you decide who will be your targetted customers, you will always be knowing their preferences. You have to decide what share of the market you want. So narrow down your customer base and focus more on the needs of your customers which will help you to decide what type of marketing strategies you need to follow. This will help you to respond to their needs and build long-term relationships with the customers and ultimately stand out from your competitors.
2Begin at the right time
Timing is of paramount importance to the success of any business. Those who fail to get due returns in monetary terms and do not succeed in building goodwill in the industry are the ones who begin a business at the “not so right time”. Doesn’t matter whether that how much opportunities your industry has if other factors determining the smooth going of the business are not considered properly, you are bound to face frustration for not getting the desired results.
You are going to succeed in your startup when you will enter into it at the right time. Following are the factors that you should definitely consider prior beginning a startup:
Ebbs and flows of your industry: When you know the ups and downs of the industry you are entering into, you know the causes behind them and you prepare yourself in advance to deal with the situations.
Strength and weaknesses of the competitors: Your success is directly affected by the success and failures of your competitors in the market or industry. Becoming completely aware of your competitors should be your top priority. This will help you in making the right strategies to deal with them and come up with right services or products to satisfy your clients or customers.
Availability of funds: Needless to say, funds affect many decisions taken in a business. If you feel funds availability might be an issue for some time then consider delaying your idea to start a startup for the time being. First, make proper arrangements so that you will not have to think about the funds for taking any decision or making any strategy for the success of your business. The bottom line is, funds should never be the problem immediately after the launching of a startup or in its initial stages.
Your personal circumstances: We often face one or the other problem in our personal lives. This should not hold you back from starting your startup. But if you feel you are going through such circumstances that will need most of your time and attention resulting in the less time left for the due attention in your startup, then you seriously need to show some patience and wait for your situations to get back to normal.
Fundraising is an essential step for your startup. Without it, you cannot think of growth and success of your business. This stage involves raising capital considering your investment requirements, projects to be undertaken etc. At this phase invest all your savings into your startup and if your startup needs the big amount of capital you should go and meet the investors during the fundraising events where tech giants come to invest in unique ideas of young entrepreneurs.
Considering both the advantages and disadvantages of each type of business structure, you have got to decide the type of structure you want for your business. This is necessary to incorporate your business and give it a legal entity.
5Name of your startup
Deciding the name is the next step. There are few little do’s and dont’s when deciding the name for your startup. You must see that you do not ignore those norms. For instance, the name of your startup should not be similar to the name of some other business already set up. Rest, make sure that the name is easy to spell and remember. Pick a name that is meaningful and is related to your startup.for example. MakeMyTrip . On hearing the name you can clearly say that this company is all about trips and tours. So the name of your startup should explain the type of industry you are working in. Deciding your startup name should be carefully decided while considering all the parameters. Your startup name should be evergreen and not seem out of trend even after ten years. The name of your startup is going to set the image of your company.
Incorporating your business is really a difficult task. you must be completely aware of the rules and regulations of the business laws so that you can furnish all the necessary documents to get your business registered under the applicable act.
Considering business and your state laws, the type of your business structure and nature of the activities to be conducted, it is the time to obtain the necessary business permits or licenses.
8Building a Quality team
A quality team building is very much crucial to the success of your startup. Think of roles or responsibilities that are needed to be fulfilled.When building team always consider people with experience, business skills or other skills that will be required immediately for the smooth working of your startup. People you are choosing should be multi-talented as at this stage you can not hire separate people for separate tasks.
Never hire anyone you know without considering the contribution they can make towards the success of your startup.
9Hiring legal advisor
You are soon going to enter into contracts with other parties or banks in order to perform the activities of your business smoothly. This is where your legal advisor will come to your help and draft all the necessary deeds or agreements to save you from any disputes or hassles in the future.