Starting a new business is a difficult task, especially when the industry is increasingly crowded and dominated by market leaders. Making their way into the wall of successful startups is highly challenging with the uncertainty surrounding us. Fortunately, there is still room for innovations to get your startup off the ground. As industry experts with over 13 years of experience, we will provide you with a startup guide on how to succeed in this highly competitive field. For more advice, you can visit our advisory section. These are the following steps you should follow that will prove to be your business startup guide by our experienced entrepreneurs:

Step 1: Start with an idea

90% of the startups fail, which portrays that only 10% of the startup ideas will actually succeed. This means that a business idea is a crucial element as it’s the essence that drives everything forward. It creates a reason to invest and eventually creates profit. While going through the startup guide, the ultimate question most new entrepreneurs ask is:

What makes a great business idea?

To develop a business idea you first need to consider whether the product is perfect for the market or not. Fortune stated that the “top reasons startups fail are” They make the product no one wants”. This is why the Lean Startup method is the best for idea development as it offers detailed specifications to businesses for what needs to be built according to the needs of the customers. That will save time and effort to make MVP for its already existing customers. To quote Eric Ries words:

“By the time that product is ready to be distributed widely, it will already have established customers”.

Through minimal interactions, you can choose the best and shortest way to success.

Step 2: Create a business plan

If you are starting a new business, a business plan will prove to be an imperfect guide for your decisions. It will provide clarity on all the features of the business, from marketing and operations to human resources and financial details. While some startup owners might be tempted to directly jump into the work mode, creating a business plan is a crucial step in order to check if the business is viable or not. It also gives a clear insight on the steps to be taken, the resources required, and the anticipation of when the desired results will be achieved.

“Going into business without a business plan is like going on a mountain trek without a map of a GPS- you will eventually get lost and starve!”- Kevin J. Donaldson, CEO at Real Wealth Solutions.

Step 3: Create an MVP

We cannot stress enough, how an MVP will prove to be an ideal product for startups that are looking to test their product in the market with a minimal investment. Startups are all about experimenting with your ideas in the real world and creating an impact through innovation and efficiency. Even though experimentation and taking risks is a part of starting a new venture, startups would benefit by knowing that their customers already exist before even building the Minimum Viable Product (MVP). This would minimize their risks and assure the future of their business.

MVP is a partially functional product with a minimal set of features that has room for continuous improvement and development. The initial version that you’re offering can be analyzed and improvised for. This will lead to a collection of real-time feedback from your consumers.

” A MVP must be viable so that you can validate if a product idea can work or not, before it’s fully launched.” Ryan Yount, COO of LuckLuckGo, a software company for GPS protection

Step 4: financial structure

Being aware of the financial situation and your funding requirements is very important. Define a proper financial structure for at least 10 years. It will spare you hustle late on and will help your build business accordingly.
According to research conducted by Asper, 29% of the founders run out of cash in their second year of operations due to poor planning. So, it is important to believe in your great idea and that you can solve problems with technology. The reality is that an idea and the attitude is just not enough. Moreover, the first thing a company needs to do is “survival”. This involves always having money in the bank to pay its bills and deal with any uncertainty in the future. Companies don’t fail because they are unprofitable, they fail they run out of money.

Step 5: Take inspiration from more experienced entrepreneurs

When starting a new business, it is important to listen and learn from both the winners and the losers of this game because they have one thing we startups don’t have-experience. Make sure to surround yourself with experienced entrepreneurs who have been operating in the industry for a long period of time. Taking inspiration from them isn’t just about getting fired up inside. It is also about developing an understanding of what takes to launch and run a successful business. If you need someone to guide you along the journey, we are here to help you and provide you the startup guide you need. Book a free consultation with us and let us help you in creating a boosting effect on creativity.

” Inspiration can be activated, captured, and manipulated, and it has a major effect on important life outcome”-Harvard Business Review

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