Looking to start a disruptive startup? Looking to change an industry forever? Well, you’re in good company. There are thousands of new startups to contend with. To help you stand out from the pack, this guide will teach you exactly how to start a startup.
Start with a Great Idea
No matter how much the world changes, we learn from history. One of the greatest lessons a startup should learn is that great ideas win overall. There’s nothing better than an idea that can be adapted to fit any industry. If your product is so good that someone else will want to copy it, you have a potential bestseller on your hands.
Know Your Industry
While coming up with a great idea is the most important thing, you have to know your industry and its shortcomings if you ever want to make any money. Ask yourself what’s wrong with it and how you can fix it. Think of ways to improve everything from customer service, product offerings, and even the product itself.
Test Your Ideas Before You Launch
It’s a big world out there, and that means you have a chance to get your idea in front of thousands of eyeballs. Test your ideas (and products) with as many people as possible. Create a survey or pay for feedback from people who know nothing about your industry but might be interested in it. Learn what works best, learn what doesn’t work at all, and then make changes accordingly.
Make a Business Plan
Once you have a product that people want to buy, take the time to create a business plan. It’s important for backers and investors to know what your goals are. This should include projections for where you want to be in three years, how much money you need to get there, and more importantly – how your product will benefit others. The best products provide a way for users to save time or make money. They also not only solve just one problem but many problems at once.
Adopt a disruptive mindset
The most important thing to do when starting a business is to adopt a disruptive mindset. This means thinking outside the box and taking any chances necessary in order to win. Work with partners you trust, use proven methods of marketing that are low-cost, and get the word out about your product like it’s going out of style. The old ways of doing things won’t work anymore, so don’t think they will. Also, don’t be afraid to take on the big companies. Just look at this Croydon business taking on Deliveroo.
Secure Funding for Your Startup
You can’t avoid the issue forever. You need funding to get your startup off the ground and keep it running after you launch. There’re several ways you can secure funding for your startup. Use sites like Upstart to help you find investors, or if the banks won’t deal with you due to your age or lack of collateral, try getting a small business loan.
Surround Yourself With the Right People
A startup is only as good as its employees. That’s why you need to make sure your staff are highly engaged and have the right attitude towards working for you. It doesn’t matter how good they are individually if they can’t work together in a cohesive unit bound by loyalty, hard work, and fun. Make sure that your startup team has these characteristics before you bring them on board. You don’t want to waste time with anyone who doesn’t fit in.
Make Sure You’re Following All the Legal Steps
Your startup won’t go anywhere if you don’t follow the legal steps properly. That means making sure that your business is registered and that you have all of the right permits and licences in place. Also, make sure that you comply with social media guidelines as well as health and safety regulations.
Create a Marketing Strategy
Focus and dedication are essential when starting a startup, but it’s even more important to learn how you can market your product in order to compete with bigger companies. That’s why it’s crucial to develop an effective strategy before you launch or you risk becoming obsolete overnight. To help get the ball rolling, try using social media marketing best practices, SEO tips and PPC marketing strategies.
Establish a Location (Physical and Online)
Before you launch your startup, you need to establish a physical location. An office can serve many purposes: it’s where entrepreneurs and investors can meet in person, hold events like conferences and seminars, and more importantly, it will give the company an image of credibility.