So you have a startup idea…but what are the next steps? Launching a startup can be an exciting time in your career and it is easy to get ahead of yourself and overlook some important aspects in the rush to open the doors to customers. Adopting a methodical approach behind the scenes will ensure you are blazing a trail on firm foundations. Incubox has compiled a launch pad guide, consider the following steps and you stand a better chance of not just making it big, but sticking around for the long term.
1.Have you got what it takes?
Not everyone has what it takes to start a company. You may have a brilliant idea but do you have the personality traits to handle launching a company? It’s a good idea, before investing any time or resources in your startup, to evaluate yourself realistically; are you motivated, able to adapt, confident? Are you resilient?
2. Don’t give up
Once you have decided to run with your idea, stick with it. There’s a saying, “a start-up doesn't die, it commits suicide”. Many start-ups fail because the founders get discouraged or bored. Whatever the problem, catastrophe or difficulty you are facing today, tomorrow will always be better so stick with it.
3. Develop the idea for the startup
It’s not advisable to start a business simply because something is in fashion and you think commercialising it will make money. Develop a business concept that you are passionate about, related to something you have experience with. From here you can develop a product or service that could really enhance people’s lives.
4. Do more with less
Start-ups generally have limited resources so you constantly have to be really creative about the way you can make things work.
Seed investments are a good way of gaining much needed start-up cash without the worry of a bank loan.
Try to surround yourself with a great team, you are going to need them to overcome all the obstacles that come with starting a company. Many people have great ideas that they try to tackle themselves but it’s almost impossible to do everything by yourself so get yourself a good team around you.
6. Do your homework
Be crystal clear about the business you are going into from the start, whether it’s building a prototype and testing it with market research or just talking to other people in the industry.
7. Stay genuine
Do what you know and love, it will resonate with your customers, employees and potential investors and it will make all the work worthwhile, the more you enjoy your job the easier it is to work.
8. Write a business plan
Often overlooked, but a solid business plan will guide you going forward and you will need one for presenting your idea to potential investors. It should include a mission statement, a company summary, an executive summary, details of your product or service, a description of your target market, your financial projections and the cost of your operation.
9. Identify your market
It sounds simple, but identify who is actually going to buy your product or services and make this clear to potential investors. Assess the market, determine the customers most likely to make a purchase and perform a competitive assessment.
10. Enjoy your new baby
Starting a new business is exciting and exhilarating, it will become your baby, and like a new baby you may find you don’t get much sleep! But don’t forget to enjoy it, taking control of your career and becoming your own boss is a hugely rewarding experience.
Want to know more? If you are thinking of starting a new business or developing a new idea and want more advice, click here and put your questions to our expert team. Incubox can provide investment, support and advice for entrepreneurs and new start ups to help bring your ideas to life.