The seed to any successful startup is a bright idea. The only thing that differentiates a startup founder is their belief in an idea that might sound unreal and their willingness to take the necessary actions towards its execution.
So, if you want to take a step forward into the world of startups then just get set and go. And put these following steps into practice which might be helpful to reflect and make a plan.
The biggest plan of execution is getting started,but once you’ve got the ball rolling its helpful to have a checklist of steps to make sure everything is in order.
1. Do your market research
Conducting a market research is the first step to determine whether you really have an idea worth pursuing. Write down all what your startup might include, the pros and cons, the problems it would work upon, and the kind of users it would majorly target. Conduct surveys, check out your competition and find out if you are different enough (in a good way) to battle them out.
2. Secure Intellectual property
Intellectual property (IP) refers to the process by which an individual or company can own the rights to a created product. Examples include patents, copyright, and trademarks. By securing your IP early on, you’ll protect yourself against copycats. Conversely, make sure you’re not the copycat, even inadvertently. Confirm that you aren’t violating any existing IP rights or non-compete agreements, otherwise, you could face serious legal ramifications.
3. Become a “Brand”
Branding is the way for providing an identity to your idea. It involves giving a name and face to your startup that in a way conveys what it is all about.Be aware of any existing product successes, or failures, that are associated with the name you choose and how they may impact adoption. This is the time you should also secure your website domain name and other associated marketing materials.
Incorporating is a big deal for a startup because there are so many aspects of the startup lifecycle that affect it, and are affected by it. Incorporating is the process of turning your business into a legal entity and deciding how it will be structured. Typically, startups will be incorporated as an LLC, a C corporation, or an S corporation. Both LLCs and S corporations have special tax exemptions, while a C corporation is considered a taxable entity.
5. Choose a co-founder
No matter how exclusive your plans might be but they cannot be put into action without proper support from others. Building any startup involves team efforts so if you have a co-founder already — awesome. If not, you should consider to bring someone into the fold.
6. Write a business plan
Th key to set your startup off the right path is to write a good business plan. Start planning from the beginning, determine goals and milestones and the way by which you will accomplish these goals. Maintain a checklist from what you need the most, to what you can manage to work without. Incorporate a step-by-step approach in your business plan, working on one step at a time.
7. Pick a workplace
In a country like India, workplaces are often given a status equal to that of temples. It’s because the place where you work largely reflects upon your work results. Initially you might choose to work from home or can even rent an office for your work. It’s completely your choice and you can experiment, the way you want.
8. Find a mentor
Having a right mentor can bring a huge difference to your startup. His wisdom and experience can help you navigate the incoming challenges in a much better way. A mentor with its expertise can guide you well and provide for a hassle free plan.
9. Apply for an accelerator program
An accelerator is a program for startup businesses that helps speed the growth of the company by providing a mentor network and sometimes a small investment. These programs can also give their companies the opportunity to formally pitch the media and other members of the startup community during a demonstration day at the end of the program.
10. Raise capital
For many startups, taking it to the next level requires a financial investment in the company. Founders give equity in their company to angel investors or venture capital investors in return for money and, sometimes, advice. The resources can be an enormous help, and can give the required kick start to your startup.