STEPS TO TAKE TO BUILD A STARTUP
Jim was getting bored with his 9-5 job, he felt unfulfilled, he had this dream of owning a clothing line. He had the idea in his head all mumbled up, how to effect them was his major concern. Most of us have been “Jim” at one point even more people from where I come from in Nigeria where it is believed that one is better off with following ones talent or skills. To everyone out there who is being a “Jim” this article right here is for you.
The most important ingredient is passion for that particular idea, some days when clients or funds are not forthcoming, will your passion and tenacity stand the test of time ?
Overtime individuals who venture blindly into business mainly because business a seem to be making a lot of money, make up a large percentage of failed businesses after few years.
Check out the step-by-step guide aimed at helping you turn your big idea into a successful business empire:
- Evaluate yourself: What is the intent? Does your passion lie in this idea? Is this particular idea an area of expertise of yours? Do you have enough time to handle it? When you are done honestly answering these questions, the answers will help you create a basic foundation for your business.
- Market research: The next step is extensively doing a market research, do not make a mistake of settling for online sources, or hearsay. Make findings about your competition, the demand level for your market, factors that would or will not affect your business, areas you would improve on that will out you ahead of your competition.
- Business plan: This is most times a written form of document which contains how you envision your business from the first step to the last. It includes strategies you have mapped out, business description, analysis, finances, team management etc since no one plans to remain stagnant, this plans are open to being updated as you move along the ladder towards building your business empire.
- Finance: Now you are ready to brainstorm on various resources with which you would fund your idea, depending on your line of business, you will come across several avenues. You can decide to :
- Fund it personally from savings
- Pitch your ideas to friends, families or companies who would be interested in investing in your idea
- Join a startup incubator or accelerator
- Seek a bank loan
- Trade services for startup help in return
- Negotiate in advance with a customer who might be in dire need of your services
- Make it official: This is important as you do not want anyone taking your business ideas, make sure to get on with the legal aspects as soon as possible. Register with the appropriate bodies, get your license, register your business name.
- Build your team: A team does not necessarily mean a dozens of individuals sorting one thing or the other, it might just be a partner, a freelancer or just an employee. Make sure to state the goal of the business, follow the normal hiring protocol even if the individual is a family member, everything should be documented
- Be agressive in advertising your business: Be unapologetic about advertising your business, leave no stone unturned , use every means available, from digital marketing to house to house campaign. Most importantly a happy customer is a regular customer, do not undermine the power of a good customer service.
- Get feedbacks: Feedbacks allow you follow up on your strength and weaknesses hence you can improve on them.
Now that you have followed all these steps do No. 7 over and over again.
If you feel like Jim, no worries we have been there, overwhelmed, broke and almost at the edge of giving up.
Why not join the Startup Mentorship Community today and meet like minded people like you on the same journey.
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