How to start a startup | Step by step guide to start a Business

How to start a startup
  • 40
    Shares

Are you looking to start a business? It means you are tired of doing old traditional 9-5 jobs. So Starting a startup requires a Great Idea or a Great Product? As an entrepreneur, Initially, Startup requires an understanding of topics like Registering a company, Legal Compliance, Financial Management, Supply Chain and Logistics, and many more.

We will discuss exactly what Steps You Need to Take and How to start a startup in detail.

1. The idea (Product/Service)
2. Registering a company(Sole Proprietor/Pvt Ltd/LLP)
3. The Founding Team
4. Learn Required Skills
5. Creating Great Investor Pitch
6. Market Research And Understanding Target Audience.

1. The idea (Product/Service)

You don’t have to look for an idea, Just try to find solutions which problem you have faced a lot of time and you think you can Improve or Solve the problem by Giving Service or Creating a product. ( Also Remember Execution or Taking action is more important than an idea ). The Problem You are solving or the market in which you are entering should be Real Life Problem which is scalable and Profitable.

Remember to see the size of the potential market size and Discuss with a Mentor to get a clear picture

Also, Determine the Revenue Model you will use and also do SWOT Analysis and Understanding Customer and trends (Is market Shrinking or Growing )

Ideas for business

2. Registering a company

To start a startup, don’t go for sole Proprietorship firm which will affect your personal assets being at risk ( Also you will not be able to Raise funds from Angel Investor / Venture Capitalists for your startup).
Register a Pvt Ltd Company or Partnership firm which is what most venture capital /investors expect to see in a startup.

Make sure about copyright to be done of your product, a copyright gives the owner the right to make copies of your product. Visit Intellectual Property

You can learn to register on your own or can take the help of CA to get things done easily and efficiently.

 

3. The Founding Team

Co-founder is who has the same vision as the founder has, it can be your friend or colleague or a random person you came across. The crucial thing before taking a co-founder for your startup know his complete background and team should have better chemistry between them (As Investor first see the founding team chemistry for 2-3 month before investing in your startup)

The Very Important Thing investors see in a startup is Founder Enthusiasm & Relation between the team members so in future it may not lead to separation of the team.

The factor “Trust” & Transparency should be there in the team to avoid any dispute between each other.

Founding team

 

4.Learn Required Skills

In Startup acquiring skills is very important as you are the one who needs to manage and run the company be it Web development to Design your Website, All legal Compliance part ( This is very important to know In and Out to play safe ) or it can be any digital marketing skill require to promote your business using all social media platforms be it SEO, Facebook Advertisement, Google Advertisement or any skills in marketing.

Try to Learn at least important skills that are required. Make sure the complementary skills are in other team members. (Jack Ma, Founder of Alibaba was not aware of any skills like technology or marketing but he makes sure to hire people who have those skills and work together)

 

Must have skills

5. Creating Great Investor Pitch

Creating a pitch deck initially can be a little bit difficult. But before creating, download a simple pitch deck template ( Every investor prefer a particular pitch deck template and before creating make sure you do proper research about the investor background and his core interest field in which he prefers to invest ).

Read this Ultimate Guide for entrepreneurs to raise funding for startups

Send the pitch deck in a PDF format to investors in advance of a meeting. Don’t send in Docs or any other format which will cause a barrier in reading.

 

6. Market Research And Understanding Target Audience.

Market research can include surveys or doing personal interviews, by observation. Start Doing field trials by talking to different people and understanding market needs. Understanding your target audience demographics such as Age, Gender, Location, etc. Understand Market Size in which you will enter.

Check how are similar products or services Priced & Also You can use Moon Chart Template to get Rank v/s Competitor.

Identify Threats (Substitutes) And What can replace your Product?
Also, Build GTM(Go to Market) Strategy.

Golden Tips-

Remember In Startup people tends to delay just by talking and overthinking about it instead of taking action and executing the plan.
Once you start the process you will learn real problem which people face while running a startup. Hard work and persistence will definitely lead to a successful startup.

 


  • 40
    Shares

4 thoughts on “How to start a startup | Step by step guide to start a Business”

  1. I enjoy what you guys tend to be up too. Such clever work and reporting!

    Keep up the good works guys I’ve incorporated you guys to my personal blogroll.
    My programmer is trying to convince me to move to .net from PHP. I have always disliked the idea because of the expenses.

    But he’s tryiong none the less. I’ve been using
    WordPress on various websites for about a year and
    am concerned about switching to another platform. I have heard
    good things about blogengine.net. Is there a way I can import all
    my wordpress posts into it? Any kind of help would be greatly appreciated!
    Hi there would you mind stating which blog platform you’re using? I’m looking to start my own blog soon but I’m having a hard time deciding between BlogEngine/Wordpress/B2evolution and Drupal.
    The reason I ask is because your layout seems different then most
    blogs and I’m looking for something unique.
    P.S Sorry for being off-topic but I had to ask!

Leave a Reply

Your email address will not be published. Required fields are marked *