Starting your own company is one of the most liberating things you\u2019ll ever do. You\u2019re free from the shackles of a boss, and you\u2019re in charge. The sky really is the limit when it comes to entrepreneurship. If your dreams are big enough, anything can happen. Every billion-dollar business started with nothing more than a dream and a decent idea. What\u2019s to stop your new company becoming that next billion-dollar success story? Of course, getting a startup off the ground is no easy task. Unfortunately, many fail before they gain traction. It\u2019s disheartening, but, if you take the right steps, you will avoid the early business potholes. There might be late nights, money troubles, and headaches, but when that first round of investment rolls in, it\u2019s all worth it. Here\u2019s how you make it happen.<\/p>\n
Research<\/b><\/p>\n
There\u2019s a simple reason most startups fail. They haven\u2019t spent enough time researching. Fledgling entrepreneurs are often too excited about their brilliant idea and grand plan, they forget to slow down. It\u2019s crucial that you don\u2019t rush into your business and put out a poor product. Take the time to consider your potential market. Who is your target audience? Define your ideal customer. Research the existing market<\/a> and discover if your idea already exists in some format. Find your particular niche and figure out how you will exploit it.<\/p>\n Hone your product<\/b><\/p>\n Now that you\u2019ve done the research, it\u2019s time to turn to your product. Is it the very best it can be? You need to launch with a bang, and that means a flawless product. Take the time to develop it, test it and make tweaks. Reach out to those in your target market and get their feedback. Don\u2019t be scared to modify it to fit your niche. If it\u2019s a physical product, spend a lot of time in the prototype phase and keep refining. If it\u2019s a service or consultancy, make sure you\u2019re tightening your offer every day.<\/p>\n Budget and startup costs<\/b><\/p>\n The thing that keeps all CEOs awake at night is money trouble. Those sleepless nights are filled with ominous spreadsheets and payment deadlines. Managing the finances of a small startup is terrifying. There are lots of outgoings and very little income at first. That\u2019s why it\u2019s essential to set a strict budget before <\/i>you get going. Try to rule out any surprises by creating a list of startup costs<\/a>. Include everything from your assets to expenses like wages, energy bills and website hosting. Ideally, you should be able to cover the first six months without profit.<\/p>\n Consider a loan<\/b><\/p>\n At this point, you may be staring at your spreadsheets wondering how you\u2019ll possibly pay for everything! If that\u2019s the case, it may be worth approaching your bank for a loan. There are also dedicated business loans from the likes of Imperial Advance<\/a> to get you started. It might just give you the foundation and launchpad you need to get moving. After all, you\u2019ve got to spend money to make money. Having said that, very few institutions will grant you a loan without the following, crucial piece of the puzzle.<\/p>\n Business Plan<\/b><\/p>\n You\u2019ll notice that we\u2019ve barely touched on the actual running of the company yet. There\u2019s a reason for this, and it\u2019s a lesson we hope you take away. Businesses don\u2019t simply pop up and immediately start raking in profit. It takes time to build the foundations and set the right course for the future. The planning, development and research stage should not <\/i>be rushed. The cornerstone of this process is the business plan. It sets out your mission statement and gives you goals. It should detail exactly <\/i>how you plan to monetize the company. Few lending institutions will give you money without a solid business plan.<\/p>\n Set up the right team<\/b><\/p>\n Very few startups become billion-dollar success stories with just one person at the helm. The best companies revolve around a partnership. And all of them have an experienced team of board members<\/a>, each with their own skills. Getting a startup off the ground requires a myriad of different talents. You need the creative minds, the logical minds, and the financial brains. Find people with a passion for your product and reach out to them. Find a business partner that compliments your talents.<\/p>\n Online presence<\/b><\/p>\n Most small companies can\u2019t afford to advertise in the traditional way. Billboards, PR campaigns, and adverts are a long way out of budget. They\u2019re also ineffective for small startups. Instead, spend your time and effort building an online presence. It\u2019s much cheaper, and you can pinpoint your target audience with precision and clarity. Start with a website and create a sphere of social media platforms around it. Start building a community of people who are interested in your concept. Use blogging, mailing lists and guest posting to extend your reach.<\/p>\n Networking<\/b><\/p>\n