Startups are the dream of every man in modern times. The reason behind this is the freedom of entrepreneurship. No boss, no deadlines, no stress, and most of all great revenue at hand. But success doesn’t come easy and turn into business reality, without taking some essential steps as mentioned below:
Let’s start with what you have to have before you can start your own successful business. That one thing is passion. Passion is the engine that drives all other steps taken to start-up success. You need to be passionate about what you are doing.
If you’re a one-man show, then you have to be extremely passionate about your idea. It is the fuel that will get you through those crazy first-year months. It will get you out of bed when the alarm goes off at 5 am. It will keep you working extra hours on a Saturday afternoon. You need passion!
Do Your Research
Before you even embark on starting your business you need to undertake some research. Find out what’s already out there and whether or not the products and services you plan to offer are unique or at least different from what’s already available in the market. You want to be sure that there’s a market for what you’re planning to do.
Naturally, conducting this research beforehand will save you a lot of time, money, and headaches as it minimizes the risk associated with venture failure when you start out. It may also boost your chances of succeeding since no one wants to be in the same niche as many other companies.
Write a Business Plan
If you’re a start-up business, you should write a business plan. It doesn’t have to be long or detailed; it just has to be a plan that will get you up and running. Your business plan shouldn’t scare investors away – it should help them see how viable your business idea is and how much money and time you’ll need to make your startup dream come true.
A good way to begin writing a business plan is to think in terms of the “5 Ws” – who, what, when, where, and why. Who are the people who will make up your team? What kind of service or product are you selling? When do you expect to reach profitability? Where will your office be (is it a virtual office, or physical site?).
Get Professional Help
That’s right! hire a bookkeeper and/or accountant to manage your books if you have no experience. If you need a contract written, hire a lawyer. Getting the help of a professional does not only mean human. Software that can make your life easier, and get tasks done faster is part of it. To prepare a contract and see it through, invest in contract management software. For payrolls and managing employees, employ affordable and efficient applications for them. It doesn’t matter how big or small you are: your startup business will benefit from expert advice.
You’ll free up time to work on growing your business (instead of doing paperwork), enjoy a sense of security when it comes to your business accounts, avoid nasty surprises (like fines and wrong taxes) at tax time, and have peace of mind that things like cash flow management and financial forecasts are being taken care of.
Go Out There and Network
There is no secret to starting a business, but there is one universal truth that every successful entrepreneur will confirm and that is networking. Networking enables an entrepreneur to tap into his/her social network to locate resources, funding, and clients. Many people think they can just start a business without the necessary cash on hand, but this is not true.
Most startups need money at the beginning as well as during their first few years of existence. This means they will be required to have access to funds by tapping into their social network or other sources.
Earn While You Build
There are a lot of stories about entrepreneurs who started a startup overnight and became millionaires. But that doesn’t happen very often. And the good news is you don’t have to take any big risks or completely change your lifestyle to get started. If you really want to start a business, plan on taking some risks. But don’t quit your day job just yet.
Start-up businesses don’t have the luxury of time when it comes to scaling. It takes a lot of energy and pre-planning to find the right people, acquire clients, formulate marketing plans, and grow. It is important you are armed to the teeth with a lot of accurate information and you implement these steps outlined.