Starting a business is relatively easier than running it. “Acquiring a new customer is easier than retaining an existing one,” people say. However, the reality is acquiring is as challenging as retaining your customers. They both need an equal amount of attention. Several people will start the business with you, but only a few will keep up with the race. The question is how did the remaining ones succeed? It’s because of how well the achievers understand the audience for their product and can market it accordingly.
Factors such as customer retention and acquiring new customers are considered secondary as how to start a startup involves idea generation first. You can either work towards innovation or initiate the “what’s trending now” product/service.
Let’s dive right into the details of How to start your own business | step-by-step guide
Idea Generation
Idea generation starts from realizing a problem and providing a solution to the audience who needs it the most. As discussed above, if you’re opening an existing product/service is another category of a startup. However, you can represent the similar yet existing product in a more modernized way by adding new features or designs to it.
Market Needs & Competitions
Before starting a business ask these questions to yourself, if you’re able to answer these questions, then wallah! You’re at a great start in your business:
- What is the market size of the product/service you’re offering?
- Who all are the competitors? (the best in the market)
- How will you define your audience? (it involves age, behavior, and demographic)
Startup Funding
When do you think is the right time to get funded? Is it when you’re just starting your business or when you’re at a stage where your business has reached a certain height and funding will boost it further?
No matter how big or small, your business is eligible for funding if you’re offering a product/service worth considering.
Cost of starting a business
Depending upon the type of business it’s not possible to estimate an exact cost for starting a business. Keep the cash reserve in hand for at least six months. Calculate the estimated amount required to buy a product, work on its branding, packaging, and the amount of money required to cover the employees’ salary. If you’re offering a service then an office space and employees’ salaries are a must.
Business Plan
Looking for seed funding later? A successful business plan will help you stay several ahead of others who’re just starting. How? Your business plan will include your marketing plan, cost bearing, and whatnot. Working on a strategic plan will work in your favor as you don’t have to work on your costing, margins, compiling legal documents, and curate a market plan later.
Marketing Plan
If you have got a marketing plan ready to send for execution it’s a bonus point while seeking funds and also good for your business. Having said that, the festive content plan should be planned an year before.
Team required while starting a business
These are the core team required while starting a business. You can either find freelancers or hire an in-house team considering your budget. If you’re not willing to hire people, ask your family or friends if anybody volunteers to help support you in this process. You can always come to startup wings and get all your requirements resolved. We help startups grow in return for their equity.
Nature of business
Now that everything is in place ask yourself and your team where to place the store. Is an offline store required? Do you need an office space or a co-working place? And if yes, where? Once you’ve answered these questions, you’re ready to start your startup. Startup wings help companies succeed, we invest in several startups’ marketing with great potential in return for their equity.