6 Step you need to get your Start-Up Company off the Ground
All of us have great ideas. For others a start-up company.
Some maybe decent, others are not as good.
No matter how good or great your idea may be there is clear difference between having a great idea and founding or creating a start-up company.
Do you have all it takes to be an Entrepreneur?
If your answer to my question is a yes then read on.
You need to know the 6 steps you need to get your start up off the ground.
It can sound terrifying to those who have never been into a business. Calm your nerves down. It is not so intimating. Creating a start-up company just needs hard work.
You can turn your idea to a great start-up company today.
I am not saying creating a start-up company is a very simple task. It is not by any stretch easy. You can’t get it on a platter of gold.
It will take hard work, sleepless nights, much dedication, energy, money, time and failures on the way before you succeed. Every success comes with a price to pay.
It takes hard work to keep your company going than it is to start. That is why 71% of businesses fail within the first 10 years. They are not ready to put the hard work and keep the business going.
That said you need a guide to a series of steps, guide and instruction to help you make it happen.
While you will have to literally take more than a 100 steps to lunch your business start-up I have narrowed everything down to just six steps you need to take to create your start-up.
I hope this guide will help you to lunch your first start-up and another and another.
So guys……Let us get down to business.
6 Steps to Lunching a Successful Start-up Company.
Go through these six steps to lunching a successful start-up company and see how to start yours.
Write a good business plan
Having the idea is one thing, having a good business plan is another.
Before we move further let us take a look at the number of people who started with a good business plan and those who didn’t. How did it go with businesses?
People with a good Business Plan
- 36% were able to obtain a loan
- Another 36% got investment capital
- 64% of the businesses with a good business plan grew.
People without a Business Plan
- 18% were able to obtain a loan
- Another 18% received investment capital
- 43% of the businesses without a business plan grew.
You need money to start a good business especially a start-up company. Having a business plan will give an advantage to obtain funding.
If you don’t know how to write a business plan check this in depth article to how to a business plan
A business plan is the written description of your business future.
In it you outline what you want to do and how you want to have it achieved.
Business plan mostly contains 3-5 years of the business strategy.
A business plan should come before anything else in the business. It is the document on which everything in a business is built upon.
Remember as it is said that the journey of a thousand mile begins with a step. Begin your start-up journey with a Business plan.
Get appropriate funding
Second to the business plan is securing the appropriate funding to create your start-up company.
You need enough capital to lift your idea off the ground.
Without an adequate funding your idea will remain just and idea and die off after sometime.
There is actually no magic number that will get your idea off the ground. The cost of starting a business will vary from one business to another depending on the industry. Depending on the situation the start-up funds will vary.
For a part-time start-up company with nothing like salary, equipment or overhead to deal with, you may need a little less than $10, 000 dollars.
Other start-up companies may have to think of getting a least a million dollar.
In most cases you may require to take a bank loan to fund your start-up company or go with other sources of funding like crowd funding, personal savings and credit, family and friends, Venture capital, Angel investment and more.
More percentage of start-up funds mostly comes from the entrepreneur’s pocket.
You can also see how to save money to start up a business.
Go into the right circle
The people you surround yourself with will have a great impact on your business success.
You are going to need much help when lunching a new business. Choose the right people to fill the right places for you. You might need some staff, a manager and more.
How many you need now totally depends on your company.
You will need to consult with a:
- A lawyer
- An Accountant
- A financial advisor
You might say you don’t need these people while starting out. The truth is, they will help your business on the long run and help you save more money.
Although they don’t have to necessarily be on your payroll as employees, it will be a good idea to surround yourself with them.
Go and get an insurance agent who can get you more coverage at an affordable rate.
After this you can start hiring in your start-up company.
Get a good location and build a website
Now that you have stated hiring and surrounding yourself with the right people it is time to get a physical location and also get an online presence.
It can be a retail place, an office or a manufacturing centre, you need to buy or at least lease a property and start operating your business.
As shown in the graph buying a property is cheaper than leasing a property.
Seeing this it clearly shows that it may not be realistic for business owners or entrepreneurs to put all their money in real estate.
You should get this planned in your business plan.
Try as much as you can to secure enough funding and acquire a property.
It is worth it and it will save more money than you think in the long run.
How about creating a website?
Why do you even need one?
You don’t have to wait for your business to take off before lunching your business website.
It is never too early to start promoting your business. Lunch a website before the business actually takes off.
You might not be open for business yet, but it will be of huge advantage if customers are searching online and they stumble on your products and services. This will help you generate leads and converts them after the business finally takes off.
Your website can start generating income even before you properly lunch.
You can even start taking pre-orders and scheduling appoints if possible.
Optimize your website for search engine and speed so it doesn’t discourage people who want to visit the site.
In this age businesses are hardly surviving without online presences.
Once you have lunched your website utilise the power of social media platforms like:
Because your customers are all over these places doing one thing or the other.
Master the art of Digital Marketing
If you didn’t master the art of marketing you need to now.
Digital marketing is important to business success – small or big.
Learn how to use the following Digital marketing techniques to increase your sales:
- Email marketing
- Content marketing
- Affiliate marketing
- Social media marketing
- Search Engine Optimization (SEO)
- Search Engine Marketing (SEM)
- Pay-per-click advertising
You can also take advantage of the traditional media platforms like:
- Bill boards
- Radio ads
- Print advertisement
- Television advertisement
- Outdoor Advertising
These methods can be effective but not as that of the digital marketing techniques.
You will struggle to get your start-up company off the ground if you stick to the old ways of advertising and doing business only.
You can ask experts in those fields to handle this aspect for you depending on how big your start-up company is.
Marketing is the most important part of lunching your start-up. IF you fail at marketing the business will become a shadow of itself.
Make sure you always allocate a marketing budget.
Plan how the money will be distributed to all the marketing sectors.
Have a plan to how to maximize return on investment (ROI) on each and every campaign.
Build a good customer base
If you have followed the steps in the right order, you are on your way to building a very successful start-up company.
Lunching your website, having an online presence, getting to become a good marketer with time are the right steps in the right direction.
Now is about time to test your effort.
Open your website for business.
Get the first customer to make the first purchase.
It is not enough to just have the first purchase, whether online of in a physical store try to make your customers come back.
How can you get to have customers come back again and again to your business?
Its simple. Customer service.
Your top priority should be your customers. They are the blood that flows through the veins of your business. WITHOUT people to buy all businesses would be gone by now.
Having a customer base will be to your advantage.
In case you don’t know: Old customers bring more money than new ones
Maintaining a good customer base will help you greatly in getting your start-up company from the ground.
In any business environment is it always expected of the business owner to expect the unexpected. When it comes you will know how to better deal with the issues that arise. You cannot escape that in a business.
Business goes up and down. Don’t be discouraged when it happens. It is part of doing business.
Wrong decisions are made in a business. When you make them try to correct them and move on. That is how we learn. You can check the four mistakes every entrepreneur must avoid so as to keep your business going. You need to have the necessary skills every business owner must acquire.
Also try as much as possible to avoid these six business killers
Pay your Bills.
Don’t skip paying taxes.
Operate legally so you won’t get into trouble with the Government.
If you do these you will be able to scale through and your start-up company will endure the test of time.
If you have got value from this post today share with family and friends.
What other steps can one take to get his start-up company off the ground?