Establishing a startup was a wondered idea few years back. But today, implementing an idea on a company scale has become a lot more accessible. Starting a company is no cakewalk. Between the realization of an idea and achieving success on a tangible scale, lies a not an easy journey. You might have an extremely innovative idea, but sometimes, it takes a fall. Guess why?
It definitely is not sufficient if you have a striking idea. You will have to carry out market research in the form of surveys and opinions to see where the idea stands. Meaning, does your ideas of a product or services really have a demand in the market? If so, what is the demand limit? Is it being executed by someone else? Who are your competitors? How are they doing it differently? Are they doing well? Have they failed? What has caused their failure? Do people really need your product? Are you making a product that is inventively fantastic but has little or no use at all? After assessing the above questions, if you have arrived at a positive column, you are good to go to the next step.
The next step is to NOT do it all alone. Nobody achieved everything all by themselves! It is always commendable to hire someone who can complement your skills. By hiring, I do not mean only sub-ordinates; you could also look for a Co-Founder, investor or a Business Head. By doing so, you are not only taking half the work off your shoulders, but are also building your company. Collaboration is the key. Collaboration is not a simple term. It involves humongous compromises at various levels; financial, emotional, business to name a few.
Once you have a helping hand, you get multiple perspectives which lays out a good number of options. More options is equivalent to more choice which inadvertently means more dilemmas. Yet, ultimately, brainstorming with a second person works in unexpectedly favorable ways. Nevertheless, it is your call to either delegate or collaborate depending on the scenario and circumstances. After market research and assessment of your idea, when you have decided to take the plunge into the startup world, you ought to get your legal baggage zipped simultaneously. It is best to hire a Legal Advisor to cross this bridge smoothly. But, if you are a seasoned CEO, you can compile the documents yourself and complete the tasks with ease.
A startup cannot keep functioning on the owner’s capital or equity. At some point, investors have to pitch in to spike the growth. Investors could be individuals from the “Fortune NNN” brand or investing firms, angel investors or partners. Choosing your investment goals wisely can shape the history of your startup. The investor should add value to the company through support from his/her experience apart from financial funding.
In order to approach an investor or a prospective partner or clients, you need to have a business plan in place. You need not panic at the very thought of a business plan. Business plan comprises of areas that you have already explored unofficially as you climbed up the progressive ladder. Firstly, explain the business concept/idea followed by marketing strategies. Eventually, reveal your financial structure to help the investor understand your business skills as well as the company’s ability/scope to make profits. With an effective business plan in hand, you could mark that the roadmap of your company will foster its own growth with little or no crossroad standstills.