For the last decade, startups have been doing really well. Over the world, millions of startups are created by entrepreneurs. Thousands of startups are now generating millions of companies.
“A company started by one or more than one entrepreneur, to provide products or services to the impunity. An early-stage venture called startup with limited resources and funding.”
A startup is an early-stage company.
Mainly founders and owners invest in startups
Initially family, friends, venture capital, crowdfunding, and loans are the best options to start a startup.
Startups have to follow a legal structure.
Investing in startups consists of high risk.
Understand the Startup
This is compulsory to understand the startups, startups are fascinated because of their roller-coaster rides and success stories. As everyone knows when it comes to starting a business it means you are investing with high-risk same startups. If you are planning to start a startup it means you are planning to take a high risk but most of the startups return your investment.
A Successful Startup Strategy Consist
In this world, everybody wants to be an entrepreneur these days just because of the popularity of successful startups and want to make money. This is easy to start up but tuff is how to make that popular. To make your business successful we are here to guide you-
Your Startup Idea
“Think out of the box”- Your idea plays a key role in inviting people for your services and products and also attracts investors too. You need creative ideas to startup. In your idea community pain points about products and services should be considered and you can add solutions for their problem.
“A successful startup always had a unique idea”
Market Research
Market research is compulsory to understand your customers, clients, market competitions, and risk. To build your startup successfully this is compulsory.
Market Research is Helping To Understand
Demand
Market size
Economic indicators
Location
Market saturation
Pricing
Policy
Why Market Research?
To understand customer behaviour.
Their spending/investment habits.
How the market reacts to your product or service.
The opportunities to grow more.
Startup Business Plan
A business plan is an executive summary of the company which describes the idea, mission, vision, and goals of the company along with how they are planning to achieve their target and meet the goals. Without a perfect business plan, a startup company can not succeed.
A business plan for a startup needs efforts to build and justify. It helps to understand your business.
What it consists of?
Executive Summary.
Company Description.
Market Research.
Description of Products and/or Services.
Management & Operational Structure.
Marketing Plan.
Financial Plan.
Why You Need a Good Business Plan?
Help to start and grow your business.
It helps to get funding / to attract investors.
To pitch in startup events and other platforms.
It helps to achieve milestones.
It helps to get the resources/ employees.
Helps for operations.
Policy, Rules & Regulations of the Company
A startup and company always have rules and regulations that create an internal & external culture to work. Companies have a framework to create policy, rules & regulations according to law. Policy & rules create a company to work in, not a place to enjoy or have fun.
There is a different type of policy, rules & regulations
Equal opportunity policy.
Workplace health and safety.
Employee code of conduct policy.
Attendance, vacation, and time-off policies.
Employee disciplinary action policy.
Employee complaint policies.
Ethics policy.
Work schedule and rest period policies.
Substance abuse policies.
Compensation and benefits policy.
Inclement weather policies.
Travel policies.
Face mask policy (During COVID-19).
For What Policies?
Setting expectations.
Keeping management accountable.
Ensuring compliance with the law.
Helping defend against legal claims.
Assisting with fair treatment of employees.
Startup Funding
One of the initial requirements for the startup. In most startups, their founder or owners invest in early-stage but after a few days if they perform well and their business is a sustainable business then investors and growth catalysts can invest in their business. Most of the startups secure funding and generate revenue with the help of a funding boost.
Where You Can Get funding for Your Startup?
Family & Friends
This is one of the classic ways to get funding. For the last thousand decades, people have been doing the same thing. If you have a startup idea then you can discuss it with your family and friends for the funding and support because this is not compulsory that you can find an investor or get help from banks. Also family & friends can understand your dreams in a better way.
Small Business Loans
If you have a good credit score and perfect bank statement then banks can provide you with small business loan assistance. In the favor of return, they charge a few % interests in the loan amount & tenure.
Incubator / Accelerator
You can apply at incubator or accelerator programs, there are thousands of incubation cells in colleges and individual accelerator programs to get funding. Most startups do this for better growth.
Startup Pitch / Funding Events
Every year thousands of companies plan their startup funding events for the startup founders so they can join them and apply for funding. They invite you for the pitch. If they find your idea unique and beneficially definitely they will provide you with a good amount of investment.
Crowdfunding/ Venture capitals
Have you ever searched about crowdfunding? Crowdfunding is the perfect way to secure funding where you can easily find investment for your mobile app development company. There are thousands of websites and applications available where you can apply for crowdfunding and be able to create your own campaign for the funding. Of course, the website takes a few charges but that is too low in front of investment.
You can go for the venture capital directly by finding their contact details over the internet. You can share your business plan and ideas with them over email and at the office. You just need to wait for the response. They always invest in good ideas so make sure you have a strong business plan and strategy.
Marketing and Advertising
How can you attract your customers? The answer is simple, with the help of advertising/marketing/promotions. There are various options available to promote your business and find valuable customers. You need to create quality marketing.
Why marketing is important?
To get attract customers
To create a company image
Attract investors
Generate revenue
How to Promote your Business?
Social media marketing
Search engine optimization
Affiliate marketing
Sponsorships
Press Release
Mouth publicity
Influencer marketing
Social events / rewards / prize money distribution etc.
Find the Educated and Experienced People in the Team
At the starting time of startups, if founders and owners do not have knowledge about how to find the best employees for your business then it will be trouble for the founder. Before onboarding, an employee to work with you, make sure you have a discussion with an expert who can actually tell you how to find better employees.
Qualities of Good Employees for Your Startup
Dedication
Confidence
Reliability
Teamwork
Independence
Leadership
Interpersonal/communication skills
Self-awareness
Integrity
How to Find the Best Employees?
Create a hiring process
Create a work culture that people like in your organization
Know about portals and tolls where you can find perfect employees
Try to get know what are the qualities and what candidate wants
Proud of your company
Do survey on regular basis about their work
Enhance performance and review process
Create a good work culture
Uses of Digital Technologies and Tools
Uses of technology are common right now these days. You have to find the perfect tools or platforms that can help your business. Digital tools can save time and increase productivity.
For example- SEO tools, marketing tools, audit software, lead generation tools, lead management tools, CRM Softwares, HR Tools/Portal, and other tools.
As you know humans are not able to remember databases and also it is not easy to manage registers or notebooks nowadays. So try to find digital tools for all your needs.
Digital Marketing Tools
SEM Rush
Hubspot
Moz
Google Analytics
Canva
Screaming Frog SEO
Uber suggest
HR Management Tools/Software/Platforms
Bambee
NectarHR
Linkedin
Indeed
Outback team building
ZOHO Workplace
SLACK
SCORE
Team works
Microsoft teams
Sales Management Softwares
Salesforce
Close
Fresh work
Hubspot
Pipedrive
General Tools
Google tools – Google Docs, Google Teams, Google Sheets, Google Mail, Google Meet, etc.
Microsoft Tools- MS Word, MS Excel, MS Teams
TALLY etc.
Advantage of a Startup
Agility
Efficiency
Team culture
Personalization
Versatility
Flexibility
Fun
Disadvantages of Startups
High risk
Compensations
Market access
Team compositions
Limited resources
Uncompleted process
stress
Conclusion
Startups are creating jobs for people and participating in the growth of the country. Thousands of startups are unicorns nowadays. Millions of trillions of money people are making worldwide just because of startups. If you have a good understanding of business and leadership skills then you can plan your startup with our help. We will share more information about the business so stay tuned.
