Do you want to start your own company but do not know where to start? Here we will look at a few practical and simple steps to building your startup. It is as simple as:
- Think
- Plan
- Start
- Build
- Sell
1. Think
Identify a problem and solution that you are passionate about. This idea does not necessarily have to be completely new but can be an improvement on an existing solution.
2. Plan
Write a business plan explaining the value your business provides, your USP (Unique Selling Proposition), financials, market analysis and more.
3. Start
Get funding of some sort (bootstrapping, angel investors, venture capital...), legally set up your business and seek advice from others around you.
Getting business advisors can be extremely valuable to help you navigate challenges, provide advice and encourage you.
This is also when you start building a team. Building a team is critical and can often be challenging. Again, consult with others, hire around your needs, ask the right questions before hiring someone...
4. Build
Build your product - this is the long, but hopefully fun part. The first step is to create an MVP (minimum viable product), which you can then share with others, get their advice and iterate on your product.
5. Sell
Now you have a product - you are ready to start selling. Your product does not need to perfect - it just needs to be at a stage where it provides value to your users (which might be your MVP but it also might need some improving before you can sell it).
This is the difficult part but is the stage where you can begin earning money. During this stage you should often be taking customers' feedback and making iterations to your product.
Further reading
The Complete 35-Step Guide For Entrepreneurs Starting A Business
8 Step Guide on How to Create a Startup in 2022
9 Steps to Help You Start a Startup
Top comments (3)
Short and helpful, thanks! I would just pay more attention to the business plan. For example, here is a good article about tech startup business plan: cleveroad.com/blog/tech-startup-bu... . However, having ideas isn't enough for a company's prosperity and success. Many startups fail due to faulty training in their first year. An IT startup business plan is the first thing that can be corrected by organizing your thoughts and even finding the right people to work with, turning your idea into a prosperous project.
Stages, stages, and planning are all important, but without a good idea, you must agree, you won't get very far!! Where do you get a startup idea?
Several ways, particularly Twitter and Discord. Feel free to check out the resource on finding ideas here: startupcommunity.tech/resources/