In everybody’s life, there is some big idea that they wanted to achieve and implement. It is the willingness of an individual that an individual take actions to implement their ideas or thoughts into reality. This is what makes them different from others, as the idea of different person might be same. But the process of make them complete is different. Once the idea is planned fully, try to convert it into the startup before the idea changed change its direction. Also, it is important to follow certain steps that could help you in making your plan successful.
1. Do your market research – The conduction of market research is considered as one of the most important step that will help in determining that the idea you have thought for is worth it or not. Start your research by first write down the problems and solutions of your planned idea. Try to resolve the problem with the people that might have some difficulty in understanding your plan. For the potential customers of your business plan, try to consider the survey and analyze their thinking process. After getting the results, look for your competitions in the market and make yourself unique from any similar plan. It is also important to keep safe all your research materials as this could help you in securing your funds.
2. Secure intellectual property – A process in which an individual or any organization own the rights of an already created and existing product is known as intellectual property or IP. For instance, copyright, trademarks or patents. It also plays an important role in defining your success by protecting differentiated factors and following proper protocol. The security of your IP also helps you in protecting yourself. Every business startup should keep in mind that the violation of existing IP rights or any non-compete agreements can make your business shut down before get started. If you are clear with your IP, ten immediately apply for your copyright and trademark.
3. Decide the branding – Branding not only exists in the name of your product or company. It is completely based on deciding the unique identity of your idea. The brand name of your product or company must relate to the experience of your product and could solve the problem. Make sure that the name you choose should not similar to any other existing product that is successful or failure. Also, an individual have to secure the domain name of your website along with the other associated materials of marketing.
4. Incorporate – There are multiple factors in the startup lifecycle that directly or indirectly affects the plan, as the process of incorporation is considered as the big deal for the startups. It is also known as the process that could help in changing your business into any legal entity and the structure planned for your business. Most of the startups are incorporated by including LLC, a C corporation or an S corporation.
The C Corporation is considered as a taxable entity and the other two can be incorporated as a LLC. Additionally, the tax differences also consider the need to make incorporation. For instance, the equity compensation is considered as the major issue that helps in raising capital. It is completely dependent on the business structure chose by an individual. Different states have different methods of taxing businesses, so it is important to consider the place of incorporation.
5. Choose a co-founder – If there is no support for your ideas, then your execution plan have more chances to fail. Some of the investors or businessman first decides their founders team rather than planning for the idea at the initial stage, when they wanted to make their investment. Try to make co-founders for your team. In the search of founder for your business, consider those people that have some history with you or that have some solid track record of his/her work experience. It is also important to search for the people that have the skill set which could match to the requirement of your business or the particular position in the organization.
Every task can be done with the full support of the entire team, in every case and at every place, there is always one person that is in the spotlight, but the back supporters are the real heroes that help in the completion of the business project/ assignment, as every business plan requires the effective accomplishment of business goals.
6. Write a business plan – The business setup in the right path can be made with the good business plan. By making use of the market research you made at the initial stages, it is important to create a plan that could survive in the competitive market along with deciding the aspects that is required to accomplish with your startup business. Decide you goals or milestones you wanted to achieve or make further steps to reach towards that milestone.
7. Pick a workplace – The place of your working creates an impact on your startup plan. Every business has different environments that further have different styles of working. To save money, most of the founders prefer to use working from their home, some people prefer to work with co-working space, share an office or create their own personal office for themselves to have work in. In your business plan, it is important to never experiment the workplace where you are working or where you wanted to work for your business.
8. Find a mentor – Mentorship is considered as the touchy subject. It is important to determine that having a mentor is good for your business or not, being a founder. But having a right mentor in making your business plan helps to make huge differences. A deep industry insight is important for the mentor if you will combine the expertise of you and your co-founder. It will also help in finding different ways that will help the person or the founder to overcome those challenges.
9. Apply for an accelerator program – It is important to apply for an accelerator, when a startup business planner needs some additional expertise or resources. It is considered as a program that is made especially for the startup businesses that helps the company to grow and expand by providing small investments and mentor network for the smooth running of your business. The companies or the organization provides the opportunity for the members of the startup community or business by making use of these programs. However, these programs require the equity share of the company.
10. Raise capital – Every company or the organization requires some financial investment for the starting up of your business or implementing your plans for the smooth running of your business. The angel investors or venture capital investors are paid the equity in their company by their founders in the exchange of the money or advice. Before moving forward in a business plan, making capital investment is necessary along with necessary resources in the company. So, decide the amount to be invested in your business plan from the very beginning. Also, determine the facts that could affect your startup and start practicing your business at your pitch by raising crowd funding from an angel investor or some traditional firm.
Conclusion
It is not easy to launch a startup company. Firstly analyze your idea whether it can be turned into your business plan or not and work accordingly. If all these plans will be followed properly, then you can successfully run your startup business with any business size.
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