Startups have become the trend and need of current times. When the big companies are facing troubled times due to pandemic, it is upto the first generation entrepreneurs to safeguard the economy. The number of new brands and number of job aspirants are rising every year, but at different rates. The rate of rise of former is a positive slope whereas the same is exponential for the latter.
To enable and support entrepreneurs in setting up their first startups, we have curated a list of 10 simple steps that can be followed and executed.
Step-by-Step Approach to build your startup
The following are the 10 steps to be followed in the order as mentioned below:
Identify a problem statement that you would like to solve and set your objectives.
Ideas evolve when there is a problem statement. Anything around you that bothers you is a potential problem statement. It can be as simple as having to walk to the switch board to switch on the fan. It can also be as complex as travelling to a different planet. An idea is of no use if it does not solve a problem statement.
Do a market research and identify your target customers.
When you have clarity on the problem, it's important to know which segment of the market does this problem occur to. To get that clarity, doing a market study or a research is the best viable option. It can be by conducting surveys, studying bloomberg reports or conducting interviews.
Form a co-founding team who compliment you in terms of skill and provide a different view
At this stage, a co-founding team is of utmost requirement. Does that mean you cannot go solo ? Of course you can. The co-founding team can be replaced with mentors, gurus who can guide you and give a different perspective to your business idea. Most importantly, it's always preferred to have folks who compliment you in terms of skills. If you are a Finance pro, the other person must be a Marketing or an Operations SME.
Brainstorm a set of ideas
Once the above 3 steps are done, it's time to brainstorm on the real output, i.e. our idea/product. This does not have any boundations/limitations. It can start with identifying competitors in the market and end with a bunch of different ideas to solve the problem.
Do a cost-benefit analysis to identify the risks & challenges and advantages of each idea.
With a bunch of ideas, it's always difficult to finalise one. In order to do that, a cost-benefit analysis highlighting the cost to be incurred versus the benefits that the idea is going to bring onto the table is to be made. It must include capital cost, working capital, exit cost and so on. In benefits, the major highlight should be to understand how our idea is addressing the problem statement. The cost-side must also highlight challenges that can be identified at this stage while implementing the idea.
Finalise an idea and start working on the roadmap on how it is to be delivered
The above exercise needs to be done for all the available ideas. At the end, the one providing maximum benefit and offering maximum value to the problem statement must be selected. A feasibility check based on the challenges identified can be done before finalising the idea. Create a product roadmap on how the idea is going to look like and how it is to be developed and presented to the end customers.
Connect with your vendors and finalise the quotations.
Once idea is finalised, it's important to identify the stakeholders that are going to play major roles in executing the idea. These stakeholders/vendors need to be contacted and quotations need to be taken based on your requirement. For any item/raw material, these quotations must be taken from multiple vendors and compared before onboarding one of them.
Register your brand/company
Now that the basic backbone of the business is ready, it's time to register your brand/company. This depends on person to person and can be handled in many different. If you want a detailed 30 days set up challenge, please visit our products page and know more on the same.
Fund your business - MSME loan, angel investors etc
After brand registration, it's important to fund the business with a cash inflow. For that, you need to contact bank for a MSME loan. Please check if your business qualifies for a subsidy under Govt. schemes. For detailed info on the collateral required and the process to be followed for the same, contact us at groww.machine@gmail.com.
Hire your team and kick off
Once all the above 9 steps are done, it's time for the most important thing, i.e. Go live and start selling your products/services. For that, you need a team to assist you. So start hiring people, train them and pay them. Always remember that happy employees make happy organisations.
Conclusion
These are our 10 basic steps for you to start. Each of them require time and effort. So make sure you follow each of these. Once done, contact us so that we can fill the gaps using our expertise and give you your first big quarter.
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