Entrepreneurship isn’t just about having an idea. It is also about the implementation of that idea. And the best way to turn your ideas into reality is by launching a start-up company successfully. Whether you want to provide all assignment help in Perth or sell disposable dog shoes, establishing a start-up is no mean feat. 57.6% of start-ups that were founded in 2013 disappeared five years later. 89% of start-ups that were founded in 2017 could survive the first year only.
While some entrepreneurs fail at an early stage, others learn from their failures and keep on working hard unless they achieve success. Had that not been the case, nearly two-thirds of the entire British workforce wouldn’t have wanted to start their own business in 2020. It requires a great deal of determination, hard work, and time to get your start-up off the ground. Here is a detailed yet simple guide to launch your early start-up successfully.
Make a solid business plan
Let’s say you have come up with the idea of running online food delivery services. So, what’s next? How do you want to proceed with the idea? What if someone else in your neighborhood has a similar business? You can get answers to all these questions only if you have a business plan. Before you start creating a business plan, let’s understand what it means.
What exactly is a business plan?
A business plan conveys the industry, philosophy, general development timelines, detailed budget, mission, goals, and milestones of your start-up. It reflects your project’s monetization model, team structure, and promotional strategies as well.
Here are the sections to include in your business plan:
- Executive summary– List your main business goals and objectives.
- Company description and legal structure– Mention the resources you have and the ones you need to launch the start-up.
- Market research– Write down the names of your competitors and analyze their strategies.
- Product description– Explain the functionalities and importance of your products.
- Promotional and marketing plan– Provide an overview of your overall marketing strategy.
- Funding– Clarify how much money you need for your start-up in six months, a year and several years.
Once you get all these aspects right, it will be easier for you to figure out what you want to do and how you plan to do it. This business plan is what you will need to implement some of the remaining steps.
Focus on the funding
Funding is an unavoidably important part of entrepreneurship. The initial capital differs from industry to industry. For instance, let’s say your start-up requires no equipment, overhead, or employee salaries. In that case, you would need at least $10,000 to get the start-up off the ground. Similarly, many start-ups require millions to launch depending on the equipment, employees, etc.
Here are some ways you can secure funding for your start-up:
- Crowdfunding– There are several crowdfunding websites out there that can help you raise considerable capital for your start-up. Examples include AngelList, CircleUp, Fundable, etc.
- Venture capitalists (VCs)– VC firms ask for an equity share from your company and invest in the early stages of the start-up in exchange.
- Personal savings– Though risky, this option has certain advantages too. For instance, you don’t have to give up the equity to any third party.
Nearly 82% of businesses fail due to financial problems. But, you don’t have to be one of them if you figure out the funding source beforehand. If none of these options works out, you can also ask for investment from your friends and family.
Get a place and a website
Your start-up needs a physical address to make it reliable among your target audience. It needs a web address to make it popular among the online audience. Most entrepreneurs lease a property and run a business. However, if you have raised enough money, you can also buy a place for your start-up. Buying a place is usually profitable in the long run.
Now let’s talk about the importance of websites. Websites reflect the mission, vision and goals of your start-up. From finance to healthcare, almost all industries prioritize websites since that is the first thing your target audience is most likely to notice.
Here is why websites are important for a start-up:
- Helps you understand the response of your potential customers in regards to your products or services
- Markets your products to a wider set of audience
- Boosts your brand visibility and awareness
- Improves your revenue and sales
- Boosts your online reputation via increased customer satisfaction
No matter what your start-up is, your main objective must be to drive quality sales every day. Right? Websites can help you achieve this objective without any hesitation. Your company website should be unique, responsive, and fully branded with the logo and creative designs.
3. Implement the right marketing techniques
How do you expect your target audience to know about your start-up if you don’t promote it the right way? Traditionally, you can opt for print advertising, billboards, television ads, and radio advertisements. Though these methods are still effective, you won’t be able to target a broader set of audiences. This is where digital marketing techniques come into play.
Here are the main digital marketing methods you can focus on:
- Search engine optimization-Helps you understand what your potential target audiences are searching for.
- Social media marketing– This is where you use social media platforms such as Facebook and Instagram to increase your customer base and engage with existing clients.
- Affiliate marketing– This method lessens your advertisement costs and I a cost-effective method of promoting your brand.
- Content marketing– Helps you develop an authoritative voice and strengthen your brand’s image.
Besides settling on a specific marketing strategy, you should also allocate a marketing budget for each strategy. Decide the budget in such a way that it maximizes your return on investment for each marketing technique.
4. Build your networks with the right people
You may not realize it now, but professional networking is one of the best ways to take your start-up to a whole new level. After all, word-of-mouth marketing is still the most effective form of marketing. 88% of people rely on online reviews, just like how they rely on the suggestions by their friends and family.
Look for professionals in your niche who have a better background story, a unique set of skills, and industry-specific knowledge. Learn from their struggle and emulate their strategies to hire the best people for your start-up. The best way to build a solid network is by signing up for a Linkedin account and joining industry-specific groups on that platform.
Let’s face it; launching a start-up is not easy. Thus, it is better if you expect the unexpected and plan to tackle the hurdles that you may face along the way. Don’t get discouraged when anything goes wrong. Plan and push through it instead. Create the business plan first and share that with your investors for funding. Then focus on the marketing strategies and networking with professionals.