Do you want to start your business? Do you already have a business idea in mind? You have come to the right article. Today we will take a look at how to build a startup and how you can strive to make it successful.
Launching your own business is a long term process and doesn’t happen overnight. Let’s take a look at how to build a startup from scratch; this will be a great article for beginners.
- Problem
Business ideas often come from problems. “People don’t want to buy a quarter-inch drill. They want a quarter-inch hole.” This statement by Theodore Levitt, Marketing Professor at Harvard, explains how customers think about problems. People look for a solution they didn’t even know about.
The best examples of such businesses are Urban Company, Dunzo, Swiggy Genie and a lot more. They offer services that were not possible before and now it has become one of the popular apps for home delivery of a variety of items and services.
Such ideas shine out and your answer to how to build a startup gets a concrete answer. Hence to find a solution as your business idea you have to search for the problem, it can come from experience and observation. Once you get to identify the problem, you can find the solution easily.
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- Ideation and Solution validation
You might have a lot of cool ideas in your mind for your startup, but how many of them are feasible and reasonable?
At first, you have to evaluate which one of your many business ideas have value in the market and do a short survey for the same to get to know what people think about it.
Surveying people is the key to how to build a startup where you get to understand people and what issues they have. Looking for the perfect problem-solution fit demands an understanding of the market and customers. Here, research plays a great role. Extensive research on the problem will help you build your business better and you will also have a competitive advantage.
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- Have a diverse team
For a successful startup, you must have a diverse team that can help you out with different fields of interest.
A good team is important to build a startup and you all can be business partners as it is just the start of the company and you have a limited budget. This scenario changes if you have a good budget to start your business and you can employ other people for the same.
Try and make your team as flexible as possible so that at the time of need they can switch jobs easily.
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- Know your customers
Before starting any business, good market research is very important and so that you can create products that your potential customers will love. It is one of the best ways to know how to build a startup.
You and your team can begin with surveys and see what people like, dislike, what is their mindset; you can conduct these surveys among your network and social media.
- Prototype of your business
Are you now all set to bring your business to life?
A prototype is a perfect tool for testing the potential and how your idea functions. It is a visual representation of how your business will work whether it is a product/service or system. It is the best way to know more about your product design. A prototype is an efficient way to imagine how your business would look like. If your business has an app then you can create a prototype in Adobe XD, you can design and test it in just a few steps.
You can complete it in 2 steps:
- Develop a paper prototype
- Develop a digital prototype
- Marketing plan and landing page
Now that you are clear on how to build a startup, it is time to create a marketing plan. Define your short term and long term goals.
Does a business come with questions like what message do you want to deliver? What is the value of your business solution? The next step is to bring your business on different channels like Facebook, Linked In, Twitter, Instagram etc.
You also have to create a brilliant website for your business as that is going to be the first thing anyone will look at before they invest in your business. Creating good websites is very easy nowadays and the domain price of the websites is also affordable.
You can build it on your own or hire website developers if you wish to make high – end website for your business. The website’s landing page is the home page of your business so make sure you make it attractive and unique.
- Business and Revenue model
This might be the scariest part of how to build a startup but every startup needs to have a business and revenue model. What is the difference between the two?
- A business model tells how the company will generate value for their customers and revenue is included in it. One company can work on multiple business models at a time.
- A revenue model describes how a company generates revenue. Each segment of the business can have one or more revenue streams.
Your business and revenue models need to have the following things:
- Industry
- Product launch timing
- Channels used for customers acquisition
This is also the point at which you will figure out costs. This means the per-unit cost of producing your solution as well as logistics and operations. It’s not only about income, but balance.
- Funding
Finally, the last step of how to build a startup is funding. Many people are not able to open their businesses because they don’t have a lot of money to spend.
But, there are many ways to get funding to start your business.
Some of them are:
- Take out a loan
- Crowdfunding
- Grants
- Investors
These are some of the ways you can raise money for your business.
So, here we come to the end of our article on how to build a startup!
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