How to Start a Startup Save your Startup from Failure
How to Start a Startup Save your Startup from Failure Have you ever confused about what are the steps that need to be taken care of starting a startup? We will guide you on how to start a startup and help you save your startup from failure by following simple steps.
When we first started the first company we were not sure what has to be done. We have searched online and went through many resources but nothing gave the exact to the point explanation on what to be taken care of. At our times there were not many resources that are available for guiding in startups.
As we began the journey we faced many obstacles, overcome each one of that and proceeded further with our main aim to succeed. We have managed to cross each obstacle with our own experience and motivation and guidance from a few of our friends and colleagues.
We are here today after all the journey to this present position. We started Starteonix with the intention to help startups succeed in their journey and also wanted to help them get all the tools they needed at a single place.
We are today explaining steps you need to follow to start a startup in order to avoid failures in your journey and never commit the same mistakes as we did. We will always encourage new startups to join the startup community and get their dream goal achieved.
We made this guide taking into consideration the most common mistakes that might be committed and wanted to guide you in avoiding those. The following are the things we will be explaining in detail.
- What is your idea and how you are planning to achieve it?
- Do you have a team?
- How to start
- Make use of Technology
- Sales and marketing
1. What is your idea and how you are planning to achieve it?
The first and foremost thing in starting a startup is finding the idea on which you wanted to work on. This is the most important. You will not just blindly become the CEO of a startup with the idea on which the startup is supposed to work.
You should select the best idea that suits your talents and the idea that has the potential to create great market and sales.
You are not just becoming a startup owner out of the fun. You should have the determination to work on it. You should have the zeal to achieve something great and you should completely dedicate yourself to the startup idea.
You select an idea and from the idea of what product you wanted to build. Get a complete picture of what you are building.
Selecting an idea for a startup is the hardest thing as we say. you need to consider many factors while selecting the idea for the startup. You should consider whether the product you are building has a market to get enough sale for the sustaining. and whether the product is feasible.
Select the best idea and they proceed to build your product.
2. Do you have a team
Most of the people think always to start the startup on their own. I mean everyone wanted to be the sole founder of any startup. But believe me, having a co-founder is worth it.
It is known that companies with a co-founder will see good growth when compared to the companies with sole ownership. We are not saying that we are against sole ownership. We are just suggesting that having a co-founder will benefit you in many factors.
Having a co-founder helps you in sharing the work. accelerating the work schedule. Sharing the burden of the company. Sharing your thoughts and will always play a crucial role in pointing out the loopholes in your idea. Will it be good to have someone share the budget of the startup rather than having the whole burden on your self.
Think about if folks and decide your way. But make sure one thing select one based on their character and not completely based on the talent. As we say talent can be built as the time progresses but the character is what that plays an important role in the company.
Some of the companies will have more than 3 co-founders like 4 or 5.a Such companies later will split up and will end up as 2 or 3. Try to select 1 or 2 co-founders, that will be more than enough for you to work and share everything.
3. How to start
Now here comes the actual part to star your idea into work and proceed. What plays an important role in this part is the amount of budget you have.
Don’t spend much money on unnecessary things and take care to spend wisely. We will tell you a few points which you need to focus on. Never ever spend money on things like furniture, t-shirts good office and other things without which you can sustain. these things can be dealt with some sales.
But at the beginning make the budget use very wisely. We are not telling you to be a miser but saving at some points will surely help you with these things.
Register your company based on your requirements like a private limited company or a public limited company. This will change after some time based on your company growth and decisions by the management team. But if your team has like 2 or more co-founders register is at the beginning as a private company.
If you don’t know how to register read this book on how to register a company. This the best book with complete details
Keep some money in your bank account so that you can meet the expenses. keeping some money in the bank account is most suggested so that you need not spend your personal expenses and also it makes to analyze the expenditure.
4. Make use of Technology
This is an important step to be considered. After you are done with the basic idea of building up and starting the foundation of your company. You need to use the best available resources for your company.
Remember that you will always have a lot of competition these days whatever industry you are. So you need to make sure you compete with all with the latest technology that is available.
Having the best idea and not able to use the latest technology will keep you at the last in the race and you will start losing at the beginning itself. Don’t just go by the way you think. Analyze the market, do some research and find the best thing available and then proceed to select the best one that is available.
For example, you wanted to select the webserver for your business, don’t just go for some hosting provider as they will give for cheap. Analyze and find what they provide. Maybe the speed of your website on that hosting is very less. Maybe your framework will not work on those servers. And also never by the complete server at the beginning itself. Look at the option of scaling as you might not need to complete large resources at the beginning.
Do complete detailed research on all you need and find the best thing keeping all the things in mind.
You need a team to manage and build your company. Hiring and expanding your team is an important one and is performed by all startups. This step plays an important role in the future of the company. Because it is the team that determines the work of the company in the future. So select the best team that is committed to your startup.
One thing we observed is going through Naukri or monster will not help much. Keep yourself a career page and use Linkedin Advertising and twitter and Facebook. make the candidates come to you. Not you reaching out to the candidates.
And as we mentioned and heightened the point that never just come to an option from the resume. Keep the habit of always getting into a formal talk with the candidate. Get to know him completely and get the complete details that you can and then come to the final decision to select or reject.
Having a good team will always get work done in a good manner. You should develop a team that will be with you in hard times. A person who is changing companies many times will not be a good option. We need people who can stick with us for a long time and continue with us on the journey.
You cannot keep yourself all the budget for the startup. You need to get the necessary funding that is required for the company. Many people will suffer for months and will not be able to get the funding they are required. Having good funding will be a great start for the success of your product.
One thing we suggest is, at first come to a decision on how much you wanted to raise and accordingly work. Prepare a project plan and find the best website to write about your self.
Prepare a presentation explaining the details about your project and the full detailed work you are doing. Explain the milestones you have achieved and also the things you are planning in the future for your startup.
Ask other startups news media websites to write about yourself. Get some media attention and there will be some investors who watch and for the large media site. And you might get the call form those investors to invest in your startup.
List your startup on funding websites which will also help in getting good funding for your startup. Make sure that your presentation is what matters here to get the attention of investors.
Keep your finances clean. we have done the research and found that making this clear and perfect is most important to get good funding for your startup.
Always pay the tax and file the returns you are getting and if you failed to do so will get your name blacklisted and this will be a great problem for your startup. Investors will not invest in your company if you are not good at filing your returns.
You should hire one good CA and ask him to manage your company finance relating things. Having a good CA will help you in managing the budget properly and will help you most in getting high profits.
8. Sales and Marketing
One thing that everyone will always feel happy about is that getting sales organically without marketing your product. If you are getting sales organically then you will be on the path of success. But getting sales organically is not that easy and you have to work a lot to get organic sales.
If you are not getting sales organically you have to go for marketing. because you need some sales and working for the company without any sales is meaningless.
Every startup should have a marketing agent who can properly manage marketing. They should have tactics to get the attention of the public to use your product. Good marketing agents will help you in creating the brand name and increasing sales.
You always dream big and wanted to proceed toward success. You will get demotivated at times and you will get into the situation of depression at times. You have to overcome all these things.
Sometimes you have to spend a night out and sometimes you have to even forget the meal to carry out some important work. We have seen people who keep on working to get the work done forgetting everything and even their personal life
What we suggest is to take care of everything properly. Because in the end, everything matters. Having good health and good relationship personally will make you feel good and also boost your confidence and will surely help you with creative stuff.
You can also refer this book for complete and detailed step by step guide for building a great company
We hope these steps will help you in starting the startup and we hope you accelerate your startup and reach your dream.
All the best.