How to Setup a Foundation for Your Start-up ?
Building your start-up could be complicated. It takes your days and nights; your sweat and blood. But hard work is not the only key to success. You need to add a dash of smart work too.
Before you start with a start-up, it is important to set up the groundwork. Like setting a strong foundation before you create your dream house over it. Let’s get a closer look at these foundational bricks that will help you in creating your dream start-up.
Think of your startup idea
I know this is the most basic step in building your start-up. But let’s take baby steps.
I had a pickup and drop facility in the office where I used to work. One day a cab driver asked the salary of my cab mate who was a fresher in the job. He told the driver that he earned something between Rs.20,000-30,000. At this, the driver started laughing and said, “We drivers earn more than you.”
My cab mate whispered to me, “What? Does he earn more than me? I think I am going to start my own transportation business.”
Inspiration can come from anywhere. Remember how we used to come up with a lot of business ideas with our friends and relatives. Though mostly, we end up doing nothing.
It is important that you do not overlook those ideas. You never know which idea could lead to a million-dollar start-up business.
Research about your industry
We all do come up with these momentary moments of amazing ideas. But can all these ideas be turned into a business prospect? No. But it is not because the idea was bad. There are various research areas we need to look into to find out if the start-up idea is suitable for execution or not.
Let’s take the example of a very popular transport start-up – Ola. The founder, Bhavish Aggarwal, had an argument with his taxi driver over fare while he was en route to his destination. This made him think of the plight of the commuters and he decided to launch a mobile app that would help people hire cabs at a decided fare.
Aggarwal’s idea led to the birth of a million-dollar start-up. But it is not necessary that everyone can pull off those ideas. There are a great number of things to be thought upon – Capital, Location of operation, Skills, Knowledge about the field, Market Demand, Competitors, etc.
The second stage in setting up a start-up is to research your industry. You will be able to eliminate most of the ideas that you come up with. But that ensures that you are left with the most stable ones.
Ask for help
Now what might be a good idea for me may not be practical, even after all the research that I have made. Taking again the example of cabs, I know that I will add the cost of petrol/diesel, the salary of employees, and the profit while calculating cab fares. But I might forget to realize that if a cab is not being used, then also there are some costs associated with it, like depreciation and maintenance.
So for such guidance, I would need trustworthy guides who can help me with this. I might need to talk to some financial advisors, friends/relatives who are already in the business, or work closely with such business for practical insights into the industry.
Socializing never goes in vain. Talk to as many people as you can, who are working in the same field. Attend events related to the industry, hunt the people of the industry on social media platforms, and ask questions. Asking questions will help you learn. Ask them how they started their business. Ask them about their experiences.
They will be the best person to provide with their positive and negative experiences.
Sometimes such people can give excellent leads on how to find potential customers or how to reach out to them.
You might realize the problems in the system, which will help you come with solutions. This will lead to the creation of better products/services.
Promote your start-up
After the start-up is set you need to grow your clientele.
There are multiple ways to promote your start-up: Traditional Marketing, Word of Mouth, and Digital Marketing. Using all these methods in a proper manner will lead to optimum results.
Social media is the best medium to talk about and make people aware of your brand nowadays. You can be as creative as you want while working with social media. You are free to experiment with it. It is one of the simplest yet most effective media to reach out to your target audience.
Don’t feel demotivated
Start-ups can be a tricky thing to get into. There are a lot of ups and downs in the journey. At times you will feel demotivated with the slow progress. But it is fine. It is fine until you are moving forward. Most important thing is to stay persistent and keep working towards your bigger goal.
Always dream big. You are capable of achieving what you have set your mind for. The struggle is a part of a great success.