Becoming an entrepreneur is a job full of passion, but there is some method to the madness that ensues when starting your own business. Starting your business is like planting a sapling. First, you have to invest your time and money. Then, you must take care of it while expecting nothing in return. But when your startup blossoms, it makes all the patience and hard work worthwhile.
When entering this new unknown adventure, there are a few footholds that make sure you are on track. Here is a check-list of things you might want to tick off when starting your journey of turning your dream into a business.
I am sure you have a cracking idea that makes your eyes dazzle and heart race because of its genius. But now, your idea has to be converted into a business. Sometimes there are things you can do or are passionate about and the only way to turn it into a million-dollar business is by finding the market where this idea is more than a product/service. It has to work as a solution. This will help make it sell right off the racks. Go to the drawing board and spend some time brainstorming how to merge your passion into a business model that is profitable.
Make sure you find investors who understand the vision and share the passion. If you need more help you could also go for mentorships or incubators who dabble in service funding which is more of a holistic service than just acquiring capital. These companies can help guide your initial steps as a business and give you the overall support you need during the set-up of your business. Crowd-funding is a way of acquiring capital without losing equity but it usually adds unwanted pressure on new start-ups.3) Build a Team
Get people who excite you. Make sure your employees are more than workers, they should be friends who are ready to support you. A team is more like a family. For young entrepreneurs its very important to have a group of people around who are driven and trustworthy. Outsourcing some process also helps you focus on core development and research, outsourcing as a service has seen a rise and companies work in collaboration as an extension of in-house teams4) Plan to the Last Detail
Planning is very important. Get your action plan on paper, make sure everybody is on the same page. Make plan A, plan B and then even a plan C. Stuff is bound to change, and a good planner is ready for anything. From the conception of the idea to its execution, everything may be clear to you, but a business plan is the only way to make it clear to everyone involved. There are companies and mentorships that can help you in this process and guide you in making a professional plan of action.
Before launching into the full-blown campaign, do smaller test-runs to see how the crowd reacts. Take a lot of feedback and keep improving and making changes as you go. This reduces the anxiety on the D-Day as you know before-hand how well your product/service works. This also helps in creating the initial buzz in the market.
Initially, you are trying to build a brand, and make it recognizable. To do this, add a personal touch to your services/products with a note or a personalized email. This helps draw in customers and makes it a much more intimate experience. Your early client-base will be the most important ones. They are the key to your success and it is important to keep them happy and connected to you throughout your journey as an entrepreneur.