The five main steps for launching your startup

For many upcoming entrepreneurs, starting and running a successful business may seem like an intimidating task. By any stretch, starting a new business is not an easy undertaking; but it’s doable. You often need to spend money and time and go through some sleepless nights to make it happen. You shouldn’t give up, even when things tend to go the wrong way. Here are the five main steps of launching a successful startup.

Step One: Craft A Business Plan

Developing a viable business plan is the foundation for launching a new business idea. A majority of smart business owners obtain startup capital from established angel investors or venture capitalists.

Mark Stevens is one of the most reputable venture capitalists in technology. Working with an experienced venture capitalist like Stevens requires you to craft a convincing, error-free business plan. Since you need money to start your business, you need to persuade investors, suppliers, and other like-minded business partners to support your venture.

Your business plan is simply a written description of your startup idea. In other words, you outline what you want to do and how you intend to execute it. The plan should basically describe the business idea for the first three to five years.

Step Two: Secure Funding

You’ll need to secure adequate funding to help you get started when starting a business. 82 percent of businesses fail due to financial challenges. The amount of money you’ll need depends on your business model, and its specific needs and objectives.

For instance, if you’re thinking about launching a tech-based part-time startup that doesn’t require colossal overhead spending, you can quickly get your business off the ground with around $5,000 to $10,000.

In the United States, close to an average of 600,000 startup companies are launched every month. Since the cost of doing business is another factor to consider, you should ensure your business plan has a solid financial plan, as well. Your financial plan should clearly cover areas such as:

  • Cash-flow statement
  • Balance sheet
  • Sales estimates
  • Profit and loss statement

For instance, even launching a mobile app, acquiring customers, and running it successfully requires a lot of money. Therefore, before your app goes live, you must ensure you have adequate funding to cushion you from failure.

You need to find out the exact amount of funding you require to launch the business before you even start sourcing for the financing. Weigh out all your available options to avoid compromising your business’s growth potential in terms of paying exorbitant interest rates.

Step Three: Partner with The Right People

At some point, you’ll need help and outside support in running a business. If you’re starting a venture in the technology industry, you’ll only need small teams to execute the core tasks of your business’ operations. The number of employees you’ll need when launching a business in other industries, such as healthcare and catering, may be a bit higher.

In addition, you’ll need a federal tax ID number from the IRS once you register your business. The good news is, you can get your business’s employer identification number (EIN) online by submitting your business information. The process only takes a few minutes.

You may also want to partner with an established financial advisor, business lawyer, and experienced accountant. While these experts won’t be part of your staff, they may play a critical role in helping your business grow.

Step Four: Find A Good Location

The location of your business could affect the viability of your new enterprise. You’ll need to lease or buy some property to operate the business. Interestingly, buying a property or operating from your garage may be more affordable than leasing property. Since tying up all your business capital in real estate may not be realistic to most entrepreneurs, you need to strategize carefully and come with a solid plan when crafting your business plan.

Additionally, in today’s fast-paced digital environment, you also need to have an online presence by building a business website for your company. Even if your business is not ready for launching, it’s wise to start promoting it online and making solid online connections. Doing this will eventually help you get to market fast.

Step Five: Learn How to Market

At this stage, you need to become a marketing professional. Regardless of how innovative and transformative your startup idea is, you’ll not succeed if people don’t know about it. Therefore, you need to aggressively promote and market your product or service both online and offline. Some of the most effective marketing strategies that you should familiarize yourself with include:

  • Radio advertising
  • Email marketing
  • Print advertising
  • Social media marketing
  • Content marketing
  • Television
  • Search engine optimization
  • Billboards
  • Affiliate marketing
  • Pay-per-click advertising

Once you learn these basics of marketing, you can now launch your business and start making money.

You have to be dedicated, focused, and motivated in order to succeed in your business. While there are numerous steps and tips to follow in launching a new business, these should at least cover the basics and show you where to begin.

0 0 vote
Article Rating