A few years into a regular job and everyone aspires to create something of their own; to have their own start-up. It could be a business, chain of retail outlets, smart product or pioneering invention. And while some never act on this impulse, others start off on this pursuit while they’re very young. If you belong to the latter, know this: the feeling of owning a company that you have built from the ground-up is glorious. But before you quit your day job (or even classroom education), make sure you’re aware of what lies ahead on this path.
Here’s what you should do if you want to turn your million-dollar idea into a successful start-up:
Search and Test The Market
This is all about understanding why your product or start-up is even needed in the first place. Our own ideas can never be flawed in our own eyes. It’s hard to be objective towards a product of your own imagination. So, do the work. Find out if there are other people doing the same thing. Yes? Then find out where they are doing it, how well they are doing it, are people buying it and what they could be doing better. After this, you need to create a proof of concept – a market test to gauge consumer response. After validating your idea, secure it via IPs or patents.
Always Have a Plan B
Now, you’ve tested the waters and know there’s a market for what you have to offer. So what’s next? Chart out a practical business plan for the next five years that highlights what your numbers will be in the future. Right from the capital that you burn to produce the product, expenses of a growing workforce and miscellaneous costs, put down everything.
Here’s how you can make one for yourself.
Build a Brand
More than the product or service, people buy your vision for your start-up. There’s a reason why hundreds of companies across the globe sell coffee, a product that (for the most part) is the same. Compare a Café Coffee Day with Starbucks, and see which one you prefer and why. Consumers have different preferences and spending patterns that different companies can leverage to their advantage.
Your brand is your identity, the reason why people come to you in the first place. So tell your story in an engaging, visual and witty manner so they subscribe to it. While you do that, understand that the first few members of your team will be the heart and soul of your brand so hire these people wisely.
Remember, an amazing brand identity will be your greatest source of free marketing.
Make Your Product Go Viral
Lucky for you, it doesn’t take that long to find out whether people love your product. The world of offline marketing has been washed away by digital media. Take up social platforms, create a compelling online identity for your brand and start promoting. Once you have some consumer data, analyse what works and what doesn’t—timings, gender, age group and so on. All of this is crucial to help you optimise your sales.
After you’ve attained a smooth inflow of income and outflow of your product, it’s safe to assume that you’ve built a solid foundation for your company. Now it deserves all your time and attention; make it fly.
If you have any queries regarding your own start-up brand, then just leave a comment below. It could even just be your idea. I’d love to hear you out and help you as much as I can!
Want to know more about entrepreneurship and start-ups in our country? Read why do early entrepreneurs have a better chance at success in India!