Are you at that point where you are wondering how to start a business?
Starting your own business is probably one of the best things you can ever do in your life. No matter how it turns out on your first try, no entrepreneur ever seems to regret it or want to go back to working for someone else after they’ve tasted the experience.
So, how do you get started?
Define Your Business
When figuring out how to start a business it all begins with getting clarity on the business you want to start. Maybe you have an idea already. Or perhaps you just know that you really want to be your own boss and build something from scratch on your own.
Step 1: Decide What Type Of Business Do You Want To Start
What industry do you plan to operate in? Or what cross-sections of sectors? Like fintech or proper-tech.
Do your market research. Make sure it is a business that:
- Is in a really huge market
- You can bring value to
- You are sure you will remain passionate about for at least the next 10 years
Step 2: Define The Problem You Are Going To Solve
Businesses are built on solving problems for their customers. The more urgent the problem the better. Make sure it is one that other people are passionate about and will pay money for. Be very specific about this. Verify it is a need that others have and exactly what that need is.
Step 3: Define Your Solution
The most important part when thinking about how to start a business is answering how are you going to solve this problem? What does it do? What are the features and benefits? What is unique about your new company and solution compared to everyone else? What will you do 11x better and be famous for?
Step 4: Identify The Team You Will Need
Without a team, you’ll only be creating a new job or freelance gig for yourself. A business needs people. You need a team. You’ll achieve a lot more, a lot faster with a great team. What players and positions do you need to fill?
Step 5: How Much Money Do You Need?
Even lean startups require some money to get started and run. How much will it cost to set up your business, recruit your team, build your first product, and market and run the operation until it is making a profit?
This will reveal whether you can self-fund the business, get what you need from a loan or friends and family and co-founding partners. Or whether you’ll need to approach other investors right away.
See How I Can Help You With Your Fundraising Efforts
- Fundraising Process : get guidance from A to Z.
- Materials : our team creates epic pitch decks and financial models
- Investor Access : connect with the right investors for your business and close them