It takes courage to start a startup. You might hail from a business background or be a first-generation business person, beginning your business journey is always scary. You might have a unique idea, to start with, or a general idea for your business, what really makes a startup stand out and succeed is not the idea, but the effort put in to make that idea a reality.
Don’t forget that launching your own brand requires tons of hard work, dedication, and some sleepless nights. Here, we’ll be talking about the five main steps curated by a band of successful startup entrepreneurs that will inspire and assist you through the various levels of starting a startup.
5 steps to launch a startup:
1. Formulate your Idea
Ideas pop into our heads every other second. One minute you’re thinking about starting a herbal beauty range, and the next minute, you’re thinking about starting an IT service startup. Just keep one thing in your mind, an idea comprising of four components- innovation, uniqueness, problem-solving, & profitability, makes one’s belief a success.
Take your time to do your research about your business plan by figuring out your target audience, venture market, future competitors, etc. Do you want to launch a fashion startup-like Myntra? Or provide IT services like Applancer? Or sell groceries like Grofers? The research will help you formulate a detailed idea formation for your business.
2. Name your startup
The first impression is the last impression, and the first thing a person sees or hears about a startup is their name. It is not necessary that the name of the company has to be related to your startup or have an explanation in the dictionary. It just needs to be short, memorable & pronounceable. Take an example from startups like Oyo, Ola, Swiggy, & Zomato.
You can take assistance from websites like Killer Launch that provide a range of startup names for your companies. Currently, a lot of new businesses have emerged to become the world’s best & most profitable ones like the ones dealing with AI, robotics, cryptocurrency domains, social media marketing, etc.
3. Find your Niche
So now that you’ve formulated your idea and name for the startup, you need to plan out your niche. Figuring out your niche is the most critical step in establishing your business. A niche, in simple words, is the product or industry you specialize in. Clone Hero, for instance, has been ruling in the gaming section because of its unique blend of music & gaming.
To simplify understanding a niche, take this as an example. If you aim at being the best cryptocurrency exchange with your startup, you need to analyze the requirements of the crypto market & offer the best in & most accurate Ethereum price prediction, Bitcoin price prediction, smooth exchange services & others in the market. You can always attract your target audience by combining the strings of a business- formulating the best niche & luring customers by providing them the best offers in the market.
4. Mark Online Presence with your Website
Ever since the Digital Revolution has taken over India with the introduction of high-speed internet available at cheap rates with Jio, it is considered mandatory to have a website marking your business’ online presence. You can produce an online site by either hiring the best web developers in India or developing the website on your own from the always competing website building softwares, Wix vs WordPress.
Depending on your type of startup, you can select from HTTPS vs HTTP protocol. Though it is always advised to hold an HTTPS protocol, some businesses, like blogs, choose HTTP to be a part of their URL. HTTPS, an encrypted connection, is preferred by websites and companies, especially e-commerces, holding a user’s private data like credit card details, etc.
5. Keep yourself inspired
It is never difficult to start something, but always a challenge to complete your journey. Many of us feel demotivated by the initial failures, but always remember that no business flourishes without seeing its own set of shortcomings. Always keep yourself inspired and focussed by reading startup stories and business news for maintaining your optimistic attitude. Read to inspire yourself & the people around you to succeed in their endeavors.
In today’s times, especially for crypto businesses, it’s vital to keep yourself updated with crypto news, finance news, exchange news, and Tron news to be at the top of your game.
“The real test is not whether you avoid this failure, because you won’t. It’s whether you let it harden or shame you into inaction, or whether you learn from it; whether you choose to persevere.”
— Barack Obama
These were the main stages that will assist you in starting your startup. As I said earlier, it is always easy to begin, but what matters is how you finish the journey. Nonetheless, never stop dreaming and transforming your dreams into a reality. Always plan, research & strategize to meet your business goals and, last but not the least, never give up!