7 Simple Steps to Turn Your Idea into a Startup
So you’ve come up with a rocking idea that’s going to change the world. It’s an exciting time, but coming up with the idea was the easy part. The real challenge lies in actually making it happen. Here are 7 steps to get you started on your startup journey.
1. Do your market research
Conducting market research is the first step to determine if you really do have an idea worth pursuing. Begin your research by writing down what you think the problem is that your business idea would be solving. Figure out how many people are having this problem and consult with them.
2. Secure intellectual property
By securing your Intellectual property (IP) early on, you’ll protect yourself against copycats. Conversely, make sure you’re not the copycat, even inadvertently. Confirm that you aren’t violating any existing IP rights or non-compete agreements, otherwise, you could face serious legal ramifications. Once you know you’re in the clear, file your patent or apply for your trademark or copyright.
3. Decide on branding
Branding is about more than just choosing a name, it’s about deciding on an identity for your idea. You want to choose something you love, but you also want to choose a name that conveys the experience of using your product or service and the problem that it solves. This is the time you should also secure your website domain name and other associated marketing materials.
4. Write a business plan
One way to set your startup off on the right path is to write a good business plan. Using the market research you did earlier, create your plan of attack and decide what you want to accomplish with your new business. Determine goals and milestones, and what steps you need to make it to those milestones.
5. Pick a workplace
Where you work actually does have an effect on your startup as you’re getting off the ground. Different environments will suit different working styles best. Many founders choose to work from home initially to save money, but others choose to rent at a co-working space, share an office, or rent an office for themselves. Don’t be afraid to experiment, but don’t let the search for the perfect space get in the way of your work.
6. Find a mentor
Mentorship is a touchy subject. First, you should determine if having a mentor is good for you as a founder. If so, finding the right mentor can make a huge difference. Even with your expertise, a mentor can provide deep industry insight and wisdom to help you navigate some of the challenges that come your way.
7. Raise capital
For many startups, taking it to the next level requires a financial investment in the company. Founders give equity in their company to angel investors in return for money and, sometimes, advice. These resources can be an enormous help.
What do you think?
Taking a light-bulb moment and turning it into a real business takes guts, and the fear of failure is probably what stops most people from taking the leap. What steps have you taken to make your idea a reality? I’m interested to learn what makes startup founders get the ball rolling and execute their ideas. Comment your views below and join the conversation.
This article was written by Jelena Milutinovic on behalf of the Australian Institute of Business. All opinions are that of the writer and do not necessarily reflect the opinion of AIB. The following sources were used to compile this article: TechRepublic; The Huffington Post and The Muse
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