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Do you want to start your own business and don’t know where to start? There are two ways: start from scratch or buy a ready-made business.
Here are three reasons why the first option is the best solution for a beginner.
- Motivation. Successful startups started with an idea: young entrepreneurs created what they lacked. When you pursue a cause that matches your interests or experience, you work more efficiently and confidently.
- Finance. You are aware of all the risks in the first stages and decide for yourself whether to invest your capital, take out a loan or raise investments. You may continue to work for hire for a while until the startup starts generating a steady income.
- Control. You’re hedged against nasty surprises from your predecessor: a loan from the bank, rent problems, or ineffective employees.
How to launch your startup project from scratch: 8 steps
1. Determine your value
Write a list of what you do best or what you enjoy doing. How do you launch a startup with no money? Think about the knowledge and skills that you haven’t used anywhere yet, but could potentially monetize. For example, you know how to organize parties or explain difficult topics clearly and understandably. Ask yourself: do you want to change the field of activity, or continue to develop the business in the existing direction? Do you have a hobby that can be turned into an income?
2. Analyze the market and choose a niche
To choose one option for opening a business, you need to analyze the market: take into account the competitive environment and the timeliness of launching a new product. For example, Uber appeared during the economic downturn, when people needed additional income.
What to do:
Make a detailed table of competitors, write down their strengths and weaknesses;
Test the chosen niches: give ads on the Internet, send letters to potential customers, create a blog or a landing page, and monitor attendance;
Conduct keyword research in search engines: analyze the number of results for your requests; Conduct surveys among acquaintances, in social networks or on forums.
3. Determine the unique selling proposition (USP)
Without a unique selling proposition, brand promotion and sales will not be effective. Why should people buy from you? What makes you different? What benefit do you promise? What do your customers want and what problems are they experiencing? Answering these questions briefly and clearly will give you a USP. By the way, search problem solution speech examples.
4. Write a business plan
A business plan is a step-by-step guide to your startup. In it, you describe the product, the USP, competitors, markets, goals and marketing strategy.
Don’t try to make a perfect business plan for five years ahead right away. A common mistake beginners make is to get carried away with planning and never get started. Think through only the details that you will need in the early stages: how much seed money you have, how and when you plan to reach profitability, what steps to promote will be used, what is your unique offer. A few months later analyze and adjust your strategy.
5. Surround yourself with professionals
A strong team is one of the success factors of a startup. You cannot do all the tasks alone. For example, in Steve Jobs and Steve Wozniak’s pairing, Jobs was responsible for promotion, and Wozniak for the technical part of the startup.
Where to find team members:
- Look to your inner circle: relatives and friends;
- Ask for recommendations from acquaintances;
- Post the vacancy on the Internet: on job search sites or LinkedIn etc.
6. Start advertising and look for clients How to start a business? Talk about yourself and attract clients.
Usually, beginners have limited resources, but this should not stop them, because there are free and effective methods of promotion. Start with them, and then move on to paid tools.
Use all of them: Social networks; Guest articles in blogs and media. For this purpose, you can use write my essay service; Advertising: targeted, contextual, on the radio or in the press; Attendance of thematic events, acquaintances with potential partners and clients. Branding elements such as a slogan and logo contribute to promotional efforts. Use them in all marketing channels: put the logo as a profile image in social networks, place it on the website from a DC web designer and implement it in advertising campaigns.
7. Create a customer base
You have already gathered a small audience. Now you need to win their loyalty and maintain interest in the brand.
Here are some ways you can use:
- Be active in social networks (Instagram, Facebook, YouTube): posts regularly and give feedback;
- Offer discounts to loyal customers;
- Organize promotions for holidays;
- Run an e-mail newsletter.
8. Analyze Results and Scale Your Business
Do you have loyal customers, steady income, and professional contacts? It’s a good time to review your business plan, take stock of your performance and set new goals.
- Take stock of your mistakes. Consider what you missed in the early stages and how to fix it.
- Celebrate achievements. Recall what you have been particularly successful: successful techniques you can apply in the future.
- Increase your team. Hire new employees and delegate tasks.
- Scale up the business. Ask how your competitors are doing and if there are other startups in your niche. It may be time to launch a new product, reformulate your sales pitch, or change your marketing strategy.
Conclusion
When launching a startup from scratch, the most important thing is to do a thorough preliminary analysis: choose the right niche, formulate the USP, and make a business plan. Such preparation may take more than one week, but greatly increases the chances of success. Remember that at the heart of any startup is an innovative idea. Follow trends, look to the future, and actively communicate with people to understand what’s currently missing in the market. Then follow the eight steps outlined in this article.
