Almost all startups have a common factor of solving different problems in unique ways
Now a days, there are apps for almost every thing, like food delivery app, fashion ware apps, travelling apps and much more, all of these were started because of the pain point faced by their creators.
To achieve a successful startup, one should stick to these points :-
1) Idea Validation:
• Most peoples have ideas but the courage to execute them or getting the validation for it is quite difficult.
• Analysing the competition and understanding market segmentation such as geographical, demographic and behavioural.
• Assessing your own ideas, as who will get benefit from it?, Understanding the target customers, as is it only for middle aged or old aged or for all segment of people.
• Many a times, startup’s hire inexperienced legal aids, such as relatives or friends to cut-off their expenses, rather than choosing the right one.
• Startups are the one new to the field, so they require much experience legal counsel that can provide proper legal aids and also to avoid various legal problems.
• Interviewing lawyer should be on the to do list of founder.
• Founder should also be aware that the lawyer has expertise in Permits, Compliance, Employee Contact, Real Estate Law, Tax Law and various others.
• Key ingredient for startup is the knowledge of finance. However many entrepreneurs lack it.
• The founder should know about the cash inflow and also understand financial statements, he/she should have a practical knowledge about it.
• Being an entrepreneur, you should always have the confidence while talking to the professional, so the entrepreneur should know ‘language of finance’ and also tax and capital structures.
4) Business Planning:
• Having business plan can help you to address any weakness in the startup idea and to get help from others.
• Helps in getting the knowledge about the customer, their priorities and what kind of products or services they want.
• Helps to analyse market and competitors.
• It also gives an idea of adequate startup capital and determine how to reach market.
5) Fund Raising: Bloodline for startup is investment.
• Bootstrapping – Self-funding your own startup.
• Crowd funding – Asking from customers to fund for startup,.in exchange of discounts and offers or getting help from platform such as Kickstarter, Indigego, Go Get Funding are of great help for crowd funding.
• Getting Angel Investor – Angel Investor is the one who is interested in idea and want to invest in it.
• Win the contest held for getting investment in startup.
• By taking loans.
• By taking help of various Government Programs such as startupIndia campaign
6) Pitching Process: Unless you visit an investor, pitching isn’t required. Points to remember while pitching are
• There should be a systematic slide and it should be simple.
• Every Values should be accurate.
• Timing should be managed during the pitch.
• Make them understand about your pain point i.e., reason why you came up with the startup idea and also startup stories
• Stay Calm and Focused.
• Explain the uniqueness of startup products or services
• Be Clear on who the target customers are and why?
• Be prepared to face any questions.
• Make sure you have a strong close.
• Hire some professional to refine your startup pitch and presentation.
Hope this will help you to achieve you your dream startup. All the Best for future